The Paypers

Through the partnership, funds recipients can now collect cash from over 260 branches of Lion International Bank across the country.

Ethiopia is a high remittance-receiving country, and this can be attributed to the country’s large diaspora community. Remittances play a significant role in the country’s economy; according to the International Organization for Migration, migrant remittances accounted for more than 5% of the GDP of Ethiopia and a quarter of the country’s foreign exchange earnings.

While Ethiopia has taken steps to reform its financial sector, the financial landscape still presents a significant gap to financial inclusion. The country lags behind other African nations in banking accessibility; data from the World Bank indicates that the percentage of adults with a bank account stands at approximately 35%.

Presently, Thunes facilitates the transfer of remittances to Ethiopia via Hello Cash wallets and bank accounts. Through the partnership, Thunes will expand its offering to include a cash pickup service. The introduction of cash pickup as a remittance option is especially important for Ethiopia, given the country’s high unbanked population, low mobile money account penetration and dominance of cash in the economy.

Lion International Bank partners with Singapore-based Thunes to launch cash pickup service