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

Tuesday 4 August 2020 10:43 CET | News

Lion International Bank has partnered with global cross-border payment provider Thunes to launch a cash pickup service in Ethiopia. 

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.

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Keywords: Lion International Bank, Thunes, cash pickup, remittances, Ethiopia
Categories: Banking & Fintech
Countries: Ethiopia
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Banking & Fintech

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