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%.
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