Flutterwave announced its partnership with Amole to facilitate money transfer into Ethiopia through Amole, to Amole Wallet, bank accounts, and cash pickup locations at over 2,500 locations across the country.
Flutterwave is a payments technology company that helps businesses all over the world expand their operations in Africa and other emerging markets, through a platform that enables cross-border transactions.
Amole offers its customers digital payment capabilities and access to digital products and services to enable users to complete essential transactions at their convenience. The new partnership with Flutterwave will serve the Ethiopian economy by making diaspora remittances easier for over 8M members of the Ethiopian Diaspora that remit over USD $5B annually to Ethiopia.
International Money Transfer Operators (IMTOs) and businesses on Flutterwave as well as Barter by Flutterwave users can send money into Ethiopia via this partnership.
Besides direct remittance, Ethiopian diasporas can also pay for services that are available in Amole including utilities.
Flutterwave Founder & Chief Executive Officer Olugbenga ‘GB’ Agboola, said: “We are delighted to be collaborating with Amole to enable digital remittances and cash pickup into Ethiopia. This is another significant milestone for payments in Africa as we work together to bridge the financial inclusion gap in the country and across the continent. Our collaboration will ensure that Ethiopian businesses are getting paid from all over the world, opening massive opportunities for business growth, a goal we are passionate about. This is just the beginning, and we hope to deepen the discussions around our partnership to the benefits of Africans, everywhere.”
Flutterwave just closed $170 M in a Series C round valuing the company over $1B last March. The company is live in 20 African countries with an infrastructure reach in over 33 countries on the continent. Flutterwave has been exploring the Ethiopian market at least as early as 2019. Ethiopia becomes the latest addition to Flutterwave increasing the number of markets.
Asfaw Alemu, CEO of Dashen Bank, said: “We are happy to partner with Flutterwave in delivering crucial forex that will support both our customers and Ethiopia. This partnership will play an important role in delivering even more value to our diaspora community, linking them to their country with more opportunities for global eCommerce in the near future.”
It is known that Dashen Bank partners with Moneta Technologies S.C for Amole product in Ethiopia.
Yemiru Chanyalew, CEO Moneta Technologies, SC – said: “We are very excited to work with Flutterwave and leverage our combined technologies to broaden our offering to the Ethiopian Diaspora community, our customers, and merchants to enable cross-border remittance and commerce. At Amole, we are increasingly focused on cashless and eCommerce payments. Our combined efforts in enabling seamless and interoperable remittance and eCommerce payments will drive much desired financial inclusion in Ethiopia.”
Amole has 2.3M unique consumers and 4.8M accounts in Ethiopia. It also has 9K merchants that are accepting amole and 3K agents through partners like the Ethiopian Post office and Hidasie Telecom.
It can also be remembered that Amole recently formed a strategic partnership with Visa to launch Visa CyberSource digital payment gateway for merchants and banks to drive cross-border eCommerce.