As the Ethiopian New Year beckons, an infectious festive atmosphere is pulsating through the capital. Shops are teeming with holiday shoppers; beauty salons are packed with customers, and most ATMs feature long queues. As with any other holiday, the festive spirit comes with a hefty price tag requiring occasional financial support.
With a diaspora population estimated to be at least 3 million, many households look to loved ones abroad for some holiday financial offerings to help with holiday expenses.
Following the shift to a market-based foreign exchange two months ago, this holiday’s remittance flows are more likely than ever to pass through formal banking institutions as the difference to parallel markets dwindles. Cognizant of the potential for increased flows, Ethiopia’s commercial banks are offering discounts, bonuses, and incentives as they compete for a slice of the market.
Shega has compiled a short list of available offerings from Ethiopia’s banks that are navigating innovative alternatives this holiday season. So, whether you’re sending Euros, Dollars, Riyals, or any other currency, here are six options that may help with the decision.
CashGo
Commercial Bank of Ethiopia, Dashen Bank, and Bank of Abyssinia are all providing a 16% bonus on remittances sent through CashGo.
The app enables users to remit funds using their Master Card, Visa Card, or American Express Card via their mobile phones. This card-based remittance is instant, and the receiver gets credited in Birr to their bank account.
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