SantimPay Financial Solutions S.C., one of Ethiopia’s leading payment operators, has partnered with the Bank of Abyssinia to launch a digital remittance service dubbed FrankRemit. Unveiled at the Hilton Hotel on Wednesday, the service enables international transfers from nearly all countries and has been integrated with all banks operating in Ethiopia, as well as mobile money services, M-Pesa, telebirr, and CBE Birr.
Santimpay’s new service promises to facilitate remittance transfers within minutes without charging any transaction fees. Users will need a Mastercard or Visa card to access the service available for both webapp and smartphone access. The platform also allows diaspora to send gifts through a Frankcard service launched in partnership with Oromia Bank and Shoa Supermarket.
“It took us nearly a year to develop the platform,” Tinsae Desalegn, CEO of SantimPay, told Shega.
He said FrankRemit has been rigorously tested over the past two weeks with transfers from several countries to ensure seamless service. Tinsae also noted that FrankRemit will not be working with independent forex bureaus for now.
In the 10 months since Ethiopia transitioned into a market-based exchange regime policy, a handful of operators have ventured into the remittance business, including the majority state-owned ethio telecom. Existing operators like CashGo have also updated their features to fit the floated currency, while the other telecom operator in the country, Safaricom Ethiopia, has indicated plans to enter the business.
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