A new locally developed money transfer app, Cash Go, has been launched to enable Ethiopians in the diaspora to send money home.
Golden Coffee Roastery launched the CashGo app in collaboration with the Commercial Bank of Ethiopia (CBE).
The official launch of the app took place on Friday after the owning company and CBE signed a partnership agreement.
The agreement facilitates Ethiopians in the diaspora to remit directly to the CBE bank accounts of their friends and families via the app and without the need to pass through Swift.
CEO and Owner of the Golden Coffee Roastery, Teodros Sheferaw said the mobile application is locally developed by Ethiopians and is capable of serving customers in local languages.
The platform is currently active for Ethiopians currently living in Canada, Israel, the U.S., South Africa, Sweden, Saudi Arabia, England, the UAE, and Italy.
CBE’s President Abie Sano said the diaspora community can easily send money to Ethiopia directly using their Visa and Mastercard.
It allows the diaspora to send money five times per month from $5 to $1,000 in a single transfer. The beneficiaries can immediately receive the money from CBE’s 1850 branches.
Last month, the state-owned bank launched its own digital remittance platform named EthioDirect.
MoneyGo will also provide additional options for Ethiopians abroad sending money home, CEO Abie said.
The bank will push on availing more convenient and efficient digital services to its customers, he added.
Recently, CBE recorded significant increases in the number of users and amount of transactions made through its digital banking services.
In the first half of the 2022/23 fiscal year, the number of ATM users grew by 2.3 million to 8.7 million while mobile banking service customers jumped by 3.2 million to 7.9 million.
Abie said customers of CBE digital payment services made more than 549 million transactions worth 2.1 trillion Birr in the past nine months.