Emefiele. Photo/TWITTER/CENBANKThe traditional financial system is broken and does not work for Nigerians. EFINA’s 2018 survey provides the clearest example of this, as over 36.6 million or 37.0 per cent of Nigerians are still financially excluded. This means that the country has a number of people, larger than the populations of 44 African countries, who do not have access to financial services such as payment, credit, insurance, savings, and many more.
Academic studies often cite increased economic growth, prosperity and lower poverty levels as a good outcome of financial inclusion. Without access to financial services, households and businesses would fare considerably worse. This is why financial inclusion has been a big goal for governments across the world and is featured as an enabler in achieving eight of the 17 targets of the SDGs.
Fintech firm, Flutterwave, has entered into a partnership with Ethiopia’s largest mobile Digital Wallet platform, Amole, to aid remittances into Ethiopia.
This was disclosed in a statement by the Flutterwave last week Thursday, noting that the partnership would enable Ethiopia’s 8 million diasporic community to send money through Amole.
The funds would be sent into Amole Wallet, bank accounts, and cash pickup location scattered across 2,500 locations.
Amole is a mobile money app of Ethiopia’s largest private bank – Dashen Bank, offering a digital payment framework for the convenience of Ethiopians.
The partnerships would accommodate International Money Transfer Operators (IMTOs) and Flutterwave’s products such as Barter by Flutterwave, assisting the 8 million Ethiopian diasporans to remit over $5 billion to Ethiopia annually.
Dashen Bank, one of the biggest private banks in Ethiopia of Ethiopia, partnered with Flutterwave, Africa’s leading payments technology company, and launched a new electronic remittance transfer platform.
Amole, Ethiopia’s largest mobile Digital Wallet platform, which has been used by Dashen Bank now can allow 8 million Ethiopians in Diaspora (who remit over $5 billion annually) to send money home instantly. This is announced in Addis Ababa on Friday.
“The new partnership with Flutterwave will serve the Ethiopian economy by making diaspora remittances easier for over 8 million 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,” Flutterwave stated in its press statement.
Dike Onwuamaeze writes on efforts to increase the flow of Diaspora remittances into Nigeria in particular and Africa in general
The Global Director of the Social Protection and Jobs Global Practice at the World Bank, Mr. Michal Rutkowski, recently highlighted the importance of remittance flows to the financial survival of families that were stricken by the impact of COVID-19 pandemic disease that plagued the world economy in 2020.
Rutkowski, said in the World Bank’s report titled: “Defying Predictions, Remittance Flows Remain Strong During COVID-19 Crisis,’” released recently, that, “as COVID-19 still devastates families around the world, remittances continue to provide a critical lifeline for the poor and vulnerable. Supportive policy responses, together with national social protection systems, should continue to be inclusive of all communities, including migrants.”
CBN extends Naira 4 dollar incentive for diaspora remittances
On
Godwin Emefiele, CBN Governor.
The Central Bank of Nigeria (CBN) has announced an extension to its Naira 4 dollar incentive to encourage diaspora remittances till further notice.
The apex bank announced the extension on Wednesday through a memo by Saleh Jibrin, Director of Trade and Exchange Department, addressed to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and the general public.
Jibrin said that all aspects of the operationalisation of the scheme were to remain the same.
The News Agency of Nigeria (NAN) reports that the CBN introduced the scheme on March 5, and scheduled to terminate it on May 8.