Singapore-based cross-border payment provider Thunes has partnered Lion International Bank (LIB) to launch a cash pickup service in Ethiopia.
Under this partnership, recipients can now collect cash from more than 260 branches of LIB across the country.
Thunes provides remittance transfers to Ethiopia, which is said to be a high remittance-receiving country. It does this via Hello Cash wallets and bank accounts.
This remittance option is aimed at the unbanked population in the country, which has low mobile money account penetration and cash dominance.
Thunes CEO Peter De Caluwe said: “Like Lion International Bank, we are committed to enhancing the access to and usage of financial services in Ethiopia.
“The partnership will enable Thunes to increase remittance options available to Ethiopians, and extend our reach in the country.
“This is a significant step towards improving financial access for underserved segments of the population, such as the unbanked and rural communities.”
Lion Bank CEO Getachew Solomon said: “Lion International Bank strives to reach the underbanked society through its HelloCash wallet and its HelloCash agent banking service throughout the country.
“The partnership with Thunes is a golden opportunity for us due to its nature of accessibility through transfer cash pick up, HelloCash wallet service, and bank account.”