EBR
Natran Abdulfetah
#EBR_News Oct 6, 2026
ZamZam Bank has launched ZamZam Remit, a digital payment platform designed to channel money sent by Ethiopians abroad into the formal financial system. The bank unveiled the service at its fifth-anniversary event, the “Interest-Free Banks Pioneer Forum”, held in partnership with FSD Ethiopia in Addis Ababa.
According to the bank, the platform allows family and friends abroad to send foreign currency that reaches recipients quickly and easily, with minimal service fees. Zamzam said it built the system using its in-house technology after meeting all regulatory requirements and securing approval from the National Bank of Ethiopia.
Through an international payment gateway partnership with Bank of Abyssinia, the service is also meant to connect cross-border remittance flows with the local economy.
Yenehasab Tadesse, Director of the Foreign Exchange Reserve and Monetary Directorate at the National Bank of Ethiopia, declared the service launched on behalf of the central bank, together with Board Chairperson Nasir Dino (PhD) and ZamZam Chief Executive Melika Bedri. She said the platform would strengthen remittance channels, draw foreign currency into the formal system and support the vision of Digital Ethiopia 2025.
Remittances are an important source of foreign currency for Ethiopia, and a significant share has historically moved through informal channels, so a cheaper and faster local platform could help banks capture more of those inflows. The bank did not disclose transaction limits, fees or supported countries at the launch.
The launch came as the bank outlined its progress since opening its first branch five years ago. ZamZam said it was the first institution licensed to run fully interest-free banking under National Bank directives. Its total assets now exceed 31 billion Birr, deposits have passed 21 billion Birr and financing has topped 17 billion Birr, with more than 80pc going to the private sector.
It also reported gross profit of 1.6 billion Birr and more than 21,000 shareholders, and said it has registered 6 billion Birr worth of shares with the Ethiopian Capital Market Authority, the first fully Sharia-compliant bank to do so.
Speaking as a panellist at the forum, Melika reflected on the bank’s journey as the country’s first fully interest-free lender. “It was very challenging to come as pioneers with no prior experience at all,” she said. She added that the bank was nevertheless able to achieve notable success by working together and collaborating with other interest-free banks.
Melika also urged interest-free banks not to compete with one another simply by adding branches. Instead, she said, they should differentiate themselves by introducing valuable and innovative financial services that reach grassroots communities. This approach is reflected in the bank’s partnership with fintech firm Ansa Digital Technologies, through which it has provided more than 1.6 billion Birr in collateral-free digital micro-financing aimed at women, youth and small traders.
Also speaking at the forum, FSD Ethiopia Country CEO Hikmet Abdella said interest-free institutions still face limits in liquidity management, a narrow range of investment instruments and a shortage of specialized skills. She said instruments such as Sukuk, which are Sharia-compliant investment certificates, could help connect domestic savings with productive sectors.
The Ethiopian Capital Market Authority’s Director General, Hana, told participants that the sector’s next phase demands “Action, Action, Action”. How quickly Zamzam Remit gains traction, and whether capital market tools for interest-free finance follow, will show whether the sector can back its growth with the service innovation and market depth its leaders are calling for.
