Cooperative Bank of Oromia Launches Africa’s First Blockchain-Powered Remittance Service
The Cooperative Bank of Oromia has announced a strategic partnership with InFTF, an international humanitarian organization focused on inclusive finance. This collaboration has resulted in the launch of Ethiopia’s first blockchain-powered remittance service, making Cooperative Bank of Oromia the first bank in both Ethiopia and Africa to offer this innovative solution.
The new service aims to provide the Ethiopian diaspora with a fast, affordable, and reliable method for transferring funds. Transactions can be completed in under three seconds, significantly reducing the high fees traditionally associated with remittances. This initiative addresses key challenges in the remittance sector and is expected to enhance the standard of living for communities by revitalizing local economies.
Cooperative Bank of Oromia continues to focus on community-driven services, and this partnership with InFTF aligns with its mission to offer customer-centric solutions. The bank aims to alleviate social issues by providing accessible cross-border remittance options, particularly targeting underserved segments of the population.
The remittance application is now available for download on both the Play Store and the App Store, allowing users to easily access this new service.