SantimPay has officially launched FrankRemit—a zero-fee remittance platform developed in partnership with Bank of Abyssinia. The platform stands out as the first in Ethiopia to integrate all commercial banks and major mobile money services, including Telebirr, M-Pesa, and CBE Birr.

FrankRemit is a homegrown fintech innovation, built in-house and tested rigorously over the past two weeks with successful transfers from multiple countries. This rollout ensures users experience fast, reliable, and secure money transfers right from the start.

The official launch event attracted high-level stakeholders from the public and private sectors, signaling the platform’s significance to Ethiopia’s economic ambitions. Among the attendees were Tinsae Desalegn, CEO of SantimPay; Fitsum Abegaz, Ambassador at the Ethiopian Embassy in Washington, D.C. and Director General of Diaspora Services at Foreign Ministry; Teferi Mekonnen, CEO of Oromia Bank; and Desalegn Yizengaw, Chief Customer Acquisition and Support at BoA.

“FrankRemit is the first platform to offer full integration across Ethiopia’s banking and mobile money landscape,” said Tinsae Desalegn. “We built this platform to address the frustrations of the diaspora and make sending money home effortless.”

The launch comes as Ethiopia nears one year since adopting a market-based exchange rate regime—a reform introduced in July 2024 to align the country’s forex operations with market realities. While sectors such as gold and coffee exports have flourished under this policy shift, remittance inflows still lag behind, according to Ambassador Fitsum Abegaz.

“FrankRemit is built to international standards and will help Ethiopia unlock greater remittance flows,” he said, emphasizing the platform’s strategic role in strengthening the country’s foreign currency position.

As part of its broader offerings, FrankRemit also introduces the FrankCard—a diaspora-focused gift card service developed in collaboration with Oromia Bank and Shoa Supermarket. This new feature allows members of the Ethiopian diaspora to send prepaid cards that can be redeemed locally, enabling direct support to families beyond traditional cash transfers.