Coopbank Partners with InFTF to Launch Ethiopia’s First Blockchain-Powered Remittance Service

Coopbank has announced a groundbreaking partnership with InFTF, a global leader in inclusive finance, to launch Ethiopia’s first blockchain-powered remittance service. This innovative solution revolutionizes cross-border money transfers, offering faster, more secure, and affordable transactions.

As a bank committed to financial solutions, Coopbank aims to bridge financial gaps within the community through innovation and customer-centric approaches. This announcement marks a significant step toward transforming remittance services in Ethiopia.

The new service enables the Ethiopian diaspora to transfer funds quickly and securely, with transactions completed in under three seconds. It eliminates high fees traditionally associated with remittances, ensuring that more money reaches families and businesses back home.

Designed to serve underserved communities, this blockchain solution will significantly impact financial inclusion, particularly for those in remote areas, empowering families, entrepreneurs, and small businesses across Ethiopia.

At the launch event, Mr. Deribie Asfaw, CEO of Coopbank, remarked, “This partnership with InFTF represents a major step toward modernizing financial services in Ethiopia. Our goal is to provide the Ethiopian diaspora with faster, more affordable remittance solutions.”

Mr. Harath Chari, a Management Board Member of InFTF, stated, “The technology we’re advancing enables incredibly fast transaction settlements at a fraction of traditional costs, building a sustainable digital financial ecosystem accessible to everyone, especially in underserved regions.”

Mr. Aman Semir, VP of Technologies and Digital Banking at Coopbank, added, “This partnership harnesses the power of blockchain, delivering digital banking services with unmatched efficiency and enhancing the customer experience with secure, rapid, and cost-effective remittance solutions.”

by Hawi Fitsum