Comedian TikToker and singer Abekal Desalegn

Comedian TikToker and singer Abekal Desalegn.

The famous borrower... I will pay the loan as a sacrifice, not if she asks me....Comedian TikToker and singer Abekal Desalegn

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Abyssinia Bank has announced that it will partner with FastPay to further streamline its international digital remittance service.

The bank said it will sign a contract with FastPay, a digital company based in the US and with a branch office in Ethiopia, to facilitate this work.

Abyssinia Bank has also launched CyberSource, a payment alternative technology, to streamline its international digital remittance service, which it will provide in partnership with FastPay Digital.

When Ethiopians living abroad use their Visa or MasterCard cards to send money back home through the FastPay app, the bank will facilitate the payment for their friends and relatives here, it said.

To benefit from the international digital hawala service launched by Abyssinia Bank, Ethiopians living abroad must first register on the app.

In this way, customers’ payment cards will be linked to international Visa or MasterCard services, and Ethiopians living abroad can easily send money back home through this linked system, the bank said.

The international digital hawala service, announced by Abyssinia Bank and FastPay, is said to increase the ability to earn foreign currency.

It is also said to allow Ethiopians living abroad to have a digital money transfer option that is cheaper than other hawala transfer methods and free of transaction fees.

Abyssinia Bank also said in a statement that it believes that it will greatly help the government’s efforts to reduce formal hawala transfers.

The bank has been serving its customers by implementing various modern banking technologies for the past 29 years.

FastPay digital LLC, which is said to have signed an agreement with Abyssinia Bank this afternoon to enhance its international digital remittance service technology, is headquartered in the United States.