Remittance services are vital for the Ethiopian diaspora, providing a reliable means of sending money home and playing a key role in supporting the nation’s economy. In 2023 alone, remittances contributed nearly $6.8 billion, making them a major source of foreign currency for Ethiopia.

Various services allow the diaspora to send money back home. Among the most widely used are digital remittance platforms like WorldRemit, which has partnered with the Commercial Bank of Ethiopia (CBE). This partnership enables secure transfers directly to mobile accounts or for cash pickup at numerous locations across the country. WorldRemit has streamlined the process, offering a low-cost, fast service, ensuring that recipients in Ethiopia can access funds within a day​.

Additionally, mobile money services like Telebirr Remit have gained popularity, offering bonuses and rewards for users who transfer money to Ethiopian mobile wallets. These services, integrated into Ethiopia’s broader mobile money ecosystem, are accessible to millions of users​

Another app, EthioDash, has become popular for its ease of use and affordable transfer rates, catering primarily to Ethiopians living in the United States​.

Despite the growth of digital platforms, traditional channels like Western Union, Dahabshiil, and Swift remain widely used. These services have recently been bolstered by promotional campaigns from Ethiopian banks, such as Amhara Bank and Zemen Bank, which offer bonuses and better exchange rates for remittances​.

Amole, a digital wallet developed by Dashen Bank is another option to consider,  Amole allows Ethiopians to receive remittances directly into their mobile wallet. It integrates with international remittance services, allowing for quick and affordable money transfers. This service is part of Ethiopia’s growing digital financial ecosystem​

The rise of digital and mobile-based solutions has significantly transformed the remittance landscape. Regulatory changes, like the liberalization of the exchange rate, have made remittances even more appealing, allowing Ethiopians abroad to send money at competitive rates through both formal banking channels and fintech apps​.

These developments reflect Ethiopia’s broader efforts to modernize its remittance infrastructure and maximize foreign exchange earnings, benefiting both the diaspora and the country’s economy.