Money sent home by Ethiopians living and working abroad plays an important role in the lives of millions of families and in the wider Ethiopian economy. Ethiopians living in North America, Europe, the Middle East, Africa, and other parts of the world regularly send money to relatives, friends and businesses in Ethiopia. These transfers—commonly known as remittances—can help families pay for food, housing, education, healthcare, business activities and other everyday expenses.

Many African countries gain much from remittance. For instance, some data indicate that in 2025 out of the total GDP of Lesotho, the share of remittance stood at 20.7%. Other countries such as Cape Verde, Egypt, Nigeria, Morocco, among others are countries that benefit most from remittance. Our country also generates substantial amount of foreign currency from remittance.

Ethiopians residing abroad send money home via the following channels which include:

Bank-to-Bank Transfers through SWIFT

One important method for sending money to Ethiopia is a direct international bank transfer using SWIFT. SWIFT is a global messaging network used by financial institutions to securely exchange instructions for international payments. Bank of Abyssinia provides inward money-transfer services through SWIFT, meaning money can be transferred to BoA from foreign banks.

Money Transfer Organizations (MTOs)

Bank of Abyssinia works with multiple money transfer institutions to ensure its customers fast and safe money transfer service. From anywhere in the world, you can use these institutions to send and receive money instantly. These include Western Union, Money Gram, Dahabshiil, Ria, Trans-Fast, Terapay, Thunes, EthioDash, Wegensend, Fastpay, FrankRemit, Smilepay, GashGo, Taptap, TeleRemit and Mama Pay.   

Digital Remittance Platform – Abyssinia Remit

As financial technology develops, people sending money to Ethiopia have more choices than traditional cash-transfer services. This combination of banking and digital payments demonstrates how the Ethiopian financial system is increasingly connecting traditional banking with mobile and digital financial services.

To this end, one of the services specifically designed to facilitate transfers into Ethiopia is Abyssinia Remit, BoA-backed digital remittance platform. Abyssinia Remit allows people to send money to Ethiopia from locations including the United States, Canada, Europe, and other countries.

Customers could register for Abyssinia Remit service using the following steps;

• Download the Abyssinia Remit app.
• Register and complete identity verification.
• Enter the recipient and transfer amount.
• Pay using an available payment method, including Visa.
• The recipient in Ethiopia receives the money, with the app providing transfer tracking.

One of the major advantages of Abyssinia Remit service is convenience. A person living abroad does not necessarily need to visit a physical money-transfer office. Instead, the transaction can be initiated through a smartphone.

Speed is another important consideration. Bank of Abyssinia describes Abyssinia Remit as providing fast and instant transfers, while its application listing highlights real-time transfer tracking.

Security is also important when transferring money internationally. Because Abyssinia Remit is backed by a bank, users may prefer it when they want a service connected to an established Ethiopian financial institution.

In conclusion, sending money to Ethiopia through Bank of Abyssinia can be done through several channels, including Abyssinia Remit, SWIFT bank transfers, and various money transfer operators. These options provide Ethiopians living abroad with different ways to transfer funds to family members, friends and businesses in Ethiopia. However, the development of a digital remittance service —  Abyssinia Remit has made the process more convenient by allowing users to register digitally, make payments, track transfers, and send money from different countries.