CBE Partners with Australian Fintech SGCPay to Boost Digital Remittances

CBE Partners with Australian Fintech SGCPay to Boost Digital Remittances

The Commercial Bank of Ethiopia has signed a Memorandum of Understanding with SGCPay (AUS) LIMITED, an Australian-based digital payment platform, to facilitate international money transfers and digital remittances.

The agreement was signed by Ephrem Mekuria, the bank's Executive Vice President of Corporate Services, and Qazi Ahmed Mukhtar, CEO of SGCPay. Ephrem stated that the partnership is expected to significantly increase the bank's foreign exchange earnings from remittance flows.

SGCPay, incorporated in Australia in September 2022, operates a global payment application enabling users to send, receive, and exchange both fiat currencies and cryptocurrencies. 

The platform allows money transfers using phone numbers or email addresses, and offers debit card integration for ATM withdrawals, online shopping, and bill payments worldwide.

CBE said that the move aligns with its digital transformation strategy under the government's Digital Ethiopia 2030 vision.