Microfinance International (Mfi), a US-based financial solutions provider, introduced a money transfer platform that enables financial institutions operating here to offer money transfer services with a “lower” fee than existing outlets such as Western Union charge for the same services, it was learnt  

Mfi last week launched its remittance service platform with the Commercial Bank of Ethiopia (CBE), which thereby became its first partner in Ethiopia as well as Africa.

The company established its presence in Ethiopia to tap into a “huge” potential market for remittance services with over 1.5 million Ethiopian diaspora residing in the US, many of whom are sending money home by using “overpriced outlets”, according to Atsumasa Tochisako, Mfi CEO.

“We are providing an efficient, fast and reliable money transfer system which allows banks and other financial institutions to offer remittance services with a much lower fee than other outlets such as Western Union charges for the same service,” Atsumasa told The Reporter. “With the money transfer solution we provide, financial institutions such as CBE can offer remittance services with about one-third of the price Western Union, the widely used money transfer outlet, charges for the same service.”

Mfi remittance platform will in a short time be available at the over 200 branch offices of CBE while the company is looking forward to establish a partnership with other private banks and microfinance institutions operating in the country, according to the CEO.

The cross border financial solution provider renders its service under a brand name ARIAS, a turnkey money transfer platform.   

Mfi has a network of wholly-owned and operated microfinance centers in the US and its services are being used in over 90 countries across the globe, according to the CEO.

The partnership launching ceremony between Mfi and CBE was held at the Hilton Hotel.

The ceremony was attended by the vice governor of the National Bank of Ethiopia, Alemseged Assefa, the vice president of CBE, Mohammed Nuredin, and general managers and executive offers of private commercial banks and micro financial institutions.