The new prime minister of Ethiopia, Dr. Abiy Ahmed, recently (in April 2018) said the foreign exchange shortage currently plaguing the country will last for years and further said that cooperation of the private sector is needed to help solve this problem.
The flow of money, particularly from migrants of Ethiopian background estimated at 1.5 million in various parts of the world has grown significantly over the last decade or so, and it exceeds USD3 billion, as estimated by UN. The majority of this fund is transferred via non-bank service providers and some unscrupulous business people overwhelmed by their own personal interest.
The Executive Directors of DGIG are aware that there is a huge potential to assist their country by participating in this business sector and at the same time make money by conducting ethical and legal international money transfers
DGIG has already approached the founders of Asgori Money Express who are based in Australia to look at the ways and means of forming a strategic partnership and relaunching this business as soon as practicable.
Asgori has temporarily stopped its activities due to tough approach by Australian banks towards remittance providers and harsh application of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws and regulations.
Both DGIG and Asgori directors are confident with the current changes in Ethiopia and greater confidence of international business communities in the direction taken by authorities in Addis Ababa, it will be easier to resume this business shortly.
DGIG would also like to modernise the way money transfer business is conducted in Ethiopia by looking at what modern technology particularly mobile telephone applications and systems can offer to make it cheaper, easier and accessible to both senders and receivers while at the same the integrity of the whole system is
maintained and all the requirements of the AML/CTF including KYC and KYCC are fully complied with.