CBE Introduces Multicurrency Digital Wallet to Channel Diaspora Funds, Boost Forex Inflows

The Commercial Bank of Ethiopia (CBE) has unveiled a new multicurrency digital wallet aimed at strengthening diaspora engagement and formalising foreign exchange inflows into the country’s banking system.

Branded CBE Connect, the platform is Ethiopia’s first wallet of its kind and was developed in collaboration with local fintech firms Star Pay Financial Solutions and EagleLion System Technology. It enables users, particularly Ethiopians living abroad, to hold foreign currency balances, convert them to birr at prevailing market rates, and make instant transfers.

The wallet is integrated with global payment networks such as Visa and Mastercard, positioning it as a regulated alternative to informal remittance channels that still dominate cross-border money transfers into Ethiopia.

Beyond remittances, CBE Connect is designed as a broader financial access tool. Diaspora users can remotely apply for and manage investment products, including housing and vehicle loans, without being physically present in the country or navigating lengthy administrative procedures.

Speaking at the launch in Addis Ababa on January 20, CBE Vice President Ephrem Mekuria said the initiative aligns with the bank’s push to modernise its services and expand access to foreign exchange and credit.

He noted that the platform could significantly increase diaspora participation in domestic asset markets while supporting the bank’s ambition to operate at global standards.

From a technical standpoint, the wallet is built to address long-standing bottlenecks in Ethiopia’s remittance ecosystem. EagleLion System Technology CEO Bersufekad Getachew said the system’s architecture allows direct bank-to-bank transactions, reducing friction and bypassing common card-based transfer limits.

According to him, regulatory and infrastructure constraints in key diaspora destinations have historically restricted formal inflows, a gap CBE Connect is designed to close through compliant, technology-driven channels.

The wallet currently supports U.S. dollar transactions, with plans to add more currencies in phases as regulatory approvals and market testing progress.

Its launch comes amid wider macroeconomic reforms focused on stabilising foreign exchange reserves, curbing parallel market activity, and accelerating digital financial inclusion across Ethiopia’s banking sector.