By Sisay Woubeshet – Bunna International Bank, one of the 16 private banks in Ethiopia, today awarded customers who received remittance through its formal banking system.
Presenting awards, which includes car and three wheel vehicle, the Chief Strategy Officer of Bunna International Bank, Menkir Hailu, said the purpose of the reward is to incentivize those who use formal money transfer system and helped the bank and the country increase hard currency earnings.
Today’s reward of the Bank at its head office in Addis Ababa includes, automobile, TV sets, smart phones and other items. Such rewards, which took place for the 7th round, encourages customers by directing remittance flows to the official channels, according to the CEO.
Latest report of the National Bank of Ethiopia shows that the country has received some $3.8 remittance through the formal banking system, which is more than $600 million from the annual earnings of the country from export of goods.
Meanwhile because of the huge difference between the black market exchange rate and the bank rate, many Ethiopians are estimated to use the informal transfer to send money to their relatives in Ethiopia.
Today Bunna International Bank has also for drivers of taxi and three wheel car (Bajaj – Tuktuk) who saved in the Bank consistently.