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Oromia Cooperative Bank became the first user of blockchain technology in Africa.

Oromia Cooperative Bank has announced that it has started working together with InFTF to launch a foreign remittance service based on block chain technology in Ethiopia.

Blockchain service was launched in Africa for the first time in the strategic partnership of the bank with InFTF, a humanitarian organization that works on inclusive finance and social participation at the global level, to provide the country's first blockchain technology-enabled remittance service.

Minister of State for Innovation and Technology, Dr. Yeshurun ​​Alemayehu, who was present at the program, appreciated the initiative of the Oromia Cooperative Bank and the Estonian Inclusive Financial Technology Foundation (InFTF) in using blockchain technology, and pointed out that technology serves as the main basis for economic and social development in our country. He pointed out that it has a significant role in the digital transformation journey that our country is moving forward.

Honorable Minister of State Wu said that it is necessary to strengthen the capacity of the banking sector by using blockchain technology for financial services.

The President of Oromia Cooperative Bank, Derbe Asfaw, said that the agreement with InFTF will help alleviate the social problems by providing cross-border remittance services to the unreached communities by eliminating the limitation in sending money due to the high payment of fast remittances.

The bank has stated that it will focus on solving the problems of the society by giving priority to digital technology and it is a new strategy to solve the problems observed in the field of foreign remittances, including the high cost of remittance.

The bank has announced that it is open to users to use the application by simply downloading it from Play Store and App Store.

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The government merged the former Ministry of Science and Technology and the Ministry of Communication and Information Technology to form the Ministry of Innovation and Technology in 2019.

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