Destta, a US-registered financial technology firm, has officially introduced the beta version of its global remittance platform in Ethiopia, with the goal of transforming how members of the Ethiopian diaspora and international senders transfer money home.
Launched at a high-profile event held at the Hyatt Regency Addis Ababa, the platform offers instant, transparent, and fully compliant cross-border transfers. It is now accessible in more than 101 countries and enables users to send funds ranging from as little as $5 up to $1 million directly into Ethiopian bank accounts.
A key feature of the platform is its partnership with the Commercial Bank of Ethiopia (CBE), which serves as its primary local settlement partner. This integration ensures that all transactions are processed directly through the formal banking system, enhancing both security and transparency for senders and recipients.
Speaking at the launch, Destta CEO Dawit Berehanu highlighted the platform’s focus on clarity and affordability. “Users can see the exchange rate provided directly by the Commercial Bank of Ethiopia, with no hidden charges or additional fees. The service is designed to be low-cost and fully transparent,” he said.
He further noted that the platform’s wide transaction limits support not only routine family remittances but also larger cross-border investments and business-related transfers, aligning with Ethiopia’s evolving economic landscape.
The launch comes at a pivotal time following Ethiopia’s post-2024 macroeconomic reforms, which introduced a market-driven foreign exchange system and encouraged greater digital financial participation. Despite growing formal inflows, a significant share of remittances still moves through informal hawala channels, which operate outside regulatory oversight and consumer protection frameworks.
Destta aims to reduce reliance on these informal systems by providing a faster, more secure, and fully regulated alternative that channels funds through official banking infrastructure, potentially strengthening foreign exchange inflows and improving economic visibility.
Destta’s Chief Technology Officer, Nahom Getu, outlined the platform’s core principles as compliance, user-centric design, reliability, and seamless integration with the Commercial Bank of Ethiopia as the final settlement destination for incoming payments.
The system incorporates advanced identity verification tools, including Persona, and integrates infrastructure supported by Stripe-related technology. It also supports a wide range of payment options such as ACH transfers in the United States, SEPA in Europe, UK bank transfers, as well as card payments through Apple Pay, Venmo, Visa, and Mastercard.
The launch event attracted senior Ethiopian government representatives, reflecting strong institutional backing for efforts to formalize remittance flows. Attendees included Ethiopia’s Ambassador to the United States Fitsum Arega, National Bank of Ethiopia Governor Dr. Eyob Tekalign, and former Governor Dr. Mamo Mihretu.
Their presence highlights ongoing regulatory support for digital financial platforms as Ethiopia continues to liberalize its financial sector and modernize cross-border payment systems. By combining the speed often associated with informal channels and the transparency of regulated banking systems, Destta positions itself as a bridge between diaspora demand for efficient transfers and Ethiopia’s push for a more formalized financial ecosystem.
As the country advances its financial reforms, platforms such as Destta are expected to play an increasingly important role in strengthening foreign exchange reserves, improving household financial support, and enabling diaspora-led investment.
The beta rollout marks the beginning of Destta’s entry into Ethiopia’s remittance market, with the company aiming to redefine money transfers as secure, seamless, and impactful reflecting the Amharic meaning of “Destta,” which signifies joy.
