InFTF

Coopbank and TerraPay Launch Blockchain-Based Remittance Settlement to Enhance Cross-Border Transfers Addis Ababa, Ethiopia — Coopbank in partnership with global payments infrastructure company TerraPay, has announced the launch of a blockchain-based settlement system for inward remittances to Ethiopia. This initiative marks a significant step toward faster, more transparent, and more reliable cross-border financial services. Ethiopia, one of Africa’s largest remittance-receiving countries with inflows exceeding USD 5 billion annually, is undergoing financial sector reforms aimed at improving efficiency and transparency in foreign exchange and cross-border payments. The initiative supports euro-denominated remittance flows from Europe by combining TerraPay’s global cross-border payments network, Coopbank’s nationwide banking reach, and regulated digital euro settlement infrastructure provided by Quantoz Payments. Together, these components enhance efficiency, transparency, and reliability across the remittance corridor. By integrating advanced digital settlement mechanisms with Coopbank’s extensive banking network, the bank continues to strengthen its position as a leading digital financial services provider. The initiative also extends the reach of inward remittances across Ethiopia’s domestic financial system, supporting households and communities nationwide while remaining fully aligned with local banking and regulatory requirements. This aligns with Coopbank’s purpose of empowering communities and transforming lives. Coopbank CEO Mr. Deribie Asfaw stated that inward remittances are vital to both households and the wider economy. “Through this collaboration, Coopbank enhances its role as a leading digital bank, delivering secure, fast, and fully compliant remittance services while supporting financial inclusion and expanding access to reliable financial solutions nationwide.” TerraPay CEO Ambar Sur noted that the collaboration delivers infrastructure that is faster and more reliable for diaspora remittances and can be extended to other global corridors. Quantoz CEO Arnoud Star Busmann highlighted that regulated digital euro instruments enable transparent and compliant settlement while reducing the need for costly pre-funding. The initiative is supported by the Inclusive Financial Technology Foundation (INFTF), which said it lays the foundation for modernizing cross-border settlement infrastructure and expanding financial inclusion in emerging markets.