Ethiopian Diaspora Banking Gets a One-Stop Financial Service

By Mintesinot Nigussie  |  September 7, 2026

Mela Finance Inc. has launched a digital financial service for the Ethiopian diaspora in the United States, bringing banking, payroll, money management and transfers to Ethiopia into one offering as the company seeks to address the fragmented way many Ethiopians abroad manage their finances.

The US-domiciled financial technology company said eligible customers can open US accounts, receive direct deposits and payroll, link existing bank accounts, manage money digitally and transfer funds, including licensed transfers to bank accounts in Ethiopia.

Mela said its accounts have no monthly maintenance fee and that customer support is available around the clock in English, Amharic, Oromigna and Tigrinya.

The company is positioning the service around the wider financial lives of diaspora customers rather than a single transaction. Ethiopians living in the US may use different institutions for salaries, everyday banking, remittances, savings and Equb contributions, while longer-term needs such as business finance and homeownership can require additional providers.

Mela said its aim is to bring those financial activities into a more connected relationship, allowing customers to manage multiple needs through one service.

Remittances form part of the initial offering, but the company's planned expansion extends into other areas of diaspora finance. Mela said its roadmap includes digital Equb services, community and merchant payments, and services supporting mortgages and homeownership. Those products are planned developments and were not broadly available at launch.

"Our community has never lacked discipline, ambition or responsibility. It has lacked a financial system designed around those responsibilities. Mela is empowering our community one financial service at a time," said Aelaf Mideksa, chief executive and co-founder of Mela.

The company said the idea for Mela emerged in 2024 after members of its founding team, who have lived in the United States for more than 16 years, experienced the challenges of managing their financial lives across multiple providers.

Mela's initial focus is the US-Ethiopia financial corridor. The company provides US banking services through a banking-as-a-service sponsorship arrangement and is not itself a chartered bank.

The National Bank of Ethiopia lists Mela Finance Inc. among licensed money transfer institutions as of August 7, 2026. The company said customers can send money to bank accounts across Ethiopia, although exchange rates, processing times and transaction limits depend on individual transactions and applicable terms.

Source: FSX Business News