Ethiopia’s digital finance payment service sees substantial progress: NBE Governor
Addis Ababa, April 5, 2024 (FBC) – The Governor of National Bank of Ethiopia, Mamo Mihretu underscored that Ethiopia’s digital payment system service has been witnessing substantial growth over the past years.
In his remarks on Ethiopia Digital Payment Conference held today, Mamo said a significant amount of Ethiopian Birr has been transacted through the digital payment system.
A report shows that with the numbers of mobile money, mobile banking and credit card users have reached 90 million, 32 million, and 42 million respectively over the past five years.
According to the governor, the digital payment service of the cash transactions across the country has been significantly increasing and seeing more and more growth.
Recently, the Ethiopian government has been executing “digital Ethiopia 2025 strategy,” which aimed at providing digital services to the country’s key industries, including agriculture, manufacturing, and tourism, with a focus on the private sector.
As part of this national digital strategy, money transaction and digital payment through a digital platform is exponentially growing across Ethiopia, it was indicated.
Acknowledging a substantial growth of digital payment service, the national bank governor urged the participants of today’s Ethiopia Digital Payment Conference to actively engage in discussions, share insights, ideas and best practices on emerging opportunities and challenges of the digital financial system.
“Together we can harness the transformative power of digital financial services to build a more inclusive and prosperous future for all Ethiopians, ” Mamo elaborated.
The conference is organized by National Bank of Ethiopia in collaboration with ETHSWITCH, Better than Cash Alliance, and impact capital for development (UNCDF), it was indicated.
Moreover, the conference would serve as a pivotal platform for collaboration among public and private sector leaders as well as development partners, as per ENA.