Aug 12 , 2023
As the country makes concerted efforts towards digitisation, Kacha Digital Finance Services receives a nod from the National Bank of Ethiopia (NBE) to commence commercial operations following a year of pilot programs. Incorporated in 2019, Kacha received a permit from the central bank as the country’s first private mobile money platform last year. Abraham Tilahun, CEO of Kacha announced his optimism that this commencement will be a crucial step towards accelerating financial inclusion and enhancing accessibility and interoperability. The company has completed its integration with EthSwitch, commercial banks, and other mobile money providers. It allows users to deposit, withdraw and transact using a mobile application or through a USSD code. It will also help users to make top-up payments to public services through the platform. Mobile banking services were limited to banks and microfinance institutions until central bank issued a directive allowing non-financial institutions to join the fray. The state-owned Telebirr has dominated the mobile money market facilitating billions of transactions and amassing more than 34 million customers since its launch two years ago. Safaricom's M-Pesa mobile money service is also slated to launch before the end of September.
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