Central Bank Greenlights Pioneer Private Mobile Money Platform

Aug 12 , 2023


[ssba-buttons]

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.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...