Dozen Firms Queue Up to Join Mobile Banking

Mar 13 , 2021

Over a dozen private companies applied for licenses to operate digital financial services, including mobile money, from the National Bank of Ethiopia (NBE). Two companies are applying for a digital financial service provider license, while the rest, including ArifPay Financial Technologies, are looking to get payment system operator service licenses. The companies applied for the licenses following the central bank's issuance of directives in 2020, allowing private companies to make applications or systems that process payments digitally. A company with a digital finance service license cannot provide anything other than mobile money services. On the other hand, share companies that are granted the payment system operator service license will be able to engage in services such as payment processing, personalisation of payment cards, point of sale machine deployment, payment aggregation and payment applications. An individual or company who wishes to be licensed as a payment system operator needs to apply as a national switch operator, a switch operator, an automated teller machine (ATM) operator or as a point of the sale machine operator.


Pivots in Business Maze

A set of projects spearheaded as part of ease of doing business reform with a 7.2 million euro finance from the European Union (EU) is set to improve and navigate the lingering concerns in Ethiopia's business landscape. E-governance projects are undertaken by GIZ International Services and Mckinsey & Company in cooperation with five federal agencies, including the Justice, Trade,  Innovation, Revenues ministries and National Bank of Ethiopia (NBE) are part of the wider plan to improve the d...


Dashen Bank Board Reinstates its Chair

Dashen Bank re-appoints Dula Mekonnen as its Board Chairman, extending his tenure for another three years. The decision was made during a board of directors meeting held at the Sheraton Addis Hotel last week. Dula holds a first degree in electrical engineering from the Adama Science & Technology University and a graduate degree in business management. With a diverse leadership background spanning three decades, Dula has served as a manager at Ethio-Leather Industry Plc and managed Wenji S...


Digital Fuel Transactions Soar Amid Subsidy Drop

Nationwide digital fuel transactions have exceeded the 155.4 billion Br mark, as the Ethiopian Petroleum & Energy Authority released a half-year report last week. Consistent reductions in fuel subsidies have led to the fuel price stabilisation fund hitting an all-time low of 117.4 billion Br, a decrease of 79.6 billion compared to the previous year. The report highlights the successful monitoring of subsidies across the country's 1,589 fuel stations, benefiting nearly 200,000 transporters...