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.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...