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.



Women around the Koshe area hunt through piles of trash to find scraps of metal to sell. With close to three million people unemployed in the country and a headline inflation of 33pc, unskilled labour is in little demand. Ethiopia has an adult literacy rate of 51pc, with fewer numbers going past high school. Less than three percent of 12th-grade students made it to universities this year while the rest were at the mercy of remedial exams...



An old wooden car that was part of a commercial campaign by a furniture company around the Beherawi Theatre area. Ethiopia's forest coverage to national land size has been registered at 15pc to the latest data by the World Bank. The current Prime Minister Abiy Ahmed launched an initiative labelled 'Green Legacy' to plant five billion trees in 2020 claiming an 83pc success...



A young boy attempts to pull a piece of cloth from an overloaded pickup truck around the Ayer Tena area. Observing an unsupervised child on the streets of the capital has become a common sight, with sporadic conflict across the country creating nearly four million internally displaced people. Despite the last census having been conducted 16 years ago, the population of the country is estimated at 120 million...