NBE Launches Digital Payment Strategy


NBE Launches Digital Payment Strategy

The National Bank of Ethiopia (NBE) has officially kicked off the implementation of a national digital payment strategy that has been in the making for over a year with the support of the United Nations Capital Development Fund (UNCDF). Comprising four pilars, the strategy maps out a three-year action. Developing a reliable, inclusive, and interoperable infrastructure; building a consistent regulatory oversight framework; and creating an enabling environment innovation are among its goals.  The central bank has prioritised attaining efficient ATM and POS interoperability, vitalising digital retail payment systems, strengthening consumer protection and cybersecurity, and digitising government and state-owned-enterprise payment modalities. The strategy also aims to extend digitisation to the agricultural sector, although this is given a lower priority due to its preceived unpreparedness. There have already been significant strides made towards enhancing digital payments, according to central bank officials. E-receipt and electronic payment directives have already taken force while a legal framework allowing fintech companies to take part in financial service provision has been in effect for a year.

[ssba-buttons]

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...