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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.



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