Ethiopia’s Digital Finance Payment Service Sees Substantial Progress: NBE Governor

The Governor of the National Bank of Ethiopia, Mamo Mihretu underscored that Ethiopia’s digital payment system service has been witnessing substantial growth over the past years.

In his remarks on the Ethiopia Digital Payment Conference held today, Mamo said a significant amount of Ethiopian Birr has been transacted through the digital payment system.

A report shows that the numbers of mobile money, mobile banking, and credit card users have reached 90 million, 32 million, and 42 million respectively over the past five years.

According to the governor, the digital payment service of cash transactions across the country has been significantly increasing and seeing more and more growth.

Recently, the Ethiopian government has been executing the “digital Ethiopia 2025 strategy,” which aimed at providing digital services to the country’s key industries, including agriculture, manufacturing, and tourism, with a focus on the private sector.

As part of this national digital strategy, money transactions and digital payment through a digital platform are exponentially growing across Ethiopia, it was indicated.

Acknowledging the substantial growth of digital payment services, the national bank governor urged the participants of today’s Ethiopia Digital Payment Conference to actively engage in discussions, and share insights, ideas, and best practices on emerging opportunities and challenges of the digital financial system.

“Together we can harness the transformative power of digital financial services to build a more inclusive and prosperous future for all Ethiopians, ” Mamo elaborated.

The conference is organized by the National Bank of Ethiopia in collaboration with ETHSWITCH, Better than Cash Alliance, and impact capital for Development (UNCDF), it was indicated.

Moreover, the conference would serve as a pivotal platform for collaboration among public and private sector leaders as well as development partners, as per ENA.

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