The National Bank of Ethiopia NBE has today, 11th May issued a mobile money service license to Safaricom M-Pesa Mobile Financial Service Plc, a subsidiary of Safaricom Telecommunication Ethiopia Plc; according to central bank of Ethiopia reports.
This, according to a statement seen by K47 digital news, is the first mobile money license granted to a foreign investor in Ethiopia.
“The issuance of the mobile money license reflects the NBE’s on-going objective of fostering financial inovation and inclusion in the Ethiopian market. With NBE support, the menu of digital finance offerings-including mobile banking, mobile wallets, internet banking and card banking-has expanded rapidly in recent years, showing the strong underlying public demand for the use of such services.”
“We welcome this shift to the use of digital financial services so as to bring greater efficiency, safety, and transparency to the country’s rapidly growing financial system.” Said the NBE.
Looking ahead, the NBE says it will continue to take measures to deepen Ethiopia’s digital finance ecosystem.
“To this end, we will strongly support the spread of digital payment systems as a substitute for cash-based transactions within the economy.”
“We will also welcome the introduction of diverse forms of digital financial services so that, ultimately, these become a tool to help citizens transact, save, borrow, invest, and more as Ethiopia’s financial system is modernized over the coming years.”
The National Bank of Ethiopia noted that it wishes Safaricom’s M-PESA service well as it launches its operations in the very near future.
