by: Enrico Casale | 8 April 2024
National Bank of Ethiopia Governor Mamo Mihretu highlighted that Ethiopia’s digital payment system service has seen substantial growth in recent years. He spoke about it during the Digital Payments Conference in Ethiopia held today.
Mamo said a significant amount of Ethiopian birr was exchanged through the digital payment system. A report shows that with the number of mobile money, mobile banking and credit card users have reached 90 million, 32 million and 42 million respectively in the past five years. According to the governor, the digital payment service of cash transactions across the country has increased significantly and sees ever-increasing growth.
Recently, the Ethiopian government implemented the “Digital Strategy Ethiopia 2025”, which aims to provide 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 payments through a digital platform are growing exponentially across Ethiopia.
Recognizing substantial growth in digital payment service, the National Bank Governor urged Conference participants to actively engage in discussions, 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 explained.
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