National Bank of Ethiopia (NBE) banned commercial banks operating in Ethiopia from giving mobile top-ups service for the service is not a financial one.

The central bank made this announcement via a letter prepared by Getahun Nana, Vice Governor for Financial Institutions Supervision, and distributed to members of the financial institution.

The letter dictated banks already rendering the service should, stop the service as of Thursday.

Commercial Bank of Ethiopia (CBE) is one of the banks that officially give the service to its customers to recharge their prepaid mobile accounts by deducting money from their account at the Bank.

According to The Reporter, other banks as well as a company called M-Birr were planning to work with banks and promoting the service.

In related news, as of Thursday, August 14, 2014, limits on mobile banking transactions are applicable to agent banking, which means individual institutions will set their own limits for mobile, internet and other electronic based transactions.

Source: The Reporter