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Ethiopia to Regulate Mobile Banking

The National Bank of Ethiopia is to issue a new directive for mobile banking directives. The central bank regulation officials and presidents of banks had final discussions on the draft regulation last week.

The bank circulated the draft regulation to all banks for comments and expects it to come into effect in three weeks time according to sources.

The regulation will control the way in which mobile banking is implemented, identifying and protecting users and how much money can be transacted.

At this time the only bank expecting the go ahead to provide functional mobile banking services is Zemen Bank. The bank is planning to commence the service as soon as the National Bank approves the directive according to Ermias Eshetu, Vice President of Marketing of Zemen.

In related news the Commercial Bank of Ethiopia announced the launch of internet banking services for the 74 branches connected through integrated banking solutions (Core Banking).

The bank will offer the service to individual customers as well as to companies.

The new system operates on any device that is able to support an internet browser and makes use of anti hacking and anti E-theft systems building up on the experience of Asian and European banks said Solomon Mengesha, Assistant Vice President of Information Systems with CBE.

The internet banking system put in place by the commercial bank also has strict customer authentication methods as well as building a significant Information Technology architecture according to Solomon.

The new online service will allow clients to send money, keep track of their accounts, check on the status of loans, and transfer money between personal accounts or to the account of another bank customer he explained.

Source: Capital

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