The National bank of Ethiopia is to hire a consultant to support its plans to prepare a regulatory framework for the launch of 
mobile and agent banking services in the country.
The technology is expected to be helpful but it prudent to be careful in regards to security issues before implementing a new system said an official with the Banking Supervision Directorate of the NBE.
The central bank will be hiring a consultant with a view towards such security concerns and to enable it to create a document that will enable the bank to supervise the use of the new services said the source.
Eight International companies have already shown an interest in the tender for the framework prepared by the NBE and the bank expects to undertake the selection in the coming days.The bank plans to create the legal framework to handle baking services employing telecommunications devices as well as agent banking which allows non financial institutions like pharmacies and telecommunications service providers can offer financial services as a means of promoting access to banking services in unbanked areas.
A draft version of the planned directive was forwarded to banks in June with the expectation that the draft will be finalized by the end of that month although the have directive has been delayed since.
Several banks including Zemen and United have acquired the technology to offer mobile banking and are even offering some services such as electronic access to bank statements, money transfers within the bank, notifications and alerts while waiting for the directive to pass to offer full blown services.
Source: Fortune
