During the last nine months of the Ethiopian Fiscal Year, Ethiopia has witnessed a significant increase in digital payments, with transactions exceeding Birr 1.2 trillion, according to Fitsum Aseffa, the Minister of Planning and Development. The amount transferred through digital payment in nine months has increased by 169 percent compared to the previous fiscal year.

In a recent report, the Minister stated that the Government had been working on policies and procedures to facilitate digital payments, resulting in over 60 million mobile money transfer technology users.

According to Frehiwot Tamru, the CEO of Ethio Telecom, the government is working to expand access to financial services by establishing a wide telecom infrastructure. This will enable the economy to benefit society more, and efforts are underway to increase the number of internet users. The CEO also mentioned that Bir 46 billion had been transferred through the digital fuel subsidy and marketing system. Out of 1,450 gas stations in the country, 1,195 are doing digital transactions.

Ethiopia’s current National Digital Payments Strategy (NDPS) which will conclude in 2024 presents a roadmap through which the National Bank of Ethiopia (NBE) will transform the payment ecosystem and help build a cash-lite and more financially inclusive economy. Among other objectives, the strategy aims at championing the adoption of digital payments.

Source (including image): Ethiopian News Agency

Additional source: Better than Cash Alliance