The Commercial Bank of Ethiopia (CBE) announced that its digital financial transaction volume had exceeded Birr 1.3 trillion in the first quarter of the current fiscal year.
According to CBE's data, an impressive number of over 245 million financial transactions were conducted through the bank's diverse digital platforms during this quarter. These platforms encompass mobile banking, internet banking, and point-of-sale (POS) terminals. This achievement is seen as a positive indication by the bank, demonstrating the growing acceptance and utilization of digital banking services throughout Ethiopia.
The surge in digital transactions can be attributed to several factors, including the increased availability of smartphones and internet connectivity in Ethiopia. Additionally, the convenience and enhanced security offered by digital banking services have contributed to this upward trend. Recognizing the potential of digital banking, CBE has made substantial investments in the expansion of its digital banking capabilities, and these investments are proving to be fruitful.
Source: Fana BC