Banks
and micro-finance firms, located in Ethiopia, are set to launch mobile
money services within the country. According to Netherlands-based
Company BelCash, the move is intended to assist individuals – who have
little or access to banking services – to gain the ability to access
these services.
BelCash
is offering a technology called helloCash, while MOSS ICT, mainly owned
by an Ireland-based firm, is rolling out M-Birr the nation. In both
cases, Ethiopian banks and institutions will offer the service to
customers and hold the cash deposited, in line with government policy
that bars foreign firms or banks from investing in the financial sector
or the telecoms industry.
In
a statement made to Reuters, “One of the things that the government
wants to do is ensure there is financial inclusion,” said MOSS ICT
deputy general manager Kidist Negeye, adding M-Birr would help reach
rural areas. “Another aspect is the mobilisation of domestic savings.
The government wants to increase the number of deposits.”
According
to BelCash chief executive, Vince Diop: “BelCash’s helloCash service
could have 2-3 million users this year and 10 million by 2017 or 2018.”
In the statement, Diop added that BelCash would receive a fee for each
transaction made. Two of Ethiopia’s 16 private banks, Lion International
Bank and Cooperative Bank of Oromia, as well as a micro-finance firm,
have signed up for helloCash. Two more banks have yet to submit
applications to the central bank, Diop revealed.
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