Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Ethiopia, Africa's second most populous country and one of its fastest growing economies, is pushing a new electronic payment service by phone - called M-Birr, or "mobile-money" - in a bid to bring millions into the banking system and financial services/FILE

Kenya

Ethiopia banks on mobile money for financial growth

Ethiopia, Africa's second most populous country and one of its fastest growing economies, is pushing a new electronic payment service by phone - called M-Birr, or "mobile-money" - in a bid to bring millions into the banking system and financial services/FILE

Ethiopia, Africa’s second most populous country and one of its fastest growing economies, is pushing a new electronic payment service by phone – called M-Birr, or “mobile-money” – in a bid to bring millions into the banking system and financial services/FILE

ETHIOPIA, Apr 20 – Outside a small store on a dirt track in the remote Ethiopian town of Doni, long queues wait for government cash handouts by the most modern of methods: mobile phone.

Ethiopia, Africa’s second most populous country and one of its fastest growing economies, is pushing a new electronic payment service by phone – called M-Birr, or “mobile-money” – in a bid to bring millions into the banking system and financial services.

Here in Doni, a remote town of some 5,000 people, 130 kilometres (85 miles) southeast of the capital Addis Ababa, signs displayed for M-Birr testify to the popularity of this new service.

Government “safety net” social security payments to some of the poorest people are now transferred with a few key strokes.

The service cuts out cumbersome bureaucracy, that previously forced customers to travel long distances and spend time waiting for requests to be processed, sometimes having to return the following day to collect the cash.

“M-Birr is more convenient for beneficiaries,” said the system’s local manager in Doni, Adane Hirpho.

“We have five agents in the city. People come into one of these stores and get their money immediately.”

Created by Irish company MOSS ICT, the service was launched in Ethiopia early 2015, in collaboration with several banks and five Ethiopian micro-finance institutions.

Pages: 1 2 3

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...