Mobile money accounts in Ethiopia have seen a significant increase, reaching close to 60 million subscribers, according to data released by the National Bank of Ethiopia. This figure represents more than a two-fold increase between December 2021 and 2022, indicating a sweeping trend in the country’s banking habits.
The substantial growth was unveiled in a snapshot of Ethiopia’s Financial Sector Indicators as of March 2023. As per the snapshot, Ethiopia has 22 million mobile banking users, 4.8 million internet banking users, and 35 million debit card holders.
In terms of payment system activity, the Ethiopian Automated Transfer System (EATS), which is used to transfer large funds…
