The National Bank of Ethiopia to Explore the Potential of Central Bank Digital Currency

The National Bank of Ethiopia (NBE) has taken another step into the world of digital finance by announcing its exploration of Central Bank Digital Currency (CBDC).

The bank, in collaboration with Giesecke+Devrient (G&D), a German company that provides banknotes, securities printing, and smart cards, hosted a workshop on efficient currency management operations for the banking community yesterday, November 8, 2023.

“NBE will pursue a strategy of enhancing electronic payment system, modernizing current currency management system and exploring the potential of CBDC,” wrote the regulator on X, formerly Twitter.

CBDC is a form of digital currency issued by a country’s central bank. They are similar to cryptocurrencies, except that their value is fixed by the central bank and equivalent to the country’s fiat currency. Many countries are developing CBDCs, and some have even implemented them, with different levels of success.

Researchers state that CBDC …

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Dashen Bank Join Forces with Mastercard to Launch Virtual Prepaid Card for Travelers

Dashen Bank has teamed up with Mastercard to launch the ‘Dashen Mastercard,’ a multi-currency international prepaid card designed for travelers.

The announcement was unveiled at a press conference today, offering both plastic and virtual options, providing customers with flexibility and convenience for their international transactions.

The Dashen Mastercard features a dual-interface plastic card, allowing customers to make both contact and contactless transactions at ATMs and POS machines. It also enables cash withdrawals from ATMs, payments on POS terminals, and offers users the freedom to make online purchases at any merchant website worldwide where Mastercard is accepted.

The Dashen Mastercard is reloadable, allowing users to load funds onto the card as needed at forex bureaus. The card also supports multiple currencies, enabling customers to have separate wal…

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Fintech Startup SantimPay, Berhan Bank Deploy mPOS Machines

Fintech startup SantimPay has partnered with Berhan Bank to deploy the first mobile point-of-sale (mPOS) machines accessible to the public in Ethiopia.

The duo is currently deploying 300 of these cost-effective card readers, with some of the first batch distributed among ride-hailing drivers in the capital.

The devices, priced at less than 800 birr, are supported by a merchant mPOS app that enables merchants to efficiently manage the device. These devices establish a connection with smartphones via Bluetooth and are capable of accepting payments from any local debit cards, as well as MasterCard and Visa.

“Users who prefer cashless transactions or lack sufficient cash can make purchases using their debt cards by simply entering their PIN code,” said Abenezer Bekele, Co-Founder and Chief Technology Officer (CTO) at SantimPay.

Merchants…

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Bank of Abyssinia Customers Face Headaches with Digital Services Following Updates

Bank of Abyssinia (BOA) customers have faced inconvenience with accessing the bank’s digital services due to issues following recent updates to the bank’s mobile banking app and core banking system.

BOA Mobile, the mobile banking app of Abyssinia, which has over 100,000 downloads on the Play Store, was updated on February 17, 2023, with the new version intended to improve UI/UX, facilitate easy activation, and provide biometric authentication.

However, many users have found the updated app to be more problematic than its predecessor, expressing a preference for the old version.

Customers have reported various problems, including the app frequently crashing, making even simple...

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ZamZam Bank Launches Internet-free Mobile Banking App

ZamZam Bank, the pioneer in offering interest-free banking services in Ethiopia, has introduced an innovative mobile banking app, ZamZam Mobile, which operates without an internet connection.

The app, released this week, enables customers to transfer funds, purchase airtime, make monthly payments, and access various services from the comfort of their homes.

ZamZam Mobile works independently of data services, making it accessible anytime and anywhere, even without an internet connection.

Previously, mobile banking users in Ethiopia could access their accounts and perform transactions through their respective banks’ mobile apps or USSD numbers.

The ZamZam app cleverly combines both features,...

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Dube Ale – How it Works! (Dashen Bank)

Dashen Bank and EagleLion System Technology have teamed up to launch “Dube Ale,” a new Buy-Now Pay Later scheme that allows users to purchase goods and services on credit.

Dube Ale which is a digital twist to Ethiopia’s traditional deferred payment scheme, known as “dube, was inaugurated at the Sheraton Addis Hotel in the capital.

With the option to pay back in increments of three months, six months, or a year, Dashen Bank believes that the scheme will boost economic activity by giving consumers the ability to buy products and services they need without having to pay upfront.

To use the service, customers can download the Dube Ale application from the Play Store or App Store,...

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Dashen Named Bank of the Year by the Banker Magazine for Achievements Made in Digital Sphere

Dashen Bank has received Ethiopian Bank of the Year Award 2022 from The Banker Magazine, an affiliate of the Financial Times, for the bank’s progress in the digital sphere.

Asfaw Alemu, CEO of the Bank, received the award at an event held at the Intercontinental Hotel in London, United Kingdom, last week.

As the country’s national digital economy strategy ushers in unprecedented changes in the local banking and telecommunications landscape, this has enabled the bank to identify and form strategic partnerships with fintechs and with Ethio Telecom prompting the development of value propositions catering to both middle and lower-income customer segments.

“We are exploring opportunities...

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Awash Bank Becomes the First Bank in Ethiopia to Issue Credit Cards

Awash Bank has become the first Bank in Ethiopia to issue credit cards. The news which was released today at SkyLight Hotel will see Ethiopia’s biggest private Bank extend a line of credit for its 9 million customers.

Speaking at the ceremony, the CEO of the bank, Tsehay Shiferaw, noted that Awash Bank is working to make its service delivery accessible, and comfortable.

As opposed to debit cards, payment card that makes payments by deducting money directly from a consumer’s checking account, a credit card is a card issued by a financial institution, typically a bank, and it enables the cardholder to borrow funds from that institution. Cardholders agree to pay the money back with 

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Hibret Bank Launches Hibir Ecommerce, a Digital Payment Platform That Allows Ethiopian Businesses to Accept International Payments

Hibret Bank has launched Hibir e-commerce a solution that enables businesses in Ethiopia to sell their products and reach new international customers online.

Powered by Mastercard Payment Gateway Services (MPGS), Hibir e-commerce is a digital payments platform that allows Ethiopian businesses and retailers to accept international card payments for online purchases.

This move is expected to help local businesses reach new markets and increase revenue while expanding Ethiopia’s access to the digital economy.

Hibir e-commerce enables businesses and merchants to accept Mastercard and other branded payment cards from customers based outside of the country. The gateway also provides a...

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Bank of Abyssinia Revamps Internet Banking for Corporate Customers

The Bank of Abyssinia (BOA) has renovated its internet banking to offer seamless, personalized, and reliable digital banking to its business customers.

The new features will support end-to-end digital business banking journeys from new customer onboarding, comprehensive account and payment services, payroll and bulk payments and a rich multi-tier/user approval system for corporate customers.

The new system will also set the digital foundation for BOA and its customers to experience more innovative business banking features in the future and facilitate more innovative digital products in collaboration with the bigger fin-tech ecosystem.

The upgrade was made possible after the bank partnered...

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