Unleash the Power of Infinix HOT 40: Elevate Your Mobile Experience!
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Speaking of battery, the infinix HOT 40 has a massive 5000mAh battery that can last for days on a single charge, thanks to the exclusive Power Marathon solution that optimizes power usage and extends standby time. And if you ever need to top up, you can use the 33W FastCharge technology that can fully charge your phone in no time, while ensuring user sa…
Ethiopia Opens Door for Mobile Money Platforms to be Used in Securities Investment
The National Bank of Ethiopia (NBE) has revised its Payment Instrument Issuer Directive, paving the way for mobile money platforms to offer services related to investing in securities. The directive, made public yesterday, aims to establish a more accommodating regulatory framework that fosters competition and innovation in the financial sector.
According to the new directive, mobile money platforms, with written approval from the National Bank and agreements with licensed financial market participants, can now facilitate their user’s investment in government and private securities electronically. These platforms are also authorized to handle payments of principal, interest (coupon), dividends, or any other returns arising from the users’ investment activities.
Experts interviewed by Shega highlighted the directive’s significance, as it liberates the sector for diverse use cases of mobile money platforms in Ethiopia’s upcoming secondary market.
“Just like y…
Mobile Money Accounts in Ethiopia Climb High to Nearly 60 Million
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...
Click Here to Red More on Shega.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,...
Click Here to Red More on Shega.Ethiopia Proposes $150 Million Entry Fee for M-Pesa, Other Foreign Mobile Money Operators
A draft directive aimed at opening up Ethiopia’s mobile money market for foreign operators proposes a license fee of $150 million.
Signed by Solomon Damtew, the Payment and Settlement System Director at the National Bank of Ethiopia, the draft was made public on February 14, 2023.
The draft directive, which is intended to replace the 2020 directive that opened the sector to non-financial players and led to the birth of Telebirr, is subject to public consultation, and a consultative meeting on the draft directive is scheduled for February 21, 2023.
The new bill follows the amendment of the National Payment System Proclamation, which was revised in the same spirit in December 2022.
The...
Click Here to Red More on Shega.Former Ethio Telecom CEO Takes Helm at Tele Mobile South Sudan
The former CEO of Ethio Telecom, Andualem Admassie (Ph.D.), has been appointed as the new CEO of Tele Mobile South Sudan (TMSS), a telecommunications service provider in South Sudan.
Andualem, who led Ethio Telecom for five years, received his letter of appointment on January 18, 2023, at a ceremony held in South Sudan’s capital Juba.
According to a statement shared on the operator’s website, the company was founded by Ethiopian investor Aisheshim Teka and is currently the fourth largest provider of mobile communication services in South Sudan after MTN, Zain, and Digitel.
Aysheshim Teka has spent the last 15 years residing in Juba, South Sudan, and is well known for engaging in a...
Click Here to Red More on Shega.Jijiga: Ethiopia’s Leading Mobile Money City Gets Safaricom Coverage
Safaricom Ethiopia has activated its network in Jijiga, a city known for its thriving mobile-money market. The telecom operator stated that the launch in Jijiga is coupled with 4 other cities, Hawassa, Assela, Sodo, and Dilla, bringing the company’s network coverage to 21 cities in the country.
Safaricom’s reach to Jijiga comes delayed as the telecom operator turned its services for the first time in Ethiopia in Dire Dawa, a city that’s just 106 km away from Jijiga, four months ago. In addition, Coming Soon pastors had been posted in Jijiga several months before the launch.
Jijiga, which is the seat of the Somali Regional State, has often been referred to as the “leading...
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