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Addis Business Review – National Bank of Ethiopia Warns Against Illegal Forex Transfer Agents

National Bank of Ethiopia Warns Against Illegal Forex Transfer Agents National Bank of Ethiopia (NBE) has issued a strong warning to the Ethiopian diaspora and the wider public regarding the use of unauthorized foreign currency transfer agents. In its latest announcement, the central bank emphasized that several entities claiming to facilitate foreign exchange transfers into Ethiopia are operating without legal recognition. According to the NBE, these agents are not licensed under Ethiopian financial regulations and therefore pose significant risks to senders and recipients. Subscribe to Addis Business Review Addis Business Review - አዲስ ቢዝነስ ሪቪው Official YouTube channel for Addis Business Review (ABR) We’re here to showcase Ethiopia’s newest businesses, innovative products, and unique services. Through honest reviews and engaging features, we connect audiences with the latest in the Ethiopian business world. Business owners and service providers join us to share your…

Addis Daily News Ethiopia | ስለ ፋይዳ ማወቅ ያለባችሁ | ይሄንን ሳትመለከቱ እንዳታወጡ – FAYIDA National ID

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Ethiopian Fintechs Brace for Impact with EthSwitch’s National Payment Gateway

Earlier this week, Ethiopia’s national switch operator, EthSwitch, officially introduced its National Payment Gateway, a product meant to serve as the bedrock of online payments in Ethiopia. The event, held at the Skylight Hotel, saw the launch of an interoperable payment gateway service that aims to simplify and make online payments more affordable.

“The National Payment Gateway is here to empower Ethiopia’s e-commerce and merchants. We will enable merchants to get paid from any financial institution,” stated Yilebes Addis, CEO of EthSwitch, during the ceremony.

The gateway enables customers to make fast, secure, and convenient online payments using various channels and payment methods, such as debit cards, bank accounts, wallets, QR codes, and aliases (phone numbers).

As EthSwitch is the national switch operator, no financial player is excluded. Its ownership is shared among the National Bank of Ethiopia, all banks, microfinance institutions, mobile money…

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 …

Safaricom Ethiopia Launches National Promotion with Prizes Including Cars

Safaricom Ethiopia announced today the launch of its first-ever national consumer promotion, Terek be Gursha, which will reward over one million customers for joining and utilizing the 07 network’s products and services.

The 14-week campaign will provide customers with unique codes when purchasing a Safaricom SIM card, recharging airtime, buying packages, or using WhatsApp bundles.

Customers can receive up to 10 codes per day, entering them into a draw for daily, bi-weekly, or monthly prizes. Prizes include three cars, seven Bajajs, seven motorbikes, smartphones, tablets, and bonus airtime. Anwar Soussa, CEO of Safaricom Ethiopia, emphasized the importance of putting customers at the...

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Mastercard Foundation, Shega’s EdTech Mondays Radio Show Extends for a Year, Goes National

EdTech Mondays, a monthly radio show by Mastercard Foundation and Shega Media & Technology PLC that serves as a platform to facilitate critical conversations on using technology for teaching and learning in Ethiopia, has been extended for a year and is going national.

The announcement comes as the duo secures airtime on 11 radio stations around the country under the Fana Broadcasting Corporation, expanding the reach and impact of the show for ten more episodes in 2023.

Starting with the upcoming episode in February, Edtech Mondays will air on the last Monday of every month, in Georgian Calendar, from 8:10 p.m. to 8:50 p.m., bringing key stakeholders together, including policymakers, EdTech...

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