Ethio telecom’s Telebirr received a green light from the National Bank of Ethiopia to launch micro credit and saving services.
Governor of the National Bank, Yinager Dessie (PhD), stated that the provision of these services through Telebirr would financially benefit a large number of Ethiopians. The National Bank’s decision was also given as part of the ongoing reforms to strengthen the Ethiopian digital economy.
Telebirr, a digital cash that enables more than 18 million of its users to access financial services, has close to Birr 10 billion transaction value. Among other services rendered by the digital cash, users are allowed to transfer money locally and make purchases online and at convenient stores. It is expected that the introduction of micro credit and saving services will expand the reach of Telebirr.