Ethio telecom launches telebirr digital financial services in partnership with Dashen Bank.
Telebirr has now expanded its horizon of services in the recent launch and now serves to economically impact digital financial services through: Micro loan, overdraft and micro saving services in partnership with Dashen Bank as per the permit given by the National Bank of Ethiopia with letter reference number FIS/PSSD/218/2022, dated August 01, 2022.
During the event that was held on Friday August 5, 2022 at the Skylight Hotel, in the presence of Yinager Dessie, governor of the central bank, Asfaw Alemu, CEO Dashen bank, and higher government officials; the telecommunications CEO, Frehiwot Tamru expressed that her firm is working to strength the digital economy in order to enable citizens to have an easy system whilst promoting financial inclusion.
This vital financial partnership with Dashen Bank offers three types of financial services namely telebirr mela (micro credit) a service that allows individual customers, agents and merchants to borrow money for any transaction or withdrawal and telebirr Endekise (credit pay/overdraft service) a service that enables customers to borrow money when they are short of balance in their telebirr account while making transaction and telebirr sanduq (Micro Saving service) a saving service which is available with interest free and interest rate based micro saving services.
The savings and loan scheme is said to play a pivotal financial inclusion role which help to strength digital financial inclusion.
Ethio-telecom launched the telebirr mobile money service solution, built by the Chinese tech giant Huawei, back in May 2021.
“Telebirr was introduced with the aim of meeting the country’s growing demand for digital financial services and has shown a tremendous growth surpassing the industries’ trend by acquiring more than 21.8 million subscribers within short period of time,” remarked the telecommunications CEO.
Ethio-Telecom has recently signed agreements with the Ethiopian Airlines to enable passengers purchase domestic flight tickets. Similarly, the firm has inked agreements with the Ethiopian electric utility and water and sewerage services by providing institutions access to collect the telebirr-based monthly service bill payments, among others.
Furthermore, Ethio-telecom and Ethiopia’s National Lottery Administration signed a strategic partnership agreement to launch digital lottery via telebirr. In addition to this, targeted fuel subsidy transactions are being handled through telebirr and several governmental and private organizations are integrating their system with telebirr as the platform expands its ecosystem.
The company has further iterated that it is strongly committed to implementing telebirr integrated service payments with other similar institutions making all payments possible in one place in the near future, thereby strengthening the initiatives of making digital Ethiopia’s set vision a reality.
“Enabling various business transaction payments ranging from making payments for small transaction to transferring large amount of money via telebirr, has significantly contributed to the adoption of digital payment system,” remarked the firm’s CEO in recent settings.
Ethio telecom is undertaking extensive telecom modernization services as part of the country’s aim of realizing digital inclusion and boosting the size of its digital economy, with the provision of reliable, high bandwidth and high-speed telecom services.
Within the last 14 months with a total transaction value of 30.3 billion birr has been made through telebirr. In order to ensure service coverage as well as benefit partners, more than 76,000 agents and over 21,600 merchants have been engaged so far. In addition, integration with banks has been completed enabling money transfer from banks to telebirr in 13 banks and from telebirr to banks in 11 banks.
Moreover, 974.3K USD was remitted through the international remittance service partnering with 37 counties within the last six months.
The recently launched services can be easily be accessed via telebirr App.