Ethiopia opens up mobile money services to local non-financial firms
Global, Africa, Ethiopia
ADDIS ABABA, April 2 (Reuters) - Ethiopia’s central bank will allow locally-owned non-financial institutions to start offering mobile money services as it seeks to boost non-cash payments in the country, it said.
The Horn-of-Africa nation is in the midst of massive economic reforms led by reformist Prime Minister Abiy Ahmed, including the privatisation of state-owned telecommunications monopoly Ethio Telecom.
The new directive would allow Ethio Telecom, as an Ethiopian-owned company, to move into mobile money. Any foreign-owned companies, however, would remain locked out, according to the new regulations that were published on Wednesday.