Ethiopia's National Bank Governor, Mamo Mehretu, highlighted the transformative potential of digital financial services during a recent panel discussion on the Digital Ethiopia 2025 strategy review. His focus was on the upcoming changes driven by new regulations and increased competition.

Governor Mehretu emphasized the strategy's ability to modernize financial operations and improve access to services like savings, loans, and insurance. He stressed the role of digital systems in making these activities more efficient.

The strategy, according to Mehretu, plays a critical role in expanding financial inclusion and improving payment systems. Data from the European Space Agency (ESA) showed a significant rise in mobile banking users and digital payments, reflecting a growing shift towards digital finance.

Looking ahead, Mehretu envisioned a more open financial system in Ethiopia. He revealed plans for a new bank finance law, a key factor expected to facilitate this change. He also highlighted ongoing efforts to grant licenses to 14 fintech companies, further diversifying the financial landscape. The entry of foreign banks was also anticipated to bring significant transformations.

Source: Fana BC