Ethiopia is going to allow new entrants to offer mobile money services as part of its $10 billion home-grown economic reform agenda. The amount is to be deposited in a blocked account but no individual, other than government is allowed to hold more than 20% of the shares of any licensed mobile money service provider. “Mobile money services are hopeful. By opening the market the hope will be Ethiopia will join Africa’s rapid adoption of mobile money services. The adoption of mobile money services is getting extra support in recent weeks because of concerns around the use of cash during the coronavirus pandemic.

Source: Ethiopian News April 02, 2020 21:11 UTC