The national payment processing system EthSwitch has welcomed Kacha Digital Financial Services—Ethiopia’s first ever private mobile money service provider. Ensuant to financial sector reform and subsequent directives, the road has been paved for payment instrument issuers like Kacha, for which the National Bank of Ethiopia has granted the first such license. Kacha has thus bought shares in EthSwitch. It is to be noted that Ethio Telecom’s telebirr was the first non-bank mobile money service provider, albeit it a parastatal. It is currently rolling out multiple projects aimed towards instant payment, payment gateway, and shared wallet platforms.

Source: Ethiopian News August 31, 2022 08:31 UTC