Ethiopia enters partnership with an ICT company to improve financial inclusion
Kifiya, a leading ICT company in Ethiopia, has entered a partnership with the Ethiopian Ministry of Communication and Information Technology to implement a new strategy designed to improve access to financial services in the country.Kifiya, a leading ICT company in Ethiopia, has entered a partnership with the Ethiopian Ministry of Communication and Information Technology to implement a new strategy designed to improve access to financial services in the country.
More than 50 financial services centres will be set up in Addis-Ababa and several other cities across the country to provide a single window service for Ethiopians.
This will enable the settlement process of three separate utility bills in multiple linked locations, thus reducing bill settlement time from eight hours to less than two hours.
According to Kifiya, these centres are part of a multifaceted strategy designed to increase financial inclusion in Ethiopia, where only eight percent of the population is banked.
Long-term goals include building trust in e-services and moving towards a cashless society.
"Kifiya has been developing a Mobile Finance Services (MFS) platform with the capability to deliver Mobile Money, enable Branchless Banking, or a combination thereof, paving the way for simple, affordable and convenient financial and non-financial services within reach of the majority of the population," the company said in a statement.
Kifiya also intends to use these centres to create an environment in which clients can gain exposure to practical financial information and education.