Zemen Bank brings mobile money to Ethiopia
Zemen Bank is launching a new mobile money service in Ethiopia.Zemen Bank is launching a new mobile money service in Ethiopia.
Some 14 million mobile phone users will be able to take advantage of the initiative, which will be introduced in March 2012, the Addis Fortune reports.
Called Z Birr, it will enable people to create a cash balance by depositing funds at agent locations, which can then be transferred to other people with mobile phones.
The initiative has received endorsement from the National Bank of Ethiopa and it is hoped it will speed up the process of sending and receiving cash for those living in the country.
Zemen Bank, which doubled its profits to 121 million Birr (€5 million) in the 2010-11 fiscal year, also now offers its customers Visa card services at its ATMs after being accepted into the organisation's worldwide network of financial institutions.
Furthermore, it has introduced pre-paid cards that are loaded with money and enable people to make purchases from point of sale terminals.