A significant rise has been in the use of digital services to transfer money in Ethiopia, according to report released by the Commercial Bank of Ethiopia (CBE). The Commercial Bank of Ethiopia has disclosed in its newly released report that 80 percent of the money transferred in the first quarter of the fiscal year was done through digital services.
The report indicated that the amount of money transferred by the bank through digital services, in general, was able to cover 50 percent of the money transferred through digital services in the country’s financial sector. The Commercial Bank of Ethiopia has introduced digital money transfer services like CBE Birr, EthioRemit etc.
The bank mentioned that the mobile money transfer service has already garnered 30 million customers. According to the agreement reached with the International Monetary Fund (IMF), the Ethiopian government is implementing basic structural and operational reforms at the Commercial Bank of Ethiopia.
This week, International Monetary Fund (IMF) appreciated the Ethiopian government for implementing macro economic reforms leading to structural changes to the economy. IMF on Wednesday appreciated Ethiopia for implementing macro economic reforms. The International Monetary Fund issued a statement in this regard on Thursday after Ethiopia and IMF reached a staff level agreement on the 2nd review of the extended credit facility. The agreement will lead to the release of additional 251 million dollars loan to Ethiopia.
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