Today, the National Bank of Ethiopia (NBE) temporarily lifted restrictions on money transfers from banks to Telebirr. This decision aims to facilitate transactions related to the sale of shares of Ethio Telecom. Before this, private banks did not allow customers to transfer money from the bank to Telebirr app in this huge number.
The Ethiopian government plans to sell 10% shares of Ethio Telecom, and the price of each share is 300 birr. The goal is to attract 30 billion Birr from Ethiopian citizens. It allows citizens more access to investing in this state-owned company. The share sale runs from October 16, 2024, to January 3, 2025.
However, this decision has alarmed private banks. Private banks now may face a liquidity crisis.
Many customers withdraw funds to buy shares in Ethio Telecom. Banks are hesitant to allow large transfers via mobile platforms due to concerns about cash flow. The NBE urges these banks to comply with the new transfer rules.
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