The European Investment Bank (EIB) committed to aiding M-Birr with a three million euro equity investment. M-Birr, an IT company which has been in business for the past three years in an online payment system, received the pledge last week.
EIB discloses that this commitment is the first experience to invest in mobile banking in Africa, even though, it is also part of the Bank's investment plan to assist public and private investment projects in Ethiopia with the amount close to 12 billion Br.
The Bank partners with DEG, a German government-owned development bank called KfW.
The aid was initiated by M-Birr's request for financial assistance to the Bank two months back.
The financial assistance given to M-Birr is going to be spent on the expansion of its service which is currently limited to five microfinance institutions.
M-Birr has processed online payments for over 750,000 people around three million beneficiaries and 280,000 mobile money clients in the country since its establishment.