- The national digital payment initiative leverages global insights on digitization to foster stronger, safer, and fairer communities, National Bank of Ethiopia (NBE) said.
In an opinion piece published on Africa Business, NBE Governor Mamo Mihretustated that the national digital payment initiative is part of a broader reform agenda aimed at promoting stronger, safer, and more equitable communities.
The next phase of the National Digital Payment Strategy is set to deepen digital financial services' reach into rural and underserved areas, he noted.
"We aim to do this by leveraging critical economic sectors such as agriculture and healthcare, broadening the spectrum of financial products available and bolstering data protection and cyber security measures to safeguard users," he stated.
He pointed out that the National Digital Payment Strategy exemplifies the power of innovation, collaboration, and perseverance in crafting an economic future that benefits all citizens.
As the government approaches the completion of the first foundational leg of Ethiopian journey, voyage can perhaps offer insights to nations across the continent aiming to transition towards a cash-lite and financially inclusive economy, he wrote.
Moreover, he stated, the upcoming annual payments conference in Addis Ababa in April will be a pivotal moment to chart the future course of Ethiopia's digital financial landscape, bringing together a diverse group of stakeholders to share insights, forge partnerships, and set actionable goals for continued progress.
Mamo added that the increase in digital transactions is positive, but more work has to be done to prioritize programs that help women and other disadvantaged populations become more financially and digitally included.
To continue fostering confidence in Ethiopia's contemporary financial system and laying the groundwork for a more open and inclusive financial environment, financial and payment service providers ought to incorporate gender considerations into the design of their products and services, the Governor noted.
