Ethiopia, Africa’s second most populous country, is undergoing rapid economic expansion and is at the forefront of digital transformation. As one of the few pioneering African nations implementing large-scale digital reforms, Ethiopia is embracing technology to accelerate growth across key industries – including agriculture, tourism, manufacturing and most importantly – fintech and financial services. This shift presents a significant opportunity to modernise its payments ecosystem, improving financial inclusion and economic participation across all sectors.
Understanding the Payments Landscape in Ethiopia
The transformation of Ethiopia’s payment landscape is part of the National Bank of Ethiopia’s National Digital Payments Strategy which already has resulted in the addition of 100 million digital wallet users, and 90 million mobile money and mobile banking subscribers in the country. This digital adoption is transforming Ethiopia’s payments ecosystem, creating a conducive environment for a trusted banking partner like EFT Corporation to offer its cutting-edge payment solutions tailored to the region’s unique profile.
EFTCorp’s deep expertise in Africa’s financial landscape makes it an ideal partner for Ethiopia’s digital transformation. While challenges remain, such as limited financial access in rural areas, there is immense potential to connect millions of Ethiopians to formal banking through secure, user-friendly payment solutions. By leveraging digital wallets, mobile payments, and seamless B2B, B2C, and P2P transactions, EFTCorp is driving sustainable financial inclusion across Ethiopia.
With political will, anything is possible
However, it is the political will to drive change that sets Ethiopia apart, as fintech is shaping the future of digital payments in the country. Ethiopia’s progressive stance, demonstrated in both the government’s ‘Digital Ethiopia 2025’ initiative and the bank’s NBE’s Digital Payments Strategy, is paving the way for a digital first economy.
As part of the African Continental Free Trade Area (AfCFTA), the G24 and more recently the BRICS block, Ethiopia is now playing on an international stage, making ease of cross border payments and security of e-commerce transactions imperative for its success as a member of these economic alliances.
EFTCorp’s role in Ethiopia’s digital payment evolution
The launch of a national transaction switch has enabled interoperability between financial services providers, and Ethiopia’s payment ecosystem has been opened up to mobile network operators and fintechs. As Ethiopia moves toward a more interconnected payments ecosystem, EFTCorp is delivering best-in-class payment infrastructure to banks, fintechs, and merchants. By providing secure, compliant, and scalable digital solutions, EFTCorp is enabling financial institutions to seamlessly expand their services, improve efficiency, and enhance customer experience. As a result of improved ease of e-commerce there has been an increased uptake of mobile money and digital wallet applications across the Ethiopian payments landscape as more and more people are brought into the economy through financial inclusion.
What does the future hold for Ethiopia’s digital transformation?
There are now 90 million registered mobile money account users employing technology to make payments in Ethiopia and the digital economy is expected to contribute over $10 bn to the country’s GDP by 2028, creating around one million jobs. In addition, up to 50 million Ethiopians are expected to be connected to the internet by then, representing massive potential for further digital adoption and growth in the country, as many more millions remain unconnected.
EFTCorp remains committed to expanding access to banking and payments in Ethiopia, partnering with financial institutions to develop modern, tailored solutions that drive economic participation and financial inclusion. As Ethiopia’s digital payments landscape continues to evolve, EFTCorp is ready to shape assist Ethiopia in achieving its desired the future, ensuring sustainable, accessible, and innovative financial services for all. If you’re interested in learning more about how EFTCorp can support your payments journey, connect with us today.
