Ethiopia
Cash remains the dominant payment method in Ethiopia. There aren't statistics or data of how many people use it. While the use of mobile money and other digital payment methods is growing in Ethiopia, we know that there are over then 12 million people using mobile money. Passengers travelling from different African countries can make payment by using their mobile phone. Customers opting to pay in their mobile account can select the mobile payment option from the payment page and after confirming payment via SMS and email. Ethiopian will issue and send their ticket details via Email within 6 hours after making booking.Here below is the list of mobile wallets currently activated on ET website
Top banks
Nib International Bank
Nib International Bank (NIB) was established on 26 May 1999 under license no. LBB/007/99 in accordance with the Commercial Code of Ethiopia and the Proclamation for Licensing and Supervision of Banking Business Proclamation no. 84/1994 with the paid up Capital of birr 27.6 million and authorized capital of Birr 150 million by 717 Shareholders. The Bank commenced its operation in 28 October 1999 by 27 employees. It joined the banking industry as the sixth private bank licensed in the country.
Abay Bank Addis International Bank
The bank started its official operations on October 25, 2003 Ethiopian Calendar, with a subscribed capital of Birr 174.5 million and a paid-up capital of Birr 125.8 million. The bank's founding members were 823, and as of December 31, 2023, the number of shareholders has increased to 4,479.
Awash Bank
Awash Bank, Ethiopia’s pioneering private bank, was established on November 10, 1994 after the downfall of the socialist regime. The Bank was established by 486 founding shareholders with a paid-up capital of Birr 24.2 million and started banking operations on Feb. 13, 1995. Since embarking operation, the Bank has registered remarkable growth. Notwithstanding global and domestic challenges, Awash Bank has exhibited a superior operational and financial performances among private banks operating in Ethiopia. Awash Bank is currently working towards strengthening its capital base, technological capabilities, human resources and customer base.
Bank of Abyssinia
In an era where commercial banking services were in an inchoate stage and striding towards transforming different sectors of the economy, Bank of Abyssinia’s founders believed in the need for a bank that gives comprehensive commercial banking services. Thus, the Bank of Abyssinia (BoA) was open for business in 1996 with enthused initiation and determination. The name Abyssinia resembles bravery and character which are the core attributes of BoA. Its identity is demarcated with a sense of hope, optimism, and belief as it is perfectly displayed in its logo, the Adey Abeba. Adey Abeba brings the promise of a new beginning. BoA brings that very sense to all the customers it engages with. Working with and through BoA brings sustained success with the help of a bank that is a symbol of determination and hard work.
Berhan Bank
Berhan Bank S.C was formed in accordance with Article 304 of the Commercial Code of Ethiopia with the objective of operating in the banking industry. This objective has been ensured in Article 3 of the Memorandum of Association of the Company. The Bank was registered and licensed by the National Bank of Ethiopia on 27th June, 2009 with an authorized capital of Birr 300 million and subscribed capital of Birr 154.7 Million divided into shares of 1000 Birr par value each.
Bunna Bank
Bunna Bank S.C. has joined the Banking industry of Ethiopia following the favorable economic developments witnessed in the country during the last decade and the incessantly growing needs for Financial Services. The bank has obtained its license from the National Bank of Ethiopia (NBE) on June 25, 2009 in accordance with Licensing & Supervision of Banking Business Proclamation No. 592/2008 and the 1960’s Commercial Code of Ethiopia. The Bank officially commenced its operation on October 10, 2009 with subscribed & paid up capital of 308 Million Birr and 156 Million Birr, respectively.
Commercial Bank of Ethiopia
Founded on the legacy of the State Bank of Ethiopia in 1942, the Commercial Bank of Ethiopia (CBE) has been a pivotal force in the country's development journey. Established as a share company in 1963, CBE has continually evolved to become a cornerstone of Ethiopia's financial landscape.
Bank of Ethiopia Cooperative
The Bank has broad ownership base and diversified ownership structure. It comprises Cooperatives and Non-Cooperative members. Cooperative member includes Primary Cooperatives, Cooperative Unions and Cooperatives Federation whereas, non-Cooperative members includes Organizations, Associations and individuals. The Coopbank is now one of the most profitable banks in Ethiopia having a total asset value of more than ETB 139.56 billion. The bank has 750+ branch networks, more than 13.2 million account holders, and more than 15,481 employees.
Bank of Oromia Dashen
Dashen is the most reputable brand in the Ethiopian banking market; a reputation earned through consistent delivery of values and preeminence unmatched by its competitors. The Bank also works in partnership with leading brands in the electronic payments industry.
Debub Global Bank
Debub Global Bank S.C. is one of the youngest and fastest growing private banks established in August, 2012 with subscribed capital of Birr 266.9 Million and with a paid up capital of Birr 138.9 million. The company has a legal entity registered with the licensing and supervisory body of the National Bank of Ethiopia in accordance with proclamation No-592/2000. Over the past few years, the bank has grown from Birr 138.9 million to Birr 700 million of paid up capital and Birr 1 billion of subscribed capital, from 15 to 50 branches both in the capital and regional cities and has more than 120,000 customers across the country. The total asset of the company has reached Birr 4 billion. This tremendous growth was largely driven by active participation of its valuable customers, employees, shareholders and other relevant stakeholders. The bank provides a wide range of both domestic and international banking services with superior customer service standards.
Bank Enat
Our name of ‘mother’ signifies our attitude and existence to all clients – we want to take care of you. Enat Bank was initiated by a diverse group of 11 powerful Ethiopian women, and this tight team of founders has shepherded Enat from an idea to a reality. The founders of Enat had a vision to create a new bank that was open to everyone, with a special focus on women. Enat Bank was legally established on July 9, 2011 with 7000 plus shareholders after fulfilling the requirements of National Bank of Ethiopia. The bank officially opens its door for service on March 5, 2013. The establishment of Enat marks a unique point in Ethiopian and African banking history Women own 64 percent of the bank, and compose many major leadership positions from the Board of Directors to the senior bank management.
Oromia Bank
Since the establishment of Oromia Bank on September 18, 2008, OB obtained a banking business license, we’ve drawn on our financial strength to serve customers. We also recognize that this past year has fundamentally changed banking by accelerating the shift to digital products and services. We’re positioned well for this future, having launched new tools – like our Oroclick and Mobile Banking app – to complement our 500 branch footprint.
Top payment methods
MTN Mobile Money
MTN Mobile Money is a secure electronic service that enables MTN Mobile Money wallet holders to store funds, send and receive money, make payments and do a number of other transactions simply using their mobile phone. It's fast, simple, convenient and affordable. Ethiopian airlines passengers can use MTN to make their ticket payment from Uganda, Ivory Coast, Ghana, Zambia and Cameron
M-Pesa
A product of telecommunications giant Safaricom, M-Pesa is one of Africa's biggest mobile payment networks. M-Pesa offers arguably the best mobile payment services in Africa, extending to other African countries like South Africa and Zambia. It allows customers to transfer money to each other using their mobile phones. Customers can also make payments at physical stores that accept M-Pesa, and the network has become a vital part of the economy in countries like Kenya and Tanzania. The service is so integral to the economy. In Kenya, over 90% of mobile money transactions are routed through M-Pesa. The system has also expanded to other African countries and is now used by over 50 million people and 400,000 agents across seven countries.
One of the best features M-Pesa offers is its ability to process cross-border payments, which allows you to send payments internationally through its international remittance partners. For example, if you’re based in Kenya and want to send money to a loved one in Nigeria, M-Pesa will make this happen in minutes through its Western Union affiliation. This can save you time and money since you won’t have to go through the process of sending money through a traditional remittance service. You can find a list of international remittance partners on the M-Pesa website. The remittance partners offer varying services and currencies, so it’s worth browsing the list to find the one that works best for you.
Equitel
Equitel is a brand under Finserve Africa Limited, a subsidiary of Equity Bank Group Limited.
Our Vision
To be the champion of the socio-economic prosperity of the people of Africa.
Our Mission
To offer inclusive, customer focused financial services that socially and economically empower our clients and other stakeholders
Our purpose
We exist to transform the lives and livelihoods of our people socially and economically by availing them modern, inclusive financial services that maximize their opportunities.
Airtel’s mobile money is an e-wallet that allows customers to make online and offline payments, pay bills, top up their mobile phones and make and receive money transfers. Customers can load their wallets via payment cards, or bank accounts or connect their mobile numbers to bank accounts via UPI for sending/requesting payments.
Mobile payment:
Vodafone Cash - Visit any Vodafone Store & Register in VF Cash service. You can Cash in Money into your wallet through Vodafone Stores, more than 400 Store across Egypt , working 7 days a week from 10 Am to 10 Pm.
Tigo Pesa
Tigo Pesa allows users to send and receive money between more mobile financial service providers than any other operator. Tigo Cash is a mobile phone–based money transfer service offered with Tigo phones in eleven countries including Tanzania, Rwanda, and Ghana. Currently Ethiopian airlines passengers can use Tigo to make their ticket payment from Ghana.
Mobile payment:
Orange Money enables major market players to accept online payments. It was designedfor Web merchants. The Orange Money Web Payment / M Payment service is dedicated to merchants, whether they already possess an e-commerce website or not. These merchants just have to sign up for our solution in an Orange store in their country of business. They must be officially registered retailers. Integration process goes with the API to your website. 3 easy steps: Subscribe to the Orange Money service and accept the Web Payment / M Payment offer conditions;Integrate with API;Bill customers for their purchases via Orange Money.
MobiCash
MobiCash - Its first service of money transfer and payment by cell phone with QR code. This service allows you to make payments via your smartphone and through debit and credit cards at selected merchants who accept payments through “Arabi MobiCash” service and provides you with a host of features including:
• Simple, fast and a secure modern mobile payment method
• Can be linked to any card type (Visa and MasterCard), and you can add as many cards as you like (credit, debit, prepaid, etc.)
• Environment friendly, No need for printed receipts.
• Provides detailed reports and dashboards of all transactions.
• Account can be set up through the app without the need to visit the Bank.
• Allows customers to pick up the bill from the merchant and pay it without the need of physical presence at the merchant’s site.
Arifpay
Arifpay providing digital payment solutions, ArifPOS and ArifGateway. Arifpay is Ethiopia’s first Point of Sale (POS) Payment System Operator (PSO) with payment solutions for smartphones, POS and QR payment terminals. Arifpay also holds a licence to provide payment gateway solutions including utility bills, airtime top up eCommerce, school fee processing etc. Arifpay offers innovative, secure and easy to implement digital payment solutions for MSME merchants, banks and customers, working through commercial partners.
Concluding remarks
In Ethiopia, payment methods are still largely dominated by cash transactions, and the use of digital payment methods is still relatively low. However, there are some payment methods that are gaining traction in the country. These include:
Cash
Cash remains the dominant payment method in Ethiopia.
Mobile money
Mobile money: The use of mobile money is growing in Ethiopia, although it is not yet as popular as in some other African countries. The government is actively working to promote mobile money services to increase financial inclusion and improve access to financial services.
Bank transfers
Bank transfers: Many banks in Ethiopia offer online banking services that allow customers to transfer money between accounts, pay bills, and access other banking services.
Card payments
Card payments: Debit and credit card payments are not yet widely used in Ethiopia, but they are becoming increasingly available as more banks and merchants adopt payment card technology.
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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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