Equity Group in talks with Ethiopian banks to enable mobile payments
The 3-million Ethiopians living outside the country send $4.6bn home a year; the fintech move will help cross-border repatriation of these funds
Nairobi — Equity Group Holdings’s financial technology unit is in discussions with six Ethiopian banks to collaborate on cross-border mobile payments and e-commerce. Finserve Africa, a wholly owned subsidiary of Kenya’s biggest lender by market value, is targeting remittances from 3-million Ethiopians living outside the country, MD Jack Ngare said in an interview on Monday. Many African nations are eyeing entry into the Horn of Africa country that’s signaled it’ll open up its economy to foreign investment. "We’re looking to work with six banks to facilitate cross-border transactions, as well as e-commerce," Ngare said in the Kenyan capital, Nairobi. In addition, the fintech business also has eight remittance companies already plugged into its platform, he said. Ethiopians abroad sent back around $4.6bn last year, about a quarter of the nation’s annual forex earnings. "We are going to be doing inward remittances, and that’s a good thing for Ethiopia, because they need to attract a lo...
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