HelloCash Mobile Money Service Launches In Ethiopia

By Niyi Aderibigbe
Tuesday, February 10, 2015

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Ethiopia’s Lion International Bank and Somali Micro Finance have partnered with BelCash Technology Solution PLC, to launch the official pilot of the HelloCash mobile money services in the country.

The Ethiopian based technology service provider for financial industry, uses its mobile money platform to provide financial services to all Ethiopians. It enables existing and potential customers of Lion International Bank and Somali Micro Finance to carry out transactions in four key areas of financial transactions: Deposit, Withdraw, Transfer and make payments.

The pilot of HelloCash mobile money service is underway in three parts of the country, with locations consisting a mix of agent outlets and branches.

HelloCash Mobile Money would make financial services available to more Ethiopian, especially at the grassroots, in order to drive financial inclusion in the country. Ethiopia has a very low rural banking density and consequently one of the lowest financial inclusion ratios of Sub-Saharan Africa, with only 14 percent of adults having access to credit and only 1 percent of the rural population owning bank accounts.

The system designed for multi banks and Micro Finance Institutions (MFIs) to be interconnected and offer the mobile money service to their respective customers in partnership with financial institutions, is therefore expected to extend financial services throughout the East African country. Partnering financial institutions are thus able to share each other’s agent and branch network to serve each other’s customers. This allows them to optimize their investment as well as increase national wide service coverage.

CEO of BelCash International, Mountaga Vince Diop mentioned that this is only the beginning of what seems to be an irreversible step to reinforce Financial Inclusion in the country.

The Financial Institutions providing HelloCash in Ethiopia are confident to build a unique network of more than 20,000 agents across Ethiopia in the next three years.

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