Commercial Bank launches first external digital money wallet

Commercial Bank has launched its first external digital money wallet service. This new offering marks a step forward in Ethiopia's banking sector.

Commercial Bank, one of Ethiopia's major banks, has introduced its inaugural external digital money wallet service. This launch represents the first foundational step in expanding digital financial services within the country.

The exact date of the Addis Fortune announcement is not specified in available sources. However, this initiative signals a shift toward digital adoption in Ethiopia's banking industry. Commercial Bank is recognized as a leading institution in promoting such innovations.

The external digital wallet is expected to simplify financial transactions, though additional details are absent from the sources.

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Ethiopia's Central Bank has unveiled a draft strategy to boost digital payments by mandating fee transparency and reducing charges for small transactions. Officials attribute persistent cash reliance to hidden costs, despite growing digital account adoption. The move aims to make digital options more accessible for millions.

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The Commercial Bank of Ethiopia (CBE) has launched StarPay, a digital payment gateway that functions both online and offline. Acting President Ephraim Mekuria described digital transformation as a necessity, praising the platform's simplicity for money transfers. Developed in collaboration with StarPay Financial Technologies, it offers seamless banking services and supports Ethiopia's digital agenda.

Ethiopia is rapidly advancing toward a digital payments economy featuring interoperability, real-time transactions, and inclusive access. The National Digital Payments Strategy sets the framework for instant payments and expanded reach to underserved populations. Wingu Africa is central to this shift by providing essential data center infrastructure for banks.

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The Bank of Abyssinia has achieved a significant performance benchmark in the 2024/25 financial year. This development highlights the bank's growing strength in Ethiopia's competitive banking sector. Details on its balance sheet indicate progress toward top-tier status.

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