Digital payments push runs into cash power

Ethiopia's push for digital payments is encountering resistance from cash preferences, as reported in a recent article. The piece from Addis Fortune highlights this ongoing challenge in the country's financial landscape.

A recent article in Addis Fortune titled 'Digital Payments Push Runs into Cash Power' discusses how Ethiopia's efforts to promote digital payments are facing obstacles from the dominance of cash transactions. This report underscores the tensions between modern financial initiatives and traditional cash usage in the country. As Ethiopia's leading English-language business weekly, Addis Fortune provides insights into these economic developments. The publication includes various sections like Radar, Agenda, and Editorials, with dates ranging from past years to future projections, alongside photo galleries and opinion pieces with view counts.

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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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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.

Queues for tax compliance have become a regular sight at Berhan ena Selam Printing Enterprise on Adwa Street in Addis Ababa. This development highlights bottlenecks emerging from recent tax reforms. Businesses are facing challenges in adapting to the new system.

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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.

 

 

 

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