Ethio Telecom officially launched this week a telebirr based Digital Financial Marketplace that enables banks, microfinance, insurance, and other institutions in the ecosystem to use the platform and easily make their financial products accessible and inclusive to their customers at large.
In addition, since institutions in the financial sector have many shareholders, Digital Share sell/buy solutions have been introduced to cost effectively manage their share buying and selling processes.
The Digital Financial Marketplace provides a unified platform for financial institutions to offer microfinance services, including micro credit, saving and insurance services to their customers at competitive prices through the convenient telebirr using mobile phones.
The service is based on credit scoring system identified through artificial intelligence and customer-centric data analysis to evaluate the credit activities and timely repayment experience to provide credit services without collateral.
Leveraging the success of our joint digital financial services initiative with Dashen Bank and
Commercial Bank of Ethiopia, which has enabled over 3.6 million customers get loan services, today we launch a revolutionary digital financial marketplace that will enable banks to effortlessly reach over 40 million telebirr customers with their financial products, without having significant capital investment. The launch of this digital financial marketplace will make banks easily accessible and will help them achieve the National Bank’s 70% financial
inclusion initiative by 2025.
The digital financial market service is for all financial institutions. Currently, our company has already entered to discussions with Ahadu Bank, Siinqee Bank, Enat Bank and Awash Bank to join the platform and approval from the National Bank is expected soon, marking officially utilizing the service and discussions are undergoing with other financial institutions to commence the service.
Similarly, our company has launched a telebirr SuperApp based Digital Share Sell/Buy platform which empowers authorized business institutions to digitize their share buying and selling process in a cost-effective manner and make their shares widely and easily accessible to the wider society.
telebirr digital payment system is playing a key role in enabling the users to access to the most secured, easy, fast and convenient transactions, especially in ensuring financial inclusion, matching the service providers and the users, encouraging entrepreneurship and investment, and accelerating the nationwide efforts geared towards building an overall digital economy.
By identifying and anticipating the potential of smart sectors, including smart education, agriculture, water, and energy, and leveraging digital solutions to enhance Ethiopia’s competitiveness, we now empower banks to concentrate on their core mission.
“This is achieved by providing modular, cloud-based data center solutions, enabling them to
thrive without the need for heavy infrastructure investments. In light of this occasion, we encourage all financial institutions to leverage the digital financial marketplace and to jointly ensure the financial accessibility and inclusiveness initiative of the nation as well as to utilize the cost-effective digital share buying and selling services launched today,” the company said in a statement.
“In the time ahead, our company is committed to digitalizing the working system that can simplify lifestyles of our society as well as streamline our business partners’ service provisioning and business operations,” said Ethio Telecom.