Ethiopia’s banking industry grows with mobile banking and digital payments but faces fraud risks. Customers lose 2 billion birrs in four years.

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Ethiopia's sole mobile operator, Ethio Telecom has been working on a mobile money and payment solution for the past two years. After the National bank of Ethiopia issued a new directive last year, Ethio Telecom was able to release its platform now.

The new payment directive was issued at the beginning of 2020 that paved the way for many mobile money products like CBE Birr, Amole, and HelloCash.