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Signature(s)

Amount
€ 4,000,000
Countries
Sector(s)
Ethiopia : € 4,000,000
Telecom : € 4,000,000
Signature date(s)
28/11/2017 : € 4,000,000
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Summary sheet

Release date
31 May 2017
Status
Reference
Signed | 28/11/2017
20170003
Project name
Promoter - financial intermediary
MOBILE BANKING IN ETHIOPIA
Technology service provider in Ethiopia
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 4 million
EUR 8 million
Location
Sector(s)
Description
Objectives

The project concerns an equity investment to support mobile financial services in Ethiopia. The subsidiary runs a platform that provides mobile financial services to financial institutions and money transfer services.

The EIB's contribution to the capital increase of a European small business will advance mobile banking in Ethiopia via its Ethiopian subsidiary. The Ethiopian operation currently offers its technology to affiliated microfinance institutions (MFIs). The MFI clients then roll it out to a network of agents, i.e., small retail outlets, to process transactions on behalf of the MFIs. These non-branch outlets will increase Ethiopia's financial system infrastructure all over the country by conducting cash-in transactions (i.e., deposits, payments, etc.) and cash-out transactions (e.g., withdrawals, etc.). In addition to serving MFI clients, the service processes the government's social payments. The Ethiopian operation will have a significant impact in growing the financial sector infrastructure and provides a viable option to the Ethiopian government for disbursing cash payments to vulnerable groups. The project will allow a large number of previously unbanked Ethiopians to access financial services.

Environmental aspects
Procurement

Not applicable

Not applicable

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Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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