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    Reference: 20170003
    Release date: 31 May 2017

    Promoter – Financial Intermediary

    Technology service provider in Ethiopia

    Location

    Description

    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.

    Objectives

    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.

    Sector(s)

    • Telecom - Information and communication

    Proposed EIB finance (Approximate amount)

    EUR 4 million

    Total cost (Approximate amount)

    EUR 8 million

    Environmental aspects

    Not applicable

    Procurement

    Not applicable

    Status

    Signed - 28/11/2017

    Disclaimer

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

    Related tags

    Ethiopia Telecom