MBIRR MOBILE BANKING SERVICE

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.

Not applicable

Not applicable