[Podcast ►] Ethiopia takes major step in becoming Africa’s leading digital economy
Hopes are high in Ethiopia that cash will eventually make way for electronic payments thanks to the launch of Dashen Bank’s new digital wallet.
Named after a salt-bar currency used in ancient Ethiopia, ‘Amole’ is the result of careful planning by Moneta Technologies and Dashen Bank, and support from CR2’s digital banking platform, BankWorld. It allows both consumers and businesses to access an extensive range of electronic payments and P2P money transfer options, across one of Africa’s largest and fastest-growing economies.
In an exclusive CR2 podcast interview, director to the board of Moneta Technologies, Darius Mobe, explains why Amole is unique: how it goes beyond traditional mobile money payments (and Ethiopia’s traditionally tight regulations); and how for the first time, it enables unrestricted cashless transactions with the country’s biggest banks.
For banks like Dashen, Amole offers incredible potential: lead a country’s drive to financially include millions; process high volumes of new customers; dramatically increase deposit mobilisation, domestic payments and international transfers; and ultimately, position the bank as the dominant force in Ethiopia’s payment space.
Amole’s challenge is significant: sign up 17 million smartphone users by 2023 and digitally transform their lives.
But the timing of the launch feels right: Ethiopia’s economy is booming and its market dynamics could not be better; and with the combination of its partnerships, platform and technology, Amole may have the perfect recipe for success.