National Bank of Ethiopia (NBE) launched National Digital Payment Strategy (NDPS), which will be implemented in the coming three years aiming at digitalizing the financial sector and encouraging the economic growth of the country.
Speaking on the occasion, NBE Payments and Settlement System Directorate Director Martha Hailemariam highlighted the importance of the technology in facilitating the modern financial system at individual and public level transactions.
She said that the system enables every individual to make payments with speedy, dependable and more affordable manner. It also increases customer customers in the finance service boosts sector competence. Through digital payment system, both payers and receivers use digital modes to send and receive money without any physical contact hereby saving money and energy, she noted.
Vice Governor Solomon Desta on his part said that within the context of Ethiopia’s commitment to achieve a digital Ethiopia by 2025, the national digital payment strategy (NDPS), which was recently approved by council of ministers, has launched aiming at achieving being a middle income country in 2025 of the nation.
He indicated that the national digital payment strategy can help Ethiopia achieve sustainable development goal, drive greater efficiency to payments service, transparency, women’s economic participation and financial inclusion there by advancing Prime Minister Ahmed’s Digital Ethiopia 2025 vision as well attaining the countries SDGs.
The NDPS is spearheaded by the NBE in coordination with the Ministry of Finance, Ministry of Innovation and Technology and other key stakeholders of the Ethiopian digitization ecosystem, so as to digitalize the financial system. This strategy hinges on four strategic pillars developing a reliable, inclusive and interoperable infrastructure, championing adoption of digital payments, building a robust and consistent regulatory and oversight framework and creating an enabling environment for innovation and technology, he stated.
The new strategy will bring payment efficiency across all sectors and improve efficiency of service delivery. It will also stimulate digital financial inclusion; create dignified jobs, and narrow financial gaps. The strategy was launched yesterday in the presence of officials of National Bank of Ethiopia and representatives of the United Nations Capital Development Fund (UNCDF).