Africa-Press – Ethiopia. Ethiopia’s mobile money ecosystem has expanded at an unprecedented pace, with 58 million citizens using digital wallet services, Prime Minister Abiy Ahmed told the House of People’s Representatives.
Responding to questions of lawmakers today, the PM underscored that Ethiopia’s transition from a cash-dominated economy to a digitally driven financial system represents one of the most significant structural shifts in the country’s recent economic history.
“It has been only three years since we introduced mobile money. Today, 58 million Ethiopians are using mobile money services,” PM Abiy said.
He noted that prior to the reform, financial transactions were cash-based. However, the introduction of mobile money has fundamentally altered the landscape.
Describing the pace of change as transformative, the premier stated that Ethiopia is moving from cash to mobile wallets at a “leapfrogging speed,” emphasizing that the achievement is the outcome of deliberate policy direction.
According to him, digital payments have increased by 60 percent over the past six months alone, marking a similarly strong 60 percent growth compared to the previous year.
The expansion of mobile-based financial services is also driving broader financial sector improvements. Savings has grown by 15 percent, financial inclusion by 11 percent, and mobile-based lending services reached 15 percent penetration.
The rapid uptake of mobile money has been supported by parallel growth in telecommunications infrastructure.
At the beginning of the reform period, only 37 million Ethiopians had mobile subscriptions. Today, more than 97 million citizens use mobile services, creating a strong foundation for digital finance expansion.
For More News And Analysis About Ethiopia Follow Africa-Press
