Ethiopians using mobile banking services grew by more than six folds since the coronavirus pandemic came to the picture, according to the National Bank of Ethiopia.
Until the end of the last month, there were over 20Â million mobile banking users, a significant jump from 3.3 million customers registered before coronavirus strucks.
Cash-based transactions discouraging measures undertaken by the central bank, coupled with the launching new fintech products, including Telebirr, highly contributed for the surge in the number of users of mobile banking services.
Telebirr, CBE-Birr, E-birr, Hellocash and M-Birr as well as Amole are the major player in the mobile money market in Ethiopia, where there are over 50 million mobile voice subscribers and 20 million internet users.
