The National Bank of Ethiopia (NBE) has launched the National Digital Payment Strategy (NDPS), which will be implemented in the next three years to digitalise the financial sector and encourage the economic growth of the country.
NBE Payments and Settlement System Directorate Director, Martha Hailemariam while speaking during the occasion highlighted the importance of technology in facilitating the modern financial system at individual and public level transactions.
She explained that the system enables every individual to make payments in a speedy, dependable, and more affordable manner. It also increases customers in the finance service which will boosts sector competence. Through digital payment systems, both payers and receivers use digital modes to send and receive money without physical contact thereby saving money and energy, she noted.
Vice Governor Solomon Desta on his part said within the context of Ethiopia’s commitment to achieving a digital Ethiopia by 2025, the national digital payment strategy (NDPS), which was recently approved by the council of ministers was 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 goals, drive greater efficiency to payments service, transparency, women’s economic participation, and financial inclusion thereby advancing Prime Minister Ahmed’s Digital Ethiopia 2025 vision as well as 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 the 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 the efficiency of service delivery. It will also stimulate digital financial inclusion; create dignified jobs, and narrow financial gaps.