CBE Digital Transaction Jumps over 2 Trillion Birr in Last Nine Months: Bank President

Some 2.2 trillion Birr transaction or money transfer has been made through digital banking services in the last nine months, Commercial Bank of Ethiopia (CBE) President Abie Sano said.

The government is working to make digital Ethiopia a reality through its 10-year Perspective Development Plan and Homegrown Economic Reform Program, he said, adding that financial institutions are accordingly transforming their services.

The president told ENA that paperless services and digital economy are being built internationally and Ethiopia’s move toward that direction is a big step.

The country’s decision to go digital is a bold decision, Abie stated, elaborating that it is decision that enables Ethiopia to join the world. Transactions in cash are slow, going digital however speeding up the process and creates convenience.

According to the president, digital banking plays important role in building the economy.

The president mentioned that bank is working to make its contribution in the building of the digital economy, starting with mobile banking so that customers can spend services digitally.

Digital marketing is convenient for easily recording, managing, reviewing and verifying money transfers, gathering information, analyzing and making decisions, he said.

Commercial Bank of Ethiopia has been helping in building the digital economy by introducing mobile banking, internet banking, mobile wallet, ATM, POS and other digital banking services.

Accordingly, 2.2 trillion Birr transactions were made during the last nine months of this fiscal year alone.

Abie said the money transfer and transaction done by all digital banking services from May 2022 to the end of April 2023 was 2.6 trillion.

The total number of CBE customers has reached about 42 million, of which 30 million are users of digital banking services, it was learned.

The president revealed that the total asset of the bank has reached 1.2 trillion Birr.

Source: Ethiopian News Agency