ADDIS ABABA – Banks and other financial institutions have to actively engage in prompting telebirr mobile banking service to the community in order to facilitate its accessibility and take advantages over it , Macroeconomic Expert said. Macroeconomic Expert Eyob Tesfaye (Ph.D) told the local media that telebirr service is crucial to enhance the accessibility of finance for each individual, bank and the like.
He, thus, said the financial institutions should openly welcome new realities like telebirr and other similar services. “ So long as banks use digital channel services such as mobile wallet, mobile banking service and others. ,they would increase the campaign of bank competition.” Recently, Ethiopia launched its first mobile banking (telebirr) service for its customers to enable them to store, send, receive, transfer and spend money through an electronic account using their mobile phone.
According to Eyob, in Ethiopia, not only digital banking or service, but also accessibility of conventional banking is too low according to other African countries. For instance, the number of financial account holders is only 35 percent. This is due to lack of mobile banking. “Most of the bank services here are carried out via opening branches as a result country’s banking sector or financial supply is at a low stage. Hence, launching mobile banking or telebirr service is a big departure in accessing and facilitating transaction of money.”
Moblie banking is key to facilitate the delivery of cashless transactions like payment, money transfer and mobile remittance, Eyob said ,adding that however, the main problem would be the platform of infrastructure for its accessibility. In terms of deposit mobilization and enhancing saving, it would play a huge role in increasing its accessibility, facilitating trade and economic activities and reducing transaction cost, it was learnt.
BY TSEGAYE TILAHUN
The Ethiopian Herald May 19/2021
