BY DANIEL ALEMAYEHU
In the current understanding of the world and how things are performed, the essence of performing ones daily chores by the help of technology has become a trend. In most parts of the world, innovators and researchers have been striving to use their utmost efforts in creating a better and most advanced environment to the dwellers all over the world.
Using technology for the day to day consumption, in the present climate, has brought multiple advantages to the one that uses. Most ideas of using internet- based services have been changing the course of the ease of doing ones business. Even this time, most of the trades are conducted online. People have started using online shopping and other related stuff to do their business. The people of the world are the eyewitnesses to the benefits of such trends. Systems like that definitely reduce the burden and other inconveniences for both sellers and buyers. In this case, different internet based service providers are still in search for better ways to deliver their services easily and at the door steps of their customers.
Speaking of internet-based service provision, different sectors have become benefited and the service providers have stretched their hands far enough to reach to their customers. The textbook example, in this regard, might be the financial sectors. As the service of such sectors is very hectic and hard to deliver as expected, financial institutions are forced to use the most accurate mechanisms to deliver their services. That might be the sole reason why governments and responsible stakeholders are still trying to modernize every single route of their service deliveries to create a favorable environment to their people and customers.
In Ethiopian context, the current incumbent has been achieving numerous activities and taken a number of decisions to create a conducive and digital environment to the people. Accordingly, the government is exerting its utmost efforts to build digital Ethiopia. One of the many actors of realizing a digital Ethiopia is the Ethio telecom. Before it sold its share to one of the well-known telecom service providers in Africa, Safaricom Ethiopia, Ethio telecom, was the sole telecom service provider company in the country. Apart from providing telecom services to the community, Ethio telecom has been part of the financial service deliveries. On the other hand, the private telecom company, Safaricom Ethiopia, has been pushing forward to be like its sister company in delivering financial services to its customers.
Recently, the private telecom company, Safaricom Ethiopia, and Commercial Bank of Ethiopia (CBE) have signed a Memorandum of Understanding (MoU) envisioning the enhancement of the financial service delivery of the biggest financial institution of the country. Besides, the two institutions have agreed to work jointly to accomplish the nation’s digital and financial inclusion agenda.
During the signing ceremony of the memorandum of understanding, President – Commercial Bank of Ethiopia, Abie Sano said that Commercial Bank of Ethiopia is labeled as one of the pioneer financial institutions in the country for the last 80 years. The bank has developed its own digital platforms including CBE Birr, mobile banking, and Automated Teller Machine (ATM) and a Point of Sale (POS) machine services. By the help of those platforms, the bank has been achieving better in facilitating substantial number of transactions that could bring plenty of influence in relation to financial inclusion in the country.
The Bank’s President disclosed that Commercial Bank of Ethiopia has been in continuous progress to go forth regarding the improvement of customers’ experience through up-to-date digital innovations. These digital inventions can highly assist the digital payment platforms. In addition, they can bring tangible advantages to innovative solutions to its customers. In this regard, Commercial Bank of Ethiopia is looking forward to work in collaboration with Safaricom Ethiopia to develop its capacity and to be equipped with modern technology and connectivity.
According to the Bank’s President, Commercial Bank of Ethiopia and Safaricom Ethiopia are planning to integrate their system to provide their services and make the underserved segments of the economy more advantageous. Moreover, the telecom company will be assisting the Commercial Bank of Ethiopia with technology, modern telecom infrastructure, and connectivity to enable the bank’s effort to reach out to more customers and provide quality services.
It was learnt that though there are a number of challenges occurred in the country, Ethiopia’s economy keeps on registering promising annual growth. Such kind of development needs better support from the banking industry and expects more from the top financial service providers in the country. To this end, the contribution of the Commercial Bank of Ethiopia is immense.
“Commercial Bank of Ethiopia shall, therefore, be more agile, innovative, be able to provide inclusive financial services which could only be possible through digital financial technologies where Safaricom has proven competence. We hope that Safaricom would soon bring its experience in this regards from Kenya to Ethiopia and start it here soon upon which we may share experiences and partner to leverage on their experiences, among others,” the president added.
As to Abie, the fields of expertise of the two bodies are more of complementary to each other. This indicates that the two companies will result in great synergy. The reason behind the signed Memorandum of Understanding of strategic partnership is to create a room to facilitate the beginning of the journey in the cooperation.
CEO of Safaricom Ethiopia, Anwar Soussa, on his part said, “We are excited to be partner with Commercial Bank of Ethiopia and expand our cooperation with the financial institutions operational in Ethiopia, to provide services to our customers that fit their digital lifestyles. Such cross-industry partnerships will enable us to meet the demands of the Ethiopian market taking the experiences and learning of the bank and affording us the opportunity to further innovate and serve our esteemed customers.”
In addition, Safaricom Ethiopia customers will be able to purchase airtime at no service charge using the CBE Mobile Banking application, CBE USSD (*889#), or CBE Birr Mobile application, and CBE Birr USSD (*847#) options in addition to the Safaricom Ethiopia branded shops.
Such signed Memorandum of Understanding between Safaricom Ethiopia and Commercial Bank of Ethiopia is one of the many agreements that the telecom company has been involved. Over the last month, Safaricom Ethiopia availed similar services through Bank of Abyssinia, Awash Bank, and Nib International Bank and will further expand to other banks, microfinance institutions and technology companies.
The Ethiopian Herald March 12/ 2023
