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In August 2023, the Ethiopian government enacted a set of policy changes and initiatives that have created an enabling environment for the growth of fintech in the country. Key changes include:
The National Bank of Ethiopia (NBE) launched a program for fintech startups to test products in a controlled environment, attracting local and international interest.
Restrictions on foreign ownership of fintech companies were lifted, allowing international firms full ownership of Ethiopian subsidiaries, boosting foreign investment.
New NBE directives reduced bureaucratic hurdles for obtaining fintech licenses and approvals.
Government investment improved mobile network coverage and internet access, supporting fintech adoption.
Initiatives aim to bring unbanked and underserved populations into the formal financial system, creating a large customer base for fintech services.
Driven by policy changes like telecom liberalization, Ethiopia’s large unbanked population, growing middle class, and increasing smartphone use are making it an emerging fintech hub in Africa. This shift is attracting major international fintech players to set up shop in Ethiopia, thanks to the favorable business environment. The rise of fintech in Ethiopia has significant implications for financial services and economic development, as these innovations have the potential to bring banking, lending, payments, and other essential financial tools to more Ethiopians.