Ethiopia has already started lately implementing digital finance in banking and micro finance sub-sectors and some encouraging progresses has been achieved.
Enterprise Partners (EP) and stakeholders in the financial sector said that the role of Digital Finance Service (DFS) is important in promoting inclusive finance which is a convenient and immediate service to the economic and over financial transaction and transfer activities in the country.
Opening a workshop focusing on market assessment of Digital Financial Services in Ethiopia here yesterday, Association of Ethiopian Micro Finance Institution Executive Director Dr. Wolday Amha said that inclusive finance and digital financial services would enable access to a range of quality financial services such as credit, savings, insurance and payment system and remittances to excluded people with low income in Ethiopia from the mainstream of financial system through diverse providers.
Dr. Wolday added that quality inclusive digital financial systems provides people with affordability, appropriateness, product fit, convenience and dignity with clients regardless of distance and other barriers instead of the traditional financial transaction and financial systems.
Digital finance is considered as a strategic tool that provides huge potential for expanding inclusive finance, he said. Banks, MFIs, SACCOs in Ethiopia are struggling to use mobile phones