cbe

USD
124.0086
126.4888
,
GBP
152.3866
155.4343
,
EUR
128.3365
130.9032
,
CHF
134.1436
136.8265
,
SEK
11.0023
11.2223
,
NOK
10.7134
10.9276
,
DKK
16.8993
17.2373
,
DJF
,
JPY
0.7759
0.7914
,
CAD
84.628
86.3206
,
SAR
33.0073
33.6675
,
AED
33.7659
34.4412
,
INR
,
KES
,
AUD
75.3049
76.811
,
ZAR
,
CNY
16.6728
17.0063
,
KWD
394.889
402.7867

awash

USD
131.8212
134.4576
,
GBP
172.6765
176.13
,
EUR
147.1099
150.0521
,
JPY
0.7796
0.7952
,
SAR
31.7241
32.3586
,
AED
32.4024
33.0504
,
CAD
86.0067
87.7268
,
CHF
142.9774
145.8369
,
NOK
10.6884
10.9022
,
DKK
17.2963
17.6422
,
SEK
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY

abyssinia

USD
131.6954
134.3293
,
GBP
170.9625
174.3818
,
EUR
144.0696
146.951
,
AED
35.8579
36.5751
,
CHF
157.9271
161.0856
,
SEK
13.5537
13.8248
,
NOK
12.7144
12.9687
,
CAD
94.5816
96.4732
,
SAR
35.1122
35.8144
,
CNY
18.2242
18.5887

abay

USD
131.7912
134.427
,
GBP
175.0451
178.546
,
EUR
147.5139
150.4642
,
AED
35.8772
36.5947
,
ZAR
7.2929
7.4388
,
SAR
35.1359
35.8386
,
JPY
0.9033
0.9214
,
CHF
157.3626
160.5099
,
AUD
84.4123
86.1005
,
CNY
18.2739
18.6394

zemen

CAD
94.6346
96.5273
,
EUR
146.8004
149.7364
,
GBP
168.7161
172.0904
,
SEK
13.5418
13.8126
,
USD
131.8582
134.4954

buna

USD
131.8099
134.4461
,
EUR
146.9991
149.9391
,
GBP
164.1011
167.3831
,
AED
35.7075
36.4217
,
SAR
34.1012
34.7832
,
CAD
89.1012
90.8832
,
AUD
64.239
65.5238
,
JPY
0.8603
0.8775

nib

USD
130.6114
133.2236
,
GBP
173.4547
176.9238
,
EUR
146.6885
149.6222
,
CHF
156.7494
159.8844
,
CAD
94.114
95.9963
,
AED
35.5599
36.2711
,
SAR
34.8223
35.5187

berhan

USD
130.1183
132.7207
,
EUR
147.2472
150.1921
,
GBP
168.7349
172.1096
,
CAD
93.4825
95.3522
,
AED
35.4237
36.1322
,
CNY
18.0602
18.4214

wegagen

USD
131.8313
134.4679
,
GBP
175.5729
179.0844
,
EUR
147.6774
150.6309
,
CHF
157.9603
161.1195
,
SEK
13.5654
13.8367
,
CNY
18.3114
18.6776
,
JPY
0.9096
0.9278

dgb

USD
128.1012
130.6632
,
EUR
137.0599
139.8011
,
GBP
157.4803
160.6299
,
CHF
130.8214
133.4378
,
SAR
29.9468
30.5457
,
AED
36.7329
37.4675
,
CAD
79.1617
80.7449

enat

USD
131.4204
134.0488
,
EUR
147.3987
150.3467
,
GBP
171.1441
174.567

ahadu

USD
131.7648
134.4001
,
GBP
174.1091
177.5913
,
EUR
147.0413
149.9821
,
CAD
58.8603
61.8033
,
SAR
21.7111
22.7967
,
AED
22.1751
23.2839

addis

EUR
147.598
150.55
,
GBP
171.4862
174.9159
,
USD
131.8556
134.4927
,
CHF
158.6137
161.786
,
JPY
0.9077
0.9258

dashen

USD
131.6771
134.3106
,
EUR
146.1616
149.0848
,
GBP
169.5081
172.8983
,
CAD
86.1165
87.8388
,
AED
32.4434
33.0923
,
SAR
31.7645
32.3998
,
CNY
16.5064
16.8366

oromia

lion

USD
131.8944
134.5323
,
GBP
171.3959
174.8238
,
EUR
147.0918
150.0336

developmentbank

USD
130.7765
133.392
,
GBP
174.4035
177.8916
,
EUR
146.9405
149.8793
,
CHF
156.5623
159.6936
,
SEK
13.5301
13.8007
,
NOK
12.6958
12.9497
,
DKK
19.6979
20.0919
,
DJF
0.7324
0.7471
,
JPY
0.8959
0.9138
,
CAD
93.9554
95.8345
,
SAR
34.8663
35.5636
,
AED
35.6029
36.3149
,
INR
1.5324
1.5631
,
KES
1.0106
1.0309
,
AUD
84.717
86.4114
,
SDR
175.7113
179.2255
,
ZAR
7.1735
7.3169
,
CNY
18.1516
18.5146
,
KWD
425.416
433.9243

coop

USD
131.5606
134.1408
,
GBP
168.331
171.6976
,
EUR
143.4649
146.3342
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128

gadaa

USD
131.821
134.4574
,
GBP
163.5356
166.8063
,
EUR
149.9273
152.9258
,
AED
33.7659
34.4412
,
SAR
33.0073
33.6674
,
CHF
134.1436
136.8265

hijra

USD
131.9114
134.5496
,
EUR
144.6753
147.5688
,
GBP
169.4142
172.8025
,
SAR
35.4047
36.1128
,
AED
36.1516
36.8747

amhara

USD
131.98
134.6196
,
GBP
176.7344
180.2691
,
EUR
150.1668
153.1702
,
CAD
95.3268
97.2334
,
AED
35.9335
36.6521
,
SAR
35.1834
35.8871

tsehay

USD
131.5382
134.169
,
GBP
169.2591
172.6443
,
EUR
130.0158
132.6161
,
CAD
88.9102
90.6884
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
131.8961
134.534
,
EUR
147.6313
150.5839
,
GBP
175.1844
178.6881
,
AED
35.9057
36.6238
,
CHF
157.4879
160.6376
,
SEK
13.5382
13.809
,
NOK
12.6665
12.9198
,
DKK
19.7885
20.1842
,
DJF
0.7387
0.7535
,
INR
1.5421
1.5729
,
JPY
0.904
0.9221
,
CAD
94.2721
96.1575
,
SAR
35.1639
35.8671
,
ZAR
7.2987
7.4447
,
CNY
18.2884
18.6542
,
KWD
428.9129
437.4912
,
KES
1.0185
1.0389

siinqee

USD
129.9898
132.5896
,
EUR
140.9693
143.7887
,
GBP
162.7073
165.9614
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
32.7831
33.4388

hibret

USD
131.8
134.436
,
EUR
146.3375
149.2643
,
GBP
170.5219
173.9323
,
CHF
149.0203
152.0007

gohbetoch

zamzam

USD
131.8862
134.5239
,
GBP
173.975
177.4545
,
AED
36.08
36.8016
,
EUR
148.229
151.1936
,
SAR
35.1317
35.8343
,
CAD
94.49
96.3798
,
CHF
158.41
161.5782

nbe

JPY
0.9077
0.9168
,
KWD
431.03
435.3403
,
CNY
18.3911
18.575
,
ZAR
7.2681
7.3408
,
XDR
178.0301
179.8104
,
EUR
148.8796
150.3684
,
AED
36.0727
36.4334
,
SAR
35.3264
35.6797
,
AUD
85.835
86.6933
,
CAD
95.1953
96.1472
,
USD
132.5023
133.0325
,
KES
1.024
1.0547
,
INR
1.5526
1.5682
,
DJF
0.7421
0.7644
,
DKK
19.9579
20.1574
,
NOK
12.8633
12.9919
,
SEK
13.7086
13.8457
,
CHF
158.6284
160.2147
,
GBP
176.7051
178.4721

binance

USDT
157.58
156.82

Safaricom has signed an agreement to provide the M-Pesa service in collaboration with Union Bank

 

M-Pesa

 

 

Safaricom M-Pesa Mobile Financial Services Private Limited Liability Company, which recently received a license from the National Bank of Ethiopia to provide digital banking services, signed an agreement to work with United Bank.

On July 31, 2023, Safaricom Ethiopia signed an agreement to cooperate with United Bank in Ethiopia to use its M-Pesa digital banking service, which it has expanded in Kenya and eight other countries.

According to this agreement, Safaricom’s M-Pesa service will enable its customers to withdraw and deposit money using United Bank branches.

United Bank acts as Safaricom M-Pesa’s top agent, and it has been stated that they have completed the necessary infrastructure for this service.

 

What is the reflect of union Bank on the signed agreement and M-Pesa service ?

Regarding the agreement United Bank CEO Melaku Kebede stated that the agreement reached between Safaricom and United Bank will allow for the provision of complete M-Pesa services, thereby enabling the provision of small loans in addition to the usual services of depositing and withdrawing money using the bank’s branches.

Safaricom M-Pesa brings new services to the industry, so the agreement will enable the bank’s customers to easily use these new services, according to Mr. Melaku. Safaricom’s wallet account customers will also be able to access the services provided by United Bank Mobile Banking, according to the explanation given in the agreement.

M-Pesa’s wallet account has a service where customers can deposit and transfer money only through mobile phones, so it will create an opportunity for them to work together, Mr. Melaku said.

Currently, more than one million United Bank customers use mobile services, so it is said that it will help the bank’s customers to get more services through M-Pesa.

This agreement is specifically for mobile banking and agent banking services. Since Safaricom is ready to provide a wide range of digital financial services in Ethiopia, its agreement with United Bank will help achieve this plan. But above all, the agreement of the two companies will contribute significantly to expanding access to finance in Ethiopia and reaching areas without access to finance and it is believed to bring about a positive change in the country’s financial industry.

Mr. Melaku, who gave a further explanation regarding the potential importance in terms of access to finance, explained that, for example, if there is no bank branch in a rural town, it is possible to provide financial services through M-Pesa agents.

He also mentioned that various shops and similar commercial establishments will be an agent of Safaricom’s M-Pesa service, which will create an opportunity for them to earn extra income besides their regular work.

The chief executive explained that it is possible to expand the reach of the bank by using M-Pesa agents in areas where the bank does not have branches. In this regard, M-Pesa is expected to be implemented in Ethiopia, which was successful in Kenya.

Referring to the agreement, the Interim Manager of Safaricom M-Pesa, Mr. Paul Kavavu, stated that the agreement with United Bank is strategic.

He said that they will be able to provide digital banking services to their customers and allow them to deposit and withdraw money from any branch of United Bank. He also mentioned that they will expand M-Pesa services by making such agreements with other financial institutions.

Mr. Melaku mentioned that M-Pesa has more than 100,000 agents in Kenya, and the work they do in Ethiopia is similar in terms of expanding access to finance. Even in rural areas where it is not possible to open a branch, agents can be created to replace the branches and provide the service.

“We have operated 475 branches for the past 25 years,” said Mr. Melaku, adding that it is impossible to open branches and install ATMs in all rural areas of the country. Therefore, the proliferation of these agents may change the focus on branching.

Explaining that it is a good example that the number of agents in Kenya is increasing, opening a branch is a good example.

It is said that these agents will easily do the work of receiving and giving money where the branches are located.

Therefore, in terms of expanding agents, since Safaricom has been doing a lot since the beginning and has created thousands of agents, it can be understood from the explanation given that the Ethiopian service is expected to be effective.

It is said that the expansion of agents will be especially preferable in terms of providing small loans and will expand the credit services that few have received.

“Financial access is a citizen’s right,” said Mr. Melaku, but this type of network is expanding not only Safaricom but also Ethio Telecom, and it will greatly expand financial access.

The executive did not pass without mentioning Both Safaricom and Ethio Telecom are required to produce hundreds of thousands of agents.

Ato Melaku mentioned that most of the seven main pillars of United Bank’s strategic document are related to technology and innovation, from this point of view, an agreement to work together with Ethiopian Airlines and Ethio Telecom has been signed so far; there is also a similar agreement with the Ministry of Revenue regarding tax revenue. the bank is also working on such agreements with fintech companies

Mr. Melaku, who mentioned that the arrival of both telecom and fintech is a good opportunity for the banking industry, believes that working together will change a lot of things. He also explained that it is useful in terms of expanding the business. And that the banks’ willingness of working together if another telecom enters the market,

In addition to the benefit of this agreement listed above M-Pesa will be a digital payment method for international payments and assist the international transaction.