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

abyssinia

USD
129.8451
132.442
,
GBP
167.7564
171.1115
,
EUR
141.9513
144.7903
,
AED
35.3532
36.0603
,
CHF
158.9291
162.1077
,
SEK
13.3258
13.5923
,
NOK
12.3272
12.5737
,
CAD
93.636
95.5087
,
SAR
34.6041
35.2962
,
CNY
17.796
18.1519

abay

USD
129.9498
132.5488
,
GBP
173.0412
176.502
,
EUR
147.9479
150.9068
,
AED
35.3778
36.0854
,
ZAR
6.9543
7.0934
,
SAR
34.6422
35.335
,
JPY
0.9127
0.931
,
CHF
157.3624
160.5096
,
AUD
82.934
84.5927
,
CNY
17.8258
18.1823

zemen

CAD
93.6215
95.4939
,
EUR
142.8576
145.7148
,
GBP
168.7083
172.0825
,
SEK
13.4804
13.75
,
USD
129.9938
132.5937

buna

USD
129.9826
132.5823
,
EUR
143.9094
146.7876
,
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
129.8187
132.415
,
GBP
167.7244
171.0789
,
EUR
140.0568
142.858
,
CHF
147.2451
150.19
,
CAD
90.7188
92.5332
,
AED
35.3445
36.0514
,
SAR
34.6045
35.2966

berhan

USD
130.9737
133.5932
,
EUR
146.3914
149.3192
,
GBP
168.68
172.0536
,
CAD
94.7643
96.6596
,
AED
35.6566
36.3697
,
CNY
17.9662
18.3255

wegagen

USD
129.9847
132.5844
,
GBP
172.7107
176.1649
,
EUR
147.3637
150.3109
,
CHF
156.2936
159.4195
,
SEK
13.4924
13.7623
,
CNY
17.8339
18.1906
,
JPY
0.9099
0.9281

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
130.0825
132.6842
,
EUR
145.4317
148.3403
,
GBP
169.3771
172.7646

ahadu

USD
130.0001
132.6001
,
GBP
174.1091
177.5913
,
EUR
149.9811
152.9807
,
CAD
58.8603
61.8033
,
SAR
21.7111
22.7967
,
AED
22.1751
23.2839

addis

EUR
146.4079
149.3361
,
GBP
171.4862
174.9159
,
USD
129.981
132.5806
,
CHF
160.0751
163.2766
,
JPY
0.9263
0.9448

dashen

USD
129.8515
132.4485
,
EUR
141.5381
144.3689
,
GBP
167.158
170.5012
,
CAD
84.9226
86.621
,
AED
31.9936
32.6335
,
SAR
31.3241
31.9506
,
CNY
16.2776
16.6031

oromia

lion

USD
131.4923
134.1221
,
GBP
165.6027
168.9148
,
EUR
142.3674
145.2147

developmentbank

USD
129.6586
132.2518
,
GBP
172.407
175.8552
,
EUR
147.7071
150.6612
,
CHF
157.3527
160.4997
,
SEK
13.5217
13.7922
,
NOK
12.4373
12.686
,
DKK
19.784
20.1797
,
DJF
0.7262
0.7407
,
JPY
0.9136
0.9319
,
CAD
93.8127
95.689
,
SAR
34.5655
35.2568
,
AED
35.2985
36.0045
,
INR
1.5174
1.5477
,
KES
0.9997
1.0197
,
AUD
83.0334
84.694
,
SDR
188.6273
192.3999
,
ZAR
6.9797
7.1193
,
CNY
17.7858
18.1415
,
KWD
423.3872
431.8549

coop

USD
129.0606
131.6418
,
GBP
158.331
161.4976
,
EUR
136.4649
139.1942
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128
,
CNY
17.0172
17.3575

gadaa

USD
130.0202
132.6206
,
GBP
161.73
164.9646
,
EUR
141.2437
144.0686
,
AED
33.7659
34.4412
,
SAR
33.0073
33.6674
,
CHF
134.1436
136.8265

hijra

USD
131.1285
133.751
,
EUR
142.7201
145.5745
,
GBP
166.8485
170.1855
,
SAR
34.9127
35.611
,
AED
35.6531
36.3662

amhara

USD
131.55
134.181
,
GBP
173.3434
176.8103
,
EUR
145.6916
148.6055
,
CAD
93.1327
94.9954
,
AED
35.8193
36.5357
,
SAR
35.0678
35.7692

tsehay

USD
131.5382
134.169
,
GBP
160.2439
163.4488
,
EUR
130.0158
132.6161
,
CAD
86.9537
88.6927
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
131.5016
134.1316
,
EUR
149.7146
152.7089
,
GBP
175.1075
178.6097
,
AED
35.8003
36.5163
,
CHF
159.2415
162.4263
,
SEK
13.6997
13.9736
,
NOK
12.6352
12.8879
,
DKK
20.0548
20.4559
,
DJF
0.7365
0.7512
,
INR
1.541
1.5719
,
JPY
0.9236
0.9421
,
CAD
94.899
96.797
,
SAR
35.8003
35.7579
,
ZAR
7.0374
7.1781
,
CNY
18.0386
13.3994
,
KWD
428.8793
437.4569
,
KES
1.0143
1.0343

siinqee

USD
129.8515
132.4485
,
EUR
140.3603
143.1675
,
GBP
159.6959
162.8898
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
32.7831
33.4388

hibret

USD
129.9
132.498
,
EUR
142.0016
144.8416
,
GBP
165.9219
169.2403
,
CHF
155
158.1

gohbetoch

USD
131.0805
133.7021
,
EUR
141.1293
143.9519
,
GBP
165.0379
168.3387
,
AED
34.3079
34.9941

nbe

JPY
0.9185
0.9277
,
KWD
427.064
431.3347
,
CNY
17.9273
18.1066
,
ZAR
6.9352
7.0045
,
XDR
167.9726
169.6523
,
EUR
148.7559
150.2434
,
AED
35.6609
36.0175
,
SAR
34.9082
35.2573
,
AUD
83.482
84.3168
,
CAD
94.0908
95.0317
,
USD
130.9932
131.3238
,
KES
1.0088
1.0391
,
INR
1.5287
1.544
,
DJF
0.7336
0.7557
,
DKK
19.9208
20.12
,
NOK
12.328
12.4512
,
SEK
13.3275
13.4608
,
CHF
160.5899
162.1958
,
GBP
173.7101
175.4472

binance

USDT
157.89
156.96

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.