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
128.7001
131.2741
,
GBP
157.8457
161.0026
,
EUR
139.5492
142.3402
,
JPY
0.7612
0.7764
,
SAR
30.973
31.5925
,
AED
31.6353
32.268
,
CAD
83.9704
85.6498
,
CHF
139.5922
142.384
,
NOK
10.4354
10.6441
,
DKK
16.8867
17.2244
,
SEK
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY

abyssinia

USD
128.5528
131.1239
,
GBP
165.8666
169.1839
,
EUR
139.2741
142.0596
,
AED
35.0023
35.7023
,
CHF
146.2822
149.2078
,
SEK
12.8649
13.1222
,
NOK
12.2549
12.5
,
CAD
89.8091
91.6053
,
SAR
34.2826
34.9683
,
CNY
17.7251
18.0796

abay

USD
128.9858
131.5655
,
GBP
166.9721
170.3115
,
EUR
139.3562
142.1433
,
AED
35.1163
35.8186
,
ZAR
6.9336
7
,
SAR
34.3824
35.0701
,
JPY
0.8643
0.8816
,
CHF
145.9445
148.8634
,
AUD
81.2739
82.8994
,
CNY
17.7424
18.0973

zemen

CAD
89.8435
91.6404
,
EUR
138.9189
141.6973
,
GBP
165.9578
169.277
,
SEK
12.8421
13.0989
,
USD
128.5498
131.1208

buna

USD
128.9095
131.4877
,
EUR
136.2025
138.9266
,
GBP
159.1011
162.2831
,
AED
34.8035
35.4996
,
SAR
33.9024
34.5804
,
CAD
89.1012
90.8832
,
AUD
64.239
65.5238
,
JPY
0.8603
0.8775

nib

USD
130.3426
132.9495
,
GBP
168.4013
171.7694
,
EUR
140.6221
143.4346
,
CHF
147.8394
150.7962
,
CAD
91.085
92.9067
,
AED
35.4872
36.1969
,
SAR
34.7441
35.439

berhan

USD
129.1602
131.7434
,
EUR
138.8161
141.5924
,
GBP
160.1757
163.3792
,
CAD
89.8006
91.5966
,
AED
35.1629
35.1175
,
CNY
17.7667
18.122

wegagen

USD
128.9783
131.5579
,
GBP
168.4715
171.8409
,
EUR
140.6895
143.5033
,
CHF
147.2416
150.1865
,
SEK
13.0784
13.3401
,
CNY
17.6701
18.0235
,
JPY
0.8771
0.8946

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
128.8983
131.4763
,
EUR
139.2617
142.0469
,
GBP
166.8588
170.196

ahadu

USD
129.1177
131.7001
,
GBP
154.3672
157.4545
,
EUR
135.5371
138.2478
,
CAD
58.8603
61.8033
,
SAR
21.7111
22.7967
,
AED
22.1751
23.2839

addis

EUR
139.2568
142.0419
,
GBP
165.3348
168.6415
,
USD
129.5932
132.1851
,
CHF
147.0645
150.0057
,
JPY
0.8688
0.8861

dashen

USD
128.5495
131.1205
,
EUR
137.548
140.2989
,
GBP
158.0352
161.1959
,
CAD
84.0711
85.7525
,
AED
31.6728
32.3063
,
SAR
31.01
31.6302
,
CNY
16.1144
16.4367

oromia

lion

USD
131.108
133.7302
,
GBP
163.6378
166.9106
,
EUR
140.736
143.5507

developmentbank

USD
128.8036
131.3797
,
GBP
166.3756
169.7031
,
EUR
139.1723
141.9557
,
CHF
146.0027
148.9228
,
SEK
12.8509
13.1079
,
NOK
12.2792
12.5248
,
DKK
18.6504
19.0234
,
DJF
0.7214
0.7358
,
JPY
0.8621
0.8793
,
CAD
89.5527
91.3437
,
SAR
34.3339
35.0206
,
AED
35.0658
35.7671
,
INR
1.5042
1.5343
,
KES
0.9954
1.0153
,
AUD
80.5023
82.1123
,
SDR
171.1413
174.5642
,
ZAR
7.0147
7.155
,
CNY
17.7176
18.072
,
KWD
417.6199
425.9723

coop

USD
128.8606
131.4378
,
GBP
158.331
161.4976
,
EUR
136.4649
139.1942
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128

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
130.099
132.701
,
EUR
142.1326
144.9753
,
GBP
162.05
165.291
,
SAR
34.4226
35.111
,
AED
35.1563
35.8594

amhara

USD
131.05
133.671
,
GBP
169.5001
172.8901
,
EUR
141.1409
143.9637
,
CAD
91.4579
93.287
,
AED
35.6812
36.3948
,
SAR
34.9383
35.637

tsehay

USD
125.9729
128.4923
,
GBP
154.0817
157.1634
,
EUR
130.0158
132.6161
,
CAD
86.9537
88.6927
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
130.8629
133.4802
,
EUR
141.3843
144.212
,
GBP
169.402
172.7901
,
AED
35.6274
36.3399
,
CHF
148.0685
151.0298
,
SEK
13.134
13.3966
,
NOK
12.5361
12.7868
,
DKK
18.9494
19.3284
,
DJF
0.7329
0.7476
,
INR
1.5302
1.5608
,
JPY
0.8769
0.8944
,
CAD
91.3401
93.1669
,
SAR
34.8828
35.5805
,
ZAR
7.0345
7.1752
,
CNY
18.0006
18.3607
,
KWD
424.3623
432.8495
,
KES
1.0105
1.0307

siinqee

USD
128.9895
131.5693
,
EUR
139.9473
142.7462
,
GBP
159.6959
162.8898
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
32.7831
33.4388

hibret

USD
128.6
131.172
,
EUR
140.8406
143.6574
,
GBP
160.5002
163.7102
,
CHF
145.7719
148.6873

gohbetoch

USD
131.0305
133.6511
,
EUR
135.3352
138.0419
,
GBP
156.7013
159.8353
,
AED
34.3079
34.9941

nbe

JPY
0.8665
0.8752
,
KWD
417.9152
422.0944
,
CNY
17.7875
17.9653
,
ZAR
7.0183
7.0885
,
XDR
171.7917
173.5096
,
EUR
140.5463
141.9518
,
AED
35.0785
35.4293
,
SAR
34.3555
34.6991
,
AUD
81.0576
81.8682
,
CAD
89.3778
90.2716
,
USD
128.847
129.3175
,
KES
0.995
1.0248
,
INR
1.4766
1.4914
,
DJF
0.7216
0.7433
,
DKK
18.8431
19.0315
,
NOK
12.0765
12.1973
,
SEK
12.7837
12.9115
,
CHF
145.9527
147.4122
,
GBP
166.7409
168.4083

binance

USDT
156.62
155.75

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.