Ethiopian Central Bank Governor Says Country is On the Path to a Digital-first Financial Ecosystem
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In 2021, Ethiopia embarked on an audacious journey with the launch of its National Digital Payments Strategy (NDPS). This initiative was more than a policy reform; it was a bold stride towards reshaping the country’s economic landscape into one that is more inclusive, efficient, and prosperous. As we edge closer to the culmination of the first phase of the strategy’s implementation in 2024, it is crucial to take stock of the ground we’ve covered, the hurdles we’ve overcome, and the significant strides we’ve made towards a digital-first financial ecosystem. Spearheaded by the National Bank of Ethiopia (NBE), with the support of the United Nations-based Better Than Cash Alliance, the strategy is steering the nation towards a less cash-dependent economy. From the get-go, Ethiopia’s payment landscape, vast and intricate, presented numerous challenges in the transition to a more digital ecosystem. These challenges included infrastructure deficits, digital literacy gaps, regulatory hurdles, and a growing financial inclusion gender gap. However, the determination to drive greater efficiency in payment service delivery, transparency, women’s economic participation and sustained inclusive growth by leveraging responsible digital payments is paving the way for a financial revolution.