UNCDF joined stakeholders in a Digital Financial Services working group in an online event.

December 15, 2021

The United Nations Capital Development Fund (UNCDF) announced a program focused on motivating institutions engaged in digital financial services in Ethiopia almost a year ago. It will support the governments’ effort in increasing the digital finance ecosystem by working with the National Bank of Ethiopia, Ministry of Finance, Ministry of Innovation and Technology, the private sector, and others.

UNCDF supports the SDGs by promoting and expanding digital economies through digital finance. The goal is to enable millions of people by 2024 to use services that encourage innovation & technology and contribute to the SDGs. The UNCDF joined stakeholders in a Digital Financial Services working group through an online event on Tuesday, December 14, 2021, to start a community of practice.

Ethiopia is Africa’s second-most populous country and has more than 110 million people. Financial services penetration is at a low rate. As stated by a report made by the National Bank of Ethiopia, only 35% of the population has a bank account, and almost 40% of all bank branches are in Addis Ababa. The UNCDF’s objective is to adopt policies and regulations that allow complete access and digital payments.

It also wants to develop and deploy digital financial services using government and private providers with payment services and digital solutions that are simple, affordable, manageable, reliable, and appropriate. Ethiopians need to understand the need for digital literacy. There needs to be a change in attitude toward digital financial services.

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