telebirr allows using your mobile number without the need for a bank account for easy transactions, receiving international remittances, using QR codes to make payments, and purchasing goods & services online. Similarly, EthSwitch provides users with affordable, secure, & efficient e-payment infrastructure services.
Telebirr is taking significant steps to introduce the advantages of using mobile money. These two platforms are discussing the necessary steps they have to take to interoperate with each other and other financial firms. The interoperability will ease transactions from banks to telebirr’s platform and vice versa. It will also aid in the modernization of the financial industry of Ethiopia.
In addition, interoperability is anticipated to change NBE’s bank policy from a physical to a digital financial system. Once an agreement has been reached, the difficulty of transferring from telebirr to CBE birr or others will cease to exist because all operators are accessible with one account. Interbank Interoperability will increase money flow through electronic transactions for transfer & payments.
EthSwitch CEO Yilebes Addis stated that this would be an advantage for the financial industry in its efforts for resource mobilization. Digital Wallet and Mobile & Internet banking interoperability (interbank Person to Person (P2P) account transfer) is essential in realizing EthSwitch’s primary goal of achieving complete interoperability.