TeleBirr has introduced a digital marketplace for financial products of commercial banks along with a digital platform for share transactions.
Ethio Telecom, the owner of the mobile payment service, launched both the Digital Financial Marketplace Service and the Digital Share Sell/Buy Platform on Thursday, Oct 21, 2023.
The Digital Financial Marketplace service aims “to leverage the success” of Ethiopia Telecom’s two existing joint initiatives on financial services.
These initiatives with Dashen Bank and the Commercial Bank of Ethiopia (CBE) helped more than 3.6 million customers gain access to loan services, to date.
The telco says the newly introduced digital marketplace will provide a unified platform for all financial institutions offering micro credit, saving, and insurance services, and will enable them to reach over 40 million Telebirr customers with their products.
Currently, Ethio Telecom has finalized its discussions with Ahadu, Siinqee, Enat, and Awash banks. They are now awaiting the National Bank of Ethiopia’s approval to join the platform and start offering their services.
Discussions with other financial institutions are ongoing, the company says, adding: “We encourage all financial institutions to leverage the digital financial marketplace.”
The second digital solution that Ethio Telecom has launched today is a Telebirr-based Digital Share Sell/Buy platform.
The platform enables authorized business institutions to digitize their share buying and selling process “in a cost-effective manner and make their shares easily accessible to the wider society”, Ethio Telecom says.
Currently, the state-owned telecom operator provides more than 200 local and international products and services for over 73 million subscribers.