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Digital remittance applications that have been suspended for almost 3 months by order of the National Bank are about to be launched.
Apps Cashgo and Mama Pay, which are operated by the Bank of Abyssinia, have been suspended due to non-compliance. “Cashgo” is produced by Solgett, and Mama Pays is produced by Bell Cash.
Sources close to the matter told ENA that the bank’s Directorate of Foreign Exchange Monitoring and Reserve Management has expressed interest in issuing remittance licenses to the bank or its technology suppliers.
One of the reasons for the controversy is the lack of home-made digital relay services.
According to the rules of the National Bank of Ethiopia, companies can provide technology to banks, but no further authorization is required.
According to sources, the matter could not be resolved through discussions with National Bank officials and the matter was referred to the Prime Minister’s Office for a decision.
Finally, the National Bank of Ethiopia (NBE) board decided last weekend to allow the applications to be launched, and on Monday, it learned that a letter had been written to the Bank of Abyssinia. The decision will allow not only Abyssinia Bank, but also the Commercial Bank of Ethiopia and other banks to provide similar services.
Both apps want to expand their services in collaboration with other banks.
According to the information she received on the eve, Kashgo will make various improvements to the app in the coming days.
Cashgo has been in service for 6 months and can be delivered up to $ 50,000 a day without charge. At the same time, Tower Pay was charged up to $ 200,000 a month and charged $ 1 for any remittances.
Ethiopia alone earns more than $ 4 billion annually.
