NBE unsuspended Cashgo & Mama’s Pay Remittance Apps

Date:

Share post:

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.

Addis Insight
Addis Insighthttps://addisinsight.net/
Addis Insight is Ethiopia’s fastest growing digital news platform, providing consumers with the latest news from Ethiopia and its diaspora. We provide marketers with innovative opportunities to leverage our stories and overall brand with a fiercely curious and highly engaged audience.
spot_img

Related articles

Ethiopia’s Ministry of Finance Ends Franco Valuta Import System for Commercial Goods

The Ministry of Finance of the Federal Democratic Republic of Ethiopia has issued a directive announcing the end...

Ethiopia Aims for Cashless Economy with Interoperable QR Code Payment System

Ethiopia’s New Interoperable QR Code Standard Sets the Stage for a Digital Payment RevolutionEthiopia is taking a significant...

Ethiopia’s Banking Sector at Risk: Kaspersky Reports Grandoreiro Trojan Spread

Ethiopia is among the latest countries targeted by the Grandoreiro banking trojan, a significant cyber threat now expanding...

Ethiopia Earns $55 Million from Bitcoin Mining: A Growing Global Player

Ethiopia’s role in the Bitcoin mining industry is on the rise, bringing in a remarkable $55 million over...