The transformational benefits of mobile money for Africa were highlighted by the Vice President of the European Investment Bank during a site visit in Addis Ababa earlier today. During the visit Vice President Pim van Ballekom confirmed that the European Investment Bank expected to confirm significant new support for mobile money in Ethiopia later this year.
On his second day in Ethiopia Pim van Ballekom saw how mobile money could be used to buy a travel ticket. Representatives of Choice Travel and Tour Agency in Addis Ababa showed the EIB delegation how the M-BIRR mobile banking service could be used to purchase an Ethiopian airlines ticket without cash changing hands.
The Vice President announced that European Investment Bank is currently examining possible equity investment to support mobile banking in Ethiopia and confirmed that a financing proposal would be considered in the coming months.
“Mobile money empowers Ethiopian financial institutions to enable customers across Ethiopia to conduct secure and reliable financial operations crucial for sustainable economic growth. Today’s visit allowed the European Investment Bank team to see how M-BIRR is transforming daily life in Ethiopia and the potential impact of mobile money in the years to come to be demonstrated.” said Faith Chisulo, Chief Executive officer, MOSS ICT Consultancy.
“Increasing access to finance and ensuring that people across country can access mobile money is essential for economic development, financial inclusion and gender equality. Across Africa mobile money has helped hundreds of thousands of people to expand business activity and agriculture. As part of the European Investment Bank's strong support for financial services. I am impressed by how mobile money can make economic activity easier and the visit to Choice Travels showed how a secure cashless transaction can be completed in seconds using M-BIRR.” highlighted Pim van Ballekom, European Investment Bank Vice President.
The European Investment Bank has operated in Ethiopia since 1976 and provided more than EUR 400 million to support long-term investment in energy, communications and water infrastructure, as well as private sector investment.
The European Investment Bank is the world’s largest international public bank, owned directly by the 28 European Union member states. Over the last 5 years the European Investment Bank has provided more than EUR 10 billion for investment in Africa.