The Ethiopian government has finally approved mobile money in the country. That means banks and micro-finance institutions can provide transaction-based banking online soon.

The move is seen as one means to push Ethiopia’s economy forward, which has been largely stagnant since the passing of late Prime Minister Meles Zenawi in August last year.

The government’s decision has been welcomed by economists, who believe that it will help spur growth in the East African country.

Ethiopia wants to introduce and bolster its telecom mobile banking sector with the country’s banks in order to make doing business and transferring money easier.

Source