Ethio telecom, in its strong aspiration to go beyond basic connectivity services, keeps on devotedly introducing various cutting-edge technologies and digital solutions that can transform the nation’s economic and social landscape revolutionizing institutional operations and improving the daily lifestyles of our citizens.
In particular, it has been undertaking various projects to ensure financial inclusion by expanding access to digital solutions, thereby advancing its journey towards realizing digital Ethiopia.
This marked the signing of a strategic partnership agreement with VISA Inc. aimed at introducing the first wallet-based Virtual Visa Card in our country. Moreover, the agreement seeks to enhance the current international money transfer remittance services through the introduction of telebirr Remit App and Visa Direct, promising substantial improvements in the efficiency and security of money transfers.
Visa Direct service enables Visa cardholders in the globe to transfer money to our country using telebirr virtual card number. This service allows both individuals and institutions to send money from over 190 countries, offering greater efficiency and lower service fees than the current remittance service in Ethiopia. To receive money from overseas via Visa Direct, customers must first register for Virtual Visa service using telebirr SuperApp and share the 16-digit virtual Visa card number with the sender, which will be received within one hour.
telebirr Remit service is designed to enable customers residing abroad to securely send money instantly to their friends and relatives’ telebirr mobile number using the Bank of Abyssinia Cyber Source payment gateway. This is facilitated by installing the newly in-house developed telebirr Remit App on their mobile devices. With this service, customers can receive remittances from nine countries, namely the United States, Canada, Israel, Saudi Arabia, the United Arab Emirates, the United Kingdom, South Africa, Italy, and Sweden, by sharing their telebirr mobile numbers. It is anticipated that the service’s coverage will expand further in response to customer demand, incorporating additional countries over time.
This agreement enables customers to obtain a Virtual Visa Card number and presents enhanced alternatives to traditional remittance through Visa Direct and telebirr Remit. Additionally, it extends the service by facilitating seamless online cross-border payments, including for e-commerce in the near future. This significantly broadens our country’s digital financial ecosystem and enhances the conveniences available to citizens. These new services also aim to foster job creation and propel the transition towards establishing a cashless digital society, ultimately providing enhanced benefits to our valued customers.
It is noteworthy that the number of telebirr customers has reached an impressive 47.55 million in the 2023/24 Ethiopian Fiscal Year, highlighting our dedication to promoting financial inclusion and driving societal transformation. Our ongoing collaboration with Dashen Bank and the Commercial Bank of Ethiopia is propelling the advancement of digital financial services. These collective efforts are pivotal in creating a more accessible and inclusive landscape for digital financial services, further amplifying our commitment to advancing the journey towards realizing the vision of Digital Ethiopia.