Ethiopia
In the heart of the Horn of Africa lies Ethiopia, a country of contrasts — ancient yet ambitious, traditional yet rapidly transforming. With a population of nearly 129 million people, Ethiopia stands as one of Africa’s largest and fastest-growing economies, recording a GDP of about USD 160 billion in 2023 and annual growth of around 6.6%.
For generations, cash has ruled the Ethiopian marketplace. From the bustling open-air markets of Addis Ababa to small village stalls in Oromia and Tigray, the exchange of Ethiopian Birr (ETB) by hand has been a trusted ritual — a symbol of community and connection. Cash is simple, tangible, and deeply ingrained in the culture.
Yet, a quiet revolution is unfolding. In recent years, mobile money in Ethiopia and digital payment platforms have begun to reshape the way Ethiopians spend, save, and trade. Over 12 million people now use mobile wallets, and platforms like Telebirr — launched in 2021 — and M-Pesa Ethiopia, which entered the market in 2023, are changing lives. These platforms allow users to pay bills, send money, and conduct online transactions, even booking flights through Ethiopian Airlines digital payments.
By mid-2024, Ethiopia had over 100 million registered mobile wallet accounts, and digital transactions surpassed 9.6 trillion birr, reaching even remote communities.
Ethiopia’s economy still relies heavily on exports, with coffee, oilseeds, flowers, pulses, and gold generating roughly USD 3.6 billion in 2023. Industrial growth in textiles, leather, and floriculture complements traditional agriculture. Imports, however, reached about USD 17.9 billion, including machinery, fuel, vehicles, and chemicals, resulting in a trade deficit of nearly USD 14 billion.
Cash and trust still anchor Ethiopia’s financial life. Businesses use bank transfers, letters of credit, and documentary collections for cross-border trade, while mobile platforms like Telebirr and M-Pesa enable farmers, small shop owners, and entrepreneurs to access digital banking and electronic payments, fostering financial inclusion.
Ethiopia’s story is one of economic growth, digital transformation, and financial innovation. From mobile money Ethiopia to online payments, the country is bridging tradition and technology. Cash may still be king — but the kingdom is changing.
Top banks
Ethiopia’s banking sector is growing steadily, with a mix of state-owned and private banks providing a wide range of financial services, including retail banking, corporate finance, digital banking, and mobile payment solutions. Leading banks such as Commercial Bank of Ethiopia, Dashen Bank, Awash Bank, and Bank of Abyssinia play a key role in promoting financial inclusion, supporting digital payments, and driving economic growth across urban and rural areas.
Nib International Bank
Nib International Bank (NIB), established on May 26, 1999, is one of Ethiopia’s leading private banks. Licensed under the Commercial Code of Ethiopia and the Proclamation for Licensing and Supervision of Banking Business, NIB started operations on October 28, 1999. The bank provides retail, corporate, and investment banking services, supporting financial growth and innovation across Ethiopia.
Abay Bank
Abay Bank, also known as Addis International Bank, is a dynamic Ethiopian bank offering a wide range of retail, corporate, and investment banking services. Committed to financial innovation, customer satisfaction, and economic growth, the bank serves individuals, businesses, and institutions across Ethiopia’s banking sector. With a focus on digital banking solutions, loans, and international banking services, Abay Bank supports both local and global financial needs.
Awash Bank
Awash Bank, established on November 10, 1994, is Ethiopia’s pioneering private bank, offering comprehensive retail, corporate, and financial services. Known for its strong operational performance, technological innovation, and customer focus, Awash Bank continues to expand its capital base and banking network across Ethiopia.
Bank of Abyssinia
Bank of Abyssinia (BoA), established in 1996, is a leading Ethiopian bank providing comprehensive retail and corporate banking services. Known for its commitment to innovation, customer success, and financial growth, BoA serves as a trusted partner for businesses and individuals across Ethiopia.
Berhan Bank
Berhan Bank S.C., licensed by the National Bank of Ethiopia (NBE) on June 27, 2009, was established under the Commercial Code of Ethiopia. With an initial subscribed capital of Birr 154.7 million, the bank provides a wide range of retail, corporate, and financial services, serving customers across Ethiopia’s banking sector.
Bunna Bank
Bunna Bank S.C., licensed by the National Bank of Ethiopia (NBE) in June 2009, officially began operations on October 10, 2009. With an initial paid-up capital of 156 million Birr, the bank provides a wide range of retail, corporate, and financial services, supporting Ethiopia’s growing banking and economic sector.
Commercial Bank of Ethiopia
Commercial Bank of Ethiopia (CBE), founded in 1942 on the legacy of the State Bank of Ethiopia, is a leading Ethiopian bank and a cornerstone of the country’s financial sector. Established as a share company in 1963, CBE provides a wide range of retail, corporate, and international banking services, playing a key role in Ethiopia’s economic development.
Coopbank
Cooperative Bank of Ethiopia (Coopbank) is a leading Ethiopian bank with a diverse ownership structure, including cooperatives, organizations, and individuals. With 750+ branches, over 13 million account holders, and more than 15,000 employees, the bank manages assets exceeding ETB 139 billion and offers retail, corporate, and cooperative banking services across Ethiopia.
Bank of Oromia Dashen
Bank of Oromia Dashen is a leading Ethiopian bank known for its reputation, reliability, and customer-focused services. The bank offers retail, corporate, and electronic payment solutions, partnering with top brands in the digital payments industry, and maintaining a strong presence in Ethiopia’s financial sector.
Debub Global Bank
Debub Global Bank S.C., founded in August 2012, is a fast-growing private bank in Ethiopia. With 50 branches and over 120,000 customers, the bank provides retail, corporate, and international banking services. Its strong growth, with assets of Birr 4 billion, reflects a commitment to customer-focused service and financial innovation.
Bank Enat
Enat Bank, established on July 9, 2011, is a pioneering Ethiopian bank with a strong focus on women empowerment. Officially opened on March 5, 2013, the bank is 64% women-owned and provides retail and corporate banking services, promoting inclusive financial solutions across Ethiopia.
Oromia Bank
Oromia Bank, established on September 18, 2008, is a leading Ethiopian bank offering a wide range of financial products and services. With 500 branches and advanced digital banking solutions like Oroclick and Mobile Banking, the bank provides retail and corporate banking while embracing innovation to meet evolving customer needs.
Top payment methods
Ethiopia’s payment landscape is evolving, blending traditional cash transactions with digital payment solutions. Popular methods include mobile money, electronic banking, card payments, and platforms like MTNMobile and M-Pesa, enabling bill payments, peer-to-peer transfers, retail purchases, and online transactions. These solutions are driving a cashless economy and promoting financial inclusion across urban and rural areas.
MTN Mobile Money
MTN Mobile Money is a secure electronic service that enables MTN Mobile Money wallet holders to store funds, send and receive money, make payments and do a number of other transactions simply using their mobile phone. It's fast, simple, convenient and affordable. Ethiopian airlines passengers can use MTN to make their ticket payment from Uganda, Ivory Coast, Ghana, Zambia and Cameron
M-Pesa
M-Pesa, a leading mobile payment platform by Safaricom, is one of Africa’s largest mobile money networks, serving over 50 million users across Kenya, Tanzania, South Africa, Zambia, and other countries. It enables peer-to-peer transfers, in-store payments, and international remittances through partners like Western Union, supporting financial inclusion, cashless transactions, and cross-border payments. In Kenya, over 90% of mobile money transactions are processed via M-Pesa, making it a vital part of East Africa’s digital economy. The service also offers fast, convenient, and secure international money transfers, making it a top choice for users seeking mobile banking and digital payment solutions across Africa.
Concluding remarks
In Ethiopia, payment methods are still largely dominated by cash transactions, and the use of digital payment methods is still relatively low. However, there are some payment methods that are gaining traction in the country. These include:
Cash
Cash remains the dominant payment method in Ethiopia.
Mobile money
Mobile money: The use of mobile money is growing in Ethiopia, although it is not yet as popular as in some other African countries. The government is actively working to promote mobile money services to increase financial inclusion and improve access to financial services.
Bank transfers
Bank transfers: Many banks in Ethiopia offer online banking services that allow customers to transfer money between accounts, pay bills, and access other banking services.
Card payments
Card payments: Debit and credit card payments are not yet widely used in Ethiopia, but they are becoming increasingly available as more banks and merchants adopt payment card technology.
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