Following the National Bank of Ethiopia ’s approval to begin international remittance through its mobile money network Telebirr, which is attracting a huge number of clients, Ethio telecom has debuted its service.
Ethio Telecom has been integrating its system with its foreign partners and conducting numerous system tests over the previous few weeks.
You can then go to your local telebirr representative to receive your cash or transfer it to your bank account, according to Ethio telecom.
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Here Is What You Need To Know
- Telebirr users, both registered and unregistered, can send and receive international money transfers. Customers can receive money from friends and relatives who live overseas via their mobile number.
- Customers using the telebirr International Remittance Service can receive money from all over the world, including the United States, Canada, and Australia.
- A 5% e-money bonus would be available on every remittance value received, according to the telecom behemoth. It further stated that the maximum daily cash out limit for customers who received remittance is 5,000 birr for level 1, and 50,000 birr for levels 2 and 3.
- Telebirr currently has 11 million customers and is increasing, with over two billion birr exchanged through the platform. So far, 26,442 agents have provided telebirr services around the country, and the platform has been integrated with 9 banks.
- Already, 26,442 agents have provided telebirr services across the country, and the platform has been integrated by eight banks.
- The new service, telebirr, will mark a shift for Ethiopia, where the banking system is seen as inefficient, with 19 commercial banks serving a population of about 115 million people, according to the Telecommunications CEO.
- Huawei developed Telebirr, a mobile money service. Huawei spent five months developing the end-to-end service that enables cashless transactions to be delivered. According to Huawei, the platform deployed can presently process up to 100 transactions per second (TPS) and can be scaled up to 1000 TPS in the future. The service is available by SMS, USSD, and smartphone apps. Telebirr is available in five languages for convenience of use.
- To this aim, tele birr is predicted to account for approximately half of Ethiopia’s total GDP, or 3.5 trillion birr($75.3bn) in transactions, during the next five years.
Telebirr remittance Ethiopia Telebirr remittance Ethiopia
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
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