DEG invests in mobile money technology provider in Ethiopia
Around 100 million people live in Ethiopia. More than three quarters do not have any access to banking services. The cashless money transfer and payment service (M-BIRR) provides an alternative to a bank branch by enabling payment by mobile phone (“mobile money”). DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, is investing EUR 4m in the provider of the mobile money platform. By doing so, it is playing a part in improving access to banking services in Ethiopia on a wide scale. Other investors include the European Investment Bank (EIB). The Finnish development finance company Finnfund has been a shareholder in M-BIRR since as early as 2012.