Multi-bank and multi-bank mobile money service HelloCash launches in Ethiopia

BelCash Technology Solution PLC has partnered with two banks to launch HelloCash mobile money services in Ethiopia.

Launched in partnership with Lion International Bank and Somali Micro Finance, the service will provide financial services to all Ethiopians. It will enable existing and potential customers of Lion International Bank and Somali Micro Finance to carry out transactions in four key areas of financial transactions: Deposit, Withdraw, Transfer and make payments.

Complying with the National Bank of Ethiopia’s directives on mobile money, the pilot is underway in three parts of the country with locations comprised of agent outlets and branches. The service will make financial services available to more Ethiopians, especially at the grassroots level, in order to drive financial inclusion in the country.

Key standouts of HelloCash include its interoperability and shared infrastructure features. The system is designed for multiple banks and MFIs to be interconnected and offer mobile money services to their respective customers. This allows partnering financial institutions to share each other’s agent and branch networks to serve each other’s customers.

Effectively, this means that the customers of any partnering bank can visit any agent or branch to use HelloCash financial services, regardless of which bank they belong to. This optimizes investments for banks as well as increases national coverage.