The service was launched by Lion International Bank and Somali Micro Finance in partnership with BelCash Technology Solution PLC.
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HelloCash has launched in three parts of Ethiopia, with a mix of agent outlets and branches. It hopes to increase financial service accessibility to more of the population, with the plan to increase financial inclusion in the country.
“One of the uniqueness of HelloCash mobile money services is its interoperability and shared infrastructure features,” the company said.
“The system is designed for multi banks and MFI’s to be interconnected and offer the mobile money service to their respective customers, therefore, partnering financial institutions are able to share each other’s agent and branch network to serve each other’s customers.”
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Consumers benefit as they are able to use any partnering banks, while partnering banks also benefit as they are able to enhance their investment and increase their country wide reach.
HelloCash seeks to grow a network to more than 20,000 agents across Ethiopia within the three years.