The National Bank of Ethiopia has announced the official implementation of an improved system for smooth fund transfer using technology.
The National Bank stated that the fund transfer system is compliant with the ISO 20022 messaging standard.
It was indicated that the new fund transfer system represents a step forward and has modernized Ethiopia's payment infrastructure.
The system is also said to enable fast, secure, and efficient fund transfers between banks.
Information from the National Bank of Ethiopia indicates that this improved fund transfer system, which will be implemented by 35 financial institutions, will play a key role in overcoming challenges in the sector and ensuring a reliable financial system in Ethiopia.