Safaricom Ethiopia and Commercial Bank of Ethiopia sign a strategic partnership agreement

Safaricom Ethiopia and Commercial Bank of Ethiopia have signed a Memorandum of Understanding (MoU) outlining a strategic partnership to utilize the potential of the institutions’ capacities and enhance the financial service delivery of the Bank to jointly contribute to the country’s digital and financial inclusion agenda.

In a statement released after a brief signing ceremony, it noted that working together under the umbrella of the partnership, the two entities will integrate their systems to avail services to the underserved and unserved segments of the economy. Safaricom Ethiopia will assist the Commercial Bank of Ethiopia with technology, modern telecom infrastructure, and connectivity to facilitate the Bank’s efforts to reach more customers while providing quality services. 

The Chief Executive Officer of Commercial Bank of Ethiopia, Abie Sano in the statement revealed that Commercial Bank of Ethiopia, being a pioneer of the Ethiopian financial industry for the last 80 years, has its own digital platforms like CBE Birr, mobile banking, ATM and POS services, and facilitated a significant number of transactions to be leveraged for financial inclusion.

“As we continue to work towards improved customer experience through digital innovation by enhancing digital payment platforms, and avail innovative solutions to our customers, we look forward to our partnership with Safaricom Ethiopia to build our capacity with modern technology and connectivity,” he said.

Anwar Soussa, CEO of Safaricom Ethiopia also noted that “We are excited to partner with Commercial Bank of Ethiopia and expand our cooperation with the financial institutions present in Ethiopia, to provide services to our customers that fit their digital lifestyles. Such cross-industry partnerships will enable us to meet the demands of the Ethiopian market taking the experiences and learnings of the bank and affording us the opportunity to further innovate and serve our esteemed customers.”

Safaricom Ethiopia customers will be able to purchase airtime at no service charge using the CBE Mobile Banking application, CBE USSD (*889#), or CBE Birr Mobile application, and CBE Birr USSD (*847#) options in addition to the Safaricom Ethiopia branded shops and souks. 

Over the last month, Safaricom Ethiopia has availed similar services through the Bank of Abyssinia, Awash Bank, and NIB International Bank and will further expand to other banks, microfinance institutions, and technology companies.