Empowering Ethiopia with a Unified Digital Payment Standard
The National Bank of Ethiopia (NBE), is introducing a national standard for interoperable QR code payments. This initiative aims to enhance digital payment accessibility, reduce cash dependence, and ensure secure, seamless transactions across Ethiopia’s financial ecosystem. The interoperable QR standard is tailored to support secure, efficient, and widespread use of QR payments for all stakeholders, from large enterprises to individual consumers.
About the Interoperable QR Code Standard
The National Bank of Ethiopia is dedicated to fostering a robust digital payment infrastructure that serves the needs of the entire country. The introduction of an interoperable QR code standard supports our mission to:
- Encourage Digital Payments: Reducing the reliance on cash transactions for a modern and more efficient economy.
- Enhance Financial Access: Provide all segments of the population, including small merchants and unbanked individuals, with access to digital payment methods.
- Establish a Secure Framework: Ensure the safety of every transaction by aligning with international standards.
FAQ
Common Questions About Ethiopia’s Interoperable QR Code Standard
Frequently Asked Questions
The QR code standard simplifies digital payments, allowing consumers to use a single QR code format across different banks and payment providers, while ensuring security and convenience.
Merchants only need to display one QR code to accept payments from any participating bank or financial provider, reducing setup costs and improving customer convenience.
Yes, the interoperable QR system adheres to international EMVCo standards, ensuring every transaction is encrypted and secure.
Absolutely. The QR standard is designed to be accessible to small and medium-sized businesses, allowing them to offer digital payment options affordably.