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Bank Announces Official Implementation of Improved System for Making Money Transfers Using Technology

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The National Bank of Ethiopia has officially implemented an improved system for making money transfer using technology.

 

The National Bank announced that the money transfer system meets the ISO 20022 transmission standard.

 

The new money transfer system is said to be a step forward and modernizes Ethiopia’s payment infrastructure.

 

The money transfer system is also said to ensure fast, secure and efficient money transfers between banks.

 

This improved money transfer system, which will be implemented by 35 financial institutions, will play a key role in ensuring a secure financial system in Ethiopia by overcoming the challenges faced by the sector, according to the National Bank of Ethiopia.

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