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Ethiopia's fintech ecosystem is a mix of challenges and opportunities. 📈🌍
From low formal banking penetration to an increasingly digital population, it’s clear that innovation in financial services is critical.
Key insights from my research today:
1️⃣ Low banking penetration but high mobile adoption: Over 75% of transactions are cash-based, yet mobile payment systems like Telebirr are gaining traction.
2️⃣ Regulatory frameworks: Ethiopia’s regulatory approach emphasizes financial inclusion but poses innovation challenges, especially for BNPL services.
3️⃣ Unique consumer behaviors: Ethiopians' dominance of informal financial systems and cash reliance shape their engagement with digital financial services.
💡 Question of the day: How can fintech drive financial literacy in Ethiopia to accelerate digital adoption?
Ethiopia's fintech ecosystem is a mix of challenges and opportunities. 📈🌍
From low formal banking penetration to an increasingly digital population, it’s clear that innovation in financial services is critical.
Key insights from my research today:
1️⃣ Low banking penetration but high mobile adoption: Over 75% of transactions are cash-based, yet mobile payment systems like Telebirr are gaining traction.
2️⃣ Regulatory frameworks: Ethiopia’s regulatory approach emphasizes financial inclusion but poses innovation challenges, especially for BNPL services.
3️⃣ Unique consumer behaviors: Ethiopians' dominance of informal financial systems and cash reliance shape their engagement with digital financial services.
💡 Question of the day: How can fintech drive financial literacy in Ethiopia to accelerate digital adoption?
The news also helped traders look past another report showing decades-high inflation and shake off some of the volatility from recent sessions. The Bureau of Labor Statistics' February Consumer Price Index (CPI) this week showed another surge in prices even before Russia escalated its attacks in Ukraine. The headline CPI — soaring 7.9% over last year — underscored the sticky inflationary pressures reverberating across the U.S. economy, with everything from groceries to rents and airline fares getting more expensive for everyday consumers. In 2014, Pavel Durov fled the country after allies of the Kremlin took control of the social networking site most know just as VK. Russia's intelligence agency had asked Durov to turn over the data of anti-Kremlin protesters. Durov refused to do so. The gold standard of encryption, known as end-to-end encryption, where only the sender and person who receives the message are able to see it, is available on Telegram only when the Secret Chat function is enabled. Voice and video calls are also completely encrypted. "The inflation fire was already hot and now with war-driven inflation added to the mix, it will grow even hotter, setting off a scramble by the world’s central banks to pull back their stimulus earlier than expected," Chris Rupkey, chief economist at FWDBONDS, wrote in an email. "A spike in inflation rates has preceded economic recessions historically and this time prices have soared to levels that once again pose a threat to growth." For example, WhatsApp restricted the number of times a user could forward something, and developed automated systems that detect and flag objectionable content.
from br
