Kenyan group in talks with Ethiopian banks on mobile payments

Equity Group Holdings Ltd.’s FinTech Unit is in discussions with six Ethiopian banks to collaborate on cross-border mobile payments and e-commerce. The company, acting via its wholly-owned subsidiary Finserve Africa Ltd., is targeting remittances from three million Ethiopians living outside the country as the country begins opening up its economy for foreign investment. The company expects agreements to be concluding within the next 3-6 months.

Last year, Ethiopians sent back approximately USD 4.6 billion in remittances, equal to about 25% of the country’s annual foreign exchange earnings.