The faster that Ethiopia can create a truly cashless society, the stronger its future as a digitally innovative country. This is according to Thomas Ferede, Business Development Executive at EFT Corporation, an Africa focused payment solutions provider. Ferede says that the future of banking across the continent lies in the full enablement of digital payments - including on-soil Visa and Mastercard card issuance, tokenisation, QR code payments, wallet integrations, and e-commerce capabilities.

“While Africa’s digital landscape is evolving, Ethiopia is experiencing a defining moment in its economic transformation. It is rapidly growing, highly ambitious and moving with intention toward a digital-first economy,” says Ferede. “As this growth continues, it is clear that pressure has been placed firmly on financial institutions to scale their digital offerings. It is here that market-leading technology partners play a pivotal role in supporting the country's digital transformation efforts, while strengthening its foundational infrastructure."

Ethiopia stands out with one of the most rapid expansions on the continent -increasingly moving beyond cash and embracing cards, wallets, QR codes and e-commerce as fundamental to its financial future.  A move that makes it easier to engage in cross-border e-commerce and subscribe to international platforms like Netflix, Amazon, iTunes and Google.  

At the heart of Ethiopia’s transformation—and contributing to the urgency behind it—is a renewed national commitment to modernising the payments landscape. As part of the ‘Digital Ethiopia 2025’ strategy, regulatory bodies have introduced comprehensive reforms aimed at reducing cash dependency, broadening financial inclusion, and fostering interoperability among banks, fintechs, and mobile money operators.

In addition, a national switch, EthSwitch, has been implemented to support the standardisation of QR codes. Ferede notes that these strategic developments contribute to building a more inclusive and accessible financial ecosystem.

However, he says that realising the full potential of this ecosystem requires the support of reliable technology partners: “With operations across 14 African countries, we contribute technical expertise and regional insight essential to advancing this transformation. Our technology stack was built for markets exactly like Ethiopia’s, and while implementing a meaningful nationwide financial digitisation strategy is no easy undertaking, it’s certainly an exciting and inspiring road to financial inclusion for Ethiopia’s population.”

He adds that as EFT Corporation expands into Ethiopia, the company is establishing a strong local presence with Ferede and colleague, Blane Kelmwork Shiferaw both serving as Business Development Executives.

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