The HelloCash Network Hits Milestone of 500,000 Accounts

HelloCash is a mobile and agent banking service offered by financial institutions in Ethiopia. The service allows customers to access financial service using their mobile phones by operating through local shops, agents, which offer HelloCash on behalf of the partnering banks. The HelloCash is currently being offered by Lion International Bank, Cooperative Bank of Oromia and Somali Microfinance Institution. Together the three service providers have more than 4,000 HelloCash Banking Agents covering all regions of Ethiopia and making it the widest financial network in the country.

This week the HelloCash Network reached the milestone of combined count of 500,000 account holders from the three Financial Institutions that are offering the service.

Speaking at a press conference, Belcash Technology Solutions PLC CEO Vince Mountaga Diop, the technology provider of HelloCash congratulated the banks for reaching the milestone of 500,000 accounts. He also added “This achievement shows, that under the supervision of the National Bank, the Ethiopian market is ready for Mobile & Agent Banking. HelloCash will continue being one of the mobile money networks of choice for financial institutions in Ethiopia to accelerate financial inclusion and in turn deposit mobilisation”.

Anyone with a mobile phone can register for an HelloCash account at any of the 4 000 HelloCash agents. Customers can then deposit money into their account, and then send money to any mobile phone subscriber in Ethiopia. The receiver then in turn withdraws the money from any HelloCash agent. Additionally customers can enjoy buying Ethio Telecom Airtime directly from their phone. Pay your bill is also possible from your HelloCash account as well as from the counter of any HelloCash agent , more than 100 companies are now using HelloCash to receive their bill payment via Bill notification