Wegagen Bank has partnered with E-Birr to launch a new mobile money service, replacing its previous collaboration with BelCash.
The service, unveiled on Tuesday, allows users to open wallet accounts, transfer funds, and make payments via a mobile app or by dialing the USSD code *602#. Yehwalashet Zewdu, Deputy CEO of Enterprise Services at Wegagen Bank, highlighted the potential of this service during the official launch event held in Shire, Tigray Regional State.
E-Birr Mobile Financial Services is a telecom value-added and mobile financial services provider established in 2016. The firm partners with financial institutions to offer its mobile money platform, E-birr. Collaborators include the Cooperative Bank of Oromia and Kaffi Microfinance Institution. E-Birr has facilitated transactions exceeding 2 trillion birr and had 18.2 million users as of June 2024.
Belcash Technology Solutions, a tech company in the same field, had been the technology partner of Wegagen’s mobile money platform since 2018. Under the HelloCash brand, the two provided the platform, similar to Belcah’s collaborations with other institutions like Lion Bank.
However, according to Fisseha Wube, Senior Marketing & Communications Officer at Wegagen Bank, the partnership with E-Birr replaces the HelloCash platform.
“Wegagen HelloCash has ceased operations as of November 4, 2024,” Fisseha stated, adding that the decision to dissolve the partnership stemmed from a lack of financial viability.
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