A new study by the Cape Town based Centre for Financial Regulation (CEFRI) and Inclusion found that more than one hundred seven million mobile money accounts have been registered in Ethiopia, signalling strong momentum in the country’s shift toward digital financial services.

The study, conducted during the 2024 to 2025 period, noted that mobile money has expanded quickly as users send, receive, and store funds using their phones without the need for a bank account. Cenfri said the uptake is creating a foundation for wider digital payments and micro insurance services.

According to the findings, 9.5 percent of Ethiopian adults who do not have bank accounts are now using mobile money platforms. The organisation’s technical director, Christine Hougaard, told Ahadu Radio that the growth supports access to digital and organised financial networks for up to fifty eight million unbanked adults.

Cenfri indicated that the expansion is providing an easier pathway for millions who have not been served by traditional banks to enter the financial system. The assessment also highlighted a gap in coordination between industry players and digital service providers, a factor it said could slow future progress if not addressed.

Mobile money services, widely used in Africa and Asia, allow customers to transfer, receive, and store money through mobile phones without a bank account.