National Bank of Ethiopia (NBE) today lifted restrictions on the transfer of money from bank accounts to Telebirr. The Ethiopian banking regulator made this decision after it received complaints about private denying transfer of money to Telebirr.
Last month, Ethio Telecom offered 100 million shares for sale. One share was priced at 333 birr. The shares can only be bought through Ethio Telecom’s mobile application called Telebirr. NBE has received hundreds of complaints about private banks slowing down or denying transfer of money from bank accounts to Telebirr.
National Bank of Ethiopia today told all private banks to ensure that free flow of funds to Telebirr from customers’ accounts must be ensured. Reportedly, customers of banks are withdrawing huge amounts of money from 30+ private banks and the commercial bank of Ethiopia (CBE) to buy shares at the state telecom.
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