TeleBirr, a mobile money service from Ethio, has been launched. It will be offered to Ethio Telecom users starting May 1st; Ethio currently has a monopoly.
While the government’s decision to enable mobile money is a huge and exceptional victory for many sectors of the economy and enterprises. It is also vital to the country’s gaming market’s long-term growth, since it opens the door for more mobile internet gambling and betting. However, as many African economies progress, mobile devices have become the preferred payment method. Thus, the attraction and fast acceptance of mobile money in many underserved groups supply the requirement in Africa, bridging the gap for unbanked individuals.
The program has considerably assisted mobile internet betting and gaming in East Africa.
Players may pay from home utilizing their favorite betting sites. The long anticipated opening in Ethiopia would undoubtedly boost the gaming business and compete with other prominent African nations. Ethiopia, Africa’s second-most populated nation, has one of the continent’s most young populations, a wonderful asset and untapped potential for development; 41% are under 15. More than 28% are between 15 and 29 years old. The nation has a lot to offer investors and businesses. It may be a major player in Africa’s gaming business. Simultaneously, Safaricom of Kenya and Sumitomo of Japan have been granted new telecom operating licenses to compete with Ethio Telecom.
Thus, a move would terminate the state’s monopoly on its crippled telecom industry,
which has hampered the economy and business for years. To be sure, the two new telecom licensees will reshape the market for enterprises seeking to supply internet Officials said the two new carriers will not be allowed to provide mobile money services. However, the country’s Council of Ministers has approved Ethio as the exclusive mobile money provider. It took almost a year to get a proposal to the National Bank Ethiopia, which accepted it. Officials at Ethiopian Telecom said the new service would help strengthen customer loyalty before other providers start up. Customers may send, receive, and keep money via TeleBirr mobile money.
Payments for products and services are made through TeleBirr. Customers may also receive money from Diaspora, obtain loans,
and connect bank accounts. While this step is long overdue, restricting mobile money services to one player is unlikely to be welcomed by many. It is true that the World Bank has cautioned about the absence of competition in digital financial services. However, a monopoly in mobile money services may benefit gaming businesses.
Casinos, sports betting, and lotteries are all legal forms of gambling. It has huge economic potential and a large young population; yet,
mobile money access has been a huge issue for bookies in the nation. As stated in the essay, this new discovery positioned the gaming sector for future success. The Ethiopian market has recently attracted several renowned African companies. Betking and Betika have entered the market.