The National Bank of Ethiopia (NBE) has announced that starting December 1, 2024, all payment service providers in the country must adopt standardized QR codes for digital payments. This move aims to streamline the diverse QR codes in circulation, providing a unified system that aligns with NBE’s guidelines.
This initiative comes as Ethiopia’s digital payment landscape experiences significant growth. According to NBE, the fiscal year 2023/24 saw over 2.7 billion digital transactions, valued at more than Birr 9.7 trillion. With digital payment accounts, including mobile and internet banking, now surpassing 198 million, Ethiopia is shifting rapidly towards cashless transactions.
The standardized QR codes are expected to enhance the security, accessibility, and interoperability of digital payments for consumers and merchants, ultimately driving economic growth. EthSwitch, Ethiopia’s national switch, will manage the infrastructure for QR code interoperability under NBE’s oversight, promoting a consistent payment experience.
The new standards and scheme rules are available on the NBE website, nbe.gov.et/QRCode.
Source: NBE
