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The company's fintech arm, Finserve Africa, is in talks with six Ethiopian banks to collaborate on cross-border mobile payments and e-commerce. Remittances from Ethiopians summed to $4.6 billion last year.
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Equity’s had to work with an Ethiopian sponsoring bank in seeking approvals, and the talks should conclude in three to six months, he said, without giving further details. Finserve received a license to operate a mobile virtual network in 2014 and uses the infrastructure of Bharti Airtel Ltd.’s local business.
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