Ethiopia’s Dashen Bank partners Visa to launch an e-commerce platform

ETHIOPIA – Financial institution Dashen Bank has announced that it will launch Amole e-commerce gateway using Visa Cyber Source infrastructure to acquire Visa, Mastercard and American Express cards. The Amole e-commerce gateway will be the first e-commerce gateway in Ethiopia to accept all three major international cards with the promise to expand by acquiring and developing additional digital payment methods. The e-commerce was launched in cooperation with Moneta Technologies, a fintech company fully owned by Kenya’s Fettan Holdings Limited which operates Dashen Bank’s digital wallet system, Amole, and Visa. Speaking…

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AfDB approves US$2.33m grant to support the modernization of e-payments infrastructure in Ethiopia

ETHIOPIA – The Board of Directors of the African Development Bank (AfDB) has approved a grant of US$2.33 million to EthSwitch Share Company, an initiative led by National Bank of Ethiopia, for the modernization of its payments infrastructure. The grant is resourced from the special fund of the Africa Digital Financial Inclusion Facility (ADFI), a pan African initiative that aims to facilitate digital financial inclusion for an estimated 332 million unbanked population across the African continent, 60% of whom are women. The African Development Bank believes that provision of interoperable…

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National Bank of Ethiopia approves US$76m stimulus package for hospitality sector

ETHIOPIA – The National Bank of Ethiopia (NBE) approved a new financial stimulus package for the country’s hospitality industry in response to the Covid-19 pandemic that has disrupted the tourism sector for almost a year. The newly approved financial support, which will be provided in the form of loan, is an extension of the US$83.6 million stimulus package which was applicable until November 10, 2020 and approved following the US$167 million financial support request made by hotels. According to industry sources, commercial banks can take as much as US$83.6 million…

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Ethio-Telecom to invest in the country’s financial sector

ETHIOPIA – Ethiopia’s Council of Ministers has amended the Ethio – Telecom establishment regulation to boost the telecom giant’s operation besides its traditional telecommunication service. Capital newspaper has reported that the regulation amendment mainly targets to allow the state telecom operator to invest in the financial sector. Currently, the government is in the process to partly selling minority shares of Ethio Telecom to foreign and local investors, while retaining majority shares in the telco. Financial experts said that the Council of Ministers decision passed on January 8, would not contradict…

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National Bank of Ethiopia authorises operation of foreign currency accounts

ETHIOPIA – The National Bank of Ethiopia has issued a directive allowing Ethiopian residents and non-residents to open and operate foreign currency accounts in the country. The move is one of many reforms in the country’s financial sector aimed at liberalizing the country’s financial sector. The decision is expected to increase the flow of foreign currency into Ethiopia through formal channels, encourage saving and investments by Ethiopians abroad, boost the country’s foreign exchange reserves, and ease Ethiopia’s balance of payment problem. Residents of Ethiopia, Ethiopian non-residents, and non-residents of Ethiopian…

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IFC and the National Bank of Ethiopia partner to strengthen the leasing industry

ETHIOPIA – IFC, a member of the World Bank Group, and the National Bank of Ethiopia, hosted Ethiopia’s first National Leasing Forum to strengthen Ethiopia’s leasing industry and help it reach its estimated US$1 billion potential for supporting thousands of smaller businesses across the country. The forum gathered stakeholders from the public and private sectors to discuss opportunities to support Ethiopia’s micro, small, and medium-sized businesses with leasing finance, a financial solution under which businesses with limited or even no collateral can more easily acquire the vehicles, equipment, or other…

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