Awash Bank Launches Mini Core Solution for Cooperatives

Aug 26 , 2023


A mini core banking solution targeted at savings and credit cooperatives (SACCOs) was launched by Awash Bank last week, partnering with the United States Agency for International Development (USAID) and Amref Health Africa. The platform enables the 21,000 SACCOs in the country to access the management of their members, shares, dividends and chart of accounts by registering selected members with a username and password. Representatives of Kefeta, a collaborative project between USAID and Amref Health Africa, which seeks to establish 18 youth SACCOs across the country, reaching two million youth in the next five years were also present at the launch ceremony. Youth between the ages of 15 and 20 account for 33.8pc of the urban population in the country, with only 29pc of them finishing secondary school education. Awash which has nearly tripled the minimum paid-up capital requirement set forth by the central bank at 14.5 billion Br sets to expand its foothold in the digital finance sector as it hosts 5.5 million mobile money customers already. Chief Retail & SME Officer at Awash Henok Tesema expressed the ambition to become one of the top 10 largest banks in the continent as it already hosts 10.4 million customers during the briefing at the Skylight Hotel on Airport Road.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email