Awash Bank Launches Mini Core Solution for Cooperatives

Aug 26 , 2023


[ssba-buttons]

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

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...