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

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...