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.