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Awash Bank Partners with Discover Global

Aug 21 , 2021

Awash Bank has signed an agreement with Discover Global Network, an international card payment issuer based in Chicago, to facilitate card payments. Following the agreement, those holding Discover, Diners Club International, PULSE and Network Alliance cards can process payment through the Bank's ATMs, PoS and eCommerce sites. The global card issuer has a presence in more than 200 cities and a network of two million ATMs set up for its more than 270 million cardholders. Awash Bank has similar working agreement with Visa, Mastercard and China Union Pay. According to reports from last year, Visa holds 60pc of the market share in the global payment market, Mastercard follows with 30pc while American Express has fallen behind with 8.5pc. Discover Network is estimated to have 1.5pc of the global market share.

Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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