CBE, Agency Ink Data Integration Agreement

Jul 18 , 2021

The state-owned Commercial Bank of Ethiopia (CBE) and the Federal Document Authentication and Registration Agency have signed a memorandum of understanding to enable data integration for quicker access to legal documents. Officials at the Bank disclosed that the move was necessitated by issues with forged power of attorney documents, which require lengthy procedures to verify and correct. The new digital system will enable the CBE to access the necessary information using a QR code. The system will work even if network systems are down and the service is free. Though the CBE is the first to officially adopt the system, integration has been completed with 17 other banks and the Agency is currently awaiting agreements, according to Muluken Amare, director-general of the Agency.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...