CBE Crowdfunding Service Collects $3m

December 4 , 2021


CBE Crowdfunding Service Collects $3m

A crowdfunding application developed by the Commercial Bank of Ethiopia (CBE) and Chapa, a fintech company, has managed to collect three million dollars within a few weeks of operation. The application allows contributors to directly send foreign currency digitally. The Bank and Chapa partnered to create the application in a bid to support humanitarian assistance for those affected by the war. More than 12,000 people donated, and while 87pc of the donors are from the US, the remaining funds came from Canada, the UK, Sweden, Germany, and elsewhere. The collections will go to the National Disaster Risk & Management Commission to support its efforts in providing assistance to conflict-affected areas.


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