FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



CBE Embarks on Digital Fuel Payment Platform

Aug 20 , 2022

[ssba-buttons]

The state-owned Commercial Bank of Ethiopia (CBE) has struck a deal with a local software developer for an application that would enable digital payments at fuel stations. Dubbed "Nedaj", the app developed by Eaglelion System Technology Plc over the past year will be able to integrate CBE accounts to allow users to transact payments for petroleum products. The Bank is rolling out a pilot project using over 1,300 vehicles it owns. Incorporated three years ago with 15 million Br in registered capital, Eaglelion has previously developed micro-credit and digital remittance platforms for Dashen Bank and the Bank of Abyssinia. The CBE has registered over 27.4 million accounts on its digital platforms. Its digital network comprises close to 40,000 CBE Birr agents and 68,000 merchants. The Bank operates over 1,800 branches and close to 2,800 ATMs.

Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...

Read more >>

Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...

Read more >>

Radar

Export Recovery Gains Ground, Industry Still Lags Potential

The Ministry of Industry (MoI) has reported a modest rebound in Ethiopia's manufacturing exports, with revenues climbing eight percent in the 2025 fiscal year to reach 318 million dollars. Minister Melaku Alebel attributed the growth to a gradual sectoral recovery but acknowledged the figures remain well below the country's industrial potential. Speaking at a forum held with 60 top-performing manufacturers, Melaku said the ministry is working to unlock bottlenecks and improve coordination. Th...

Read more >>