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CBE Embarks on Digital Fuel Payment Platform

Aug 20 , 2022

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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.

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New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...

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City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...

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Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...

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