CBE Embarks on Digital Fuel Payment Platform

Aug 20 , 2022

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.


Ethiopia's Central Bank Dips a Toe in the Open Market Waters

In a historic move to manage liquidity within the banking system, the National Bank of Ethiopia (NBE) held its first-ever open market operation (OMO) on July 11, 2024. The auction drew notable interest from the financial sector, with 16 bidders submitting nearly 20 billion Br. The central bank accepted the total amount of bids, reflecting the banking industry's robust engagement with this new monetary policy tool. The NBE's foray into OMOs is seen as a strategic measure to control the mone...


CBE Shatters Profit Record at 25.6B BR

The state-owned Commercial Bank of Ethiopia (CBE) registered a record-breaking 25.6 billion Br in gross profits for the ended fiscal year, driven by aggressive cost-cutting measures. While CBE faced a challenge earlier in the year with a system glitch, the bank has demonstrably grown its customer base, now exceeding 45 million people. Its total deposits surpassed the trillion birr mark, reflecting a major increase of 170 billion Br. The Bank's revenue also grew by 13pc, reaching 135.4 billion...


Ethio telecom Dominates Industry with Expanding Profits, Coverage

The state-owned teleco company netted 21.7 billion Br in the financial year, posting a 21.7pc jump in revenues to 93.7 billion Br from last financial year. While it has not enjoyed a monopoly since the entrance of Safaricom Ethiopia three years ago, its annual revenues have taken a leap with the competition. The centenarian operator increased its customer base by 8.9pc to reach 78.3 million, with an 85.4pc geographical coverage. Its nearly three-year-old mobile money service, Telebirr, is use...