CBE Ushers Digital Remittance Payment System


CBE Ushers Digital Remittance Payment System

International card users qualify to transfer up to 1,000 dollars void of service charge as Commercial Bank of Ethiopia (CBE) launches a digital remittance payment system. According to Abe Sano, president of CBE, the application aims to expand the Bank's remittance medium availing the service in nine countries. He attributed the low remittance flow to the service charges imposed by service providers and the use of the black market as a prime channel while sending remittances. The state-owned Commercial Bank of Ethiopia (CBE) has disclosed a second-quarter gross profit of 13 billion Br, showing a 13.9pc increase from the same period last year. Its forex earnings from remittance jumped in the second quarter by 37.4pc to 1.7 billion dollars, while it made 3.9 billion dollars in payments for fertiliser, pharmaceuticals, and fuel imports. Tewodros Shiferaw, CEO of CashGo said the application developed by local experts will help increase remittance flow and curb foreign currency shortage with a convenient, secure and reliable means of cash transfer.

[ssba-buttons]

Radar

US Renews National Emergency, Sanctions on Ethiopia

The United States has extended the national emergency and sanctions on Ethiopia for another year under the African Growth & Opportunity Act (AGOA). Signed by President Donald J. Trump, the measure was first declared on September 17, 2021, through an executive order citing the conflict in northern region of the country as an "unusual and extraordinary" threat to U.S. national security and foreign policy. The extension, effective until September 17, 2026, keeps in place restrictions targeti...


Radar

Rockefeller Pitches Clean Cooking to Curb School Meal Emissions

A recent study has revealed the staggering environmental toll of school feeding programs. A single school serving 400 students can burn through the equivalent of 56 hectares of forest each year to fuel cooking. The Rockefeller Foundation flagged the health risks too, with most cooks, predominantly women, breathing smoke levels ten times higher than the World Health Organisation's safe limit. "If every school meal transitioned to clean cooking with electricity and solar, the emissions saved wo...


Radar

Sun-Powered Grid Brings Light to Qunbi District

A new 600KW solar mini-grid in East Hararge'sQunbi district has connected 2,200 households to electricity, marking a milestone in the recent rural electrification push. Ethiopian Electric Utility (EEU) laid seven kilometres of medium-voltage and 10 kilometres of low-voltage lines, installing four transformers to reach communities long cut off from power. Customers cover only meter and installation costs before accessing the service. The project is part of the national strategy to expand energ...