Central Bank Approves Debub Global Interest Free Banking Venture

Dr. Tesfaye Boru


Central Bank Approves Debub Global Interest Free Banking Venture

The National Bank of Ethiopia (NBE) has greenlighted Debub Global Bank's proposal to kick off an interest-free banking operation. Debub Global, which profited 1.1 billion Br in the last fiscal year, is going to avail Wadi'a saving, investment saving, financing services, international banking, foreign exchange services, bank guarantees, and remittance services through its IFB window. Several banks have already begun interest-free window operation services including, Dashen Bank, Bank of Abyssinia, Wegagen Bank, and the Cooperative Bank of Oromia. Debub Global, which was established in 2012, plans to begin operation in dedicated windows selected among its 110 branches in Addis Abeba and other cities. In 2008, the central bank issued a proclamation that allowed interest-free banking service, but it limited it to window service. A later directive issued, however, has relaxed the rules and allowed the establishment of fully-fledged interest-free banks, and the likes of ZamZam and Hijra are gearing up to start operations in the coming months.


Radar

Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Radar

Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Radar

Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...


Back
WhatsApp
Telegram
Email