Central Bank Exempts Petroleum Suppliers from Loan Freeze

Oct 30 , 2021


Regulators at the central bank have exempted petroleum suppliers from the freeze on collateralised loans imposed in August 2021. The exemption comes following an appeal from the Ethiopian Petroleum Supply Enterprise, which notified central bank officials that the freeze is impacting the country's oil supply. Petroleum dealers are not part of the exemption, but suppliers including NOC, Oil Libya and TotalEnergies will benefit. The suppliers are the latest to receive relief from the freeze. The central bank has allowed players in the coffee and sesame industries, buyer of banks' foreclosed properties, and bank employees to resume taking collateralised loans since it imposed the freeze.


Radar

Nib Bank, Mastercard Avail Pre-Paid International Card

Nib bank has joined forces with the US-based technology giant Mastercard to unveil a virtual pre-paid payment card. Dubbed "Nib Mastercard," the digital offering responds to the growing demand for flexible payment solutions. The plastic card supports transactions through contactless ATMs, Point-of-Sale (POS) systems and online shopping platforms. Executives express optimism that the partnership will not only meet the rising demand for flexible payments but also ensure secure, round-the-clock pa...


Radar

Land-Based Network to Bypass Red Sea Risks

Ethio telecom, Djibouti Telecom, and Sudatel Telecom have joined forces to launch the Horizon Fiber Initiative, a groundbreaking project that aims to establish a terrestrial fiber-optic network connecting Djibouti, Ethiopia and Sudan. This ambitious initiative seeks to provide a more reliable alternative to the submarine cables in the Red Sea, which have been plagued by frequent disruptions caused by conflicts, natural disasters, sabotage and general degradation. The damage has resulted in prolo...


Radar

Emerging Fintech Captures Turnaround Profit

SantimPay Financial Solution announced a net profit of 57.3 million Br in its second year of operation, a significant turnaround from a loss of 7.1 million Br the year prior. The digital payment system company, which held its second annual general assembly at Sheraton Addis, also reported a revenue of 152 million Br. Tensaye Desalegn, CEO, pointed to the company's strong financial position, stating “our balance sheet has strengthened significantly, with total assets of 240 million Br and debt...


Back
WhatsApp
Telegram
Email