COOP Bank, Kifya Launch Digital Uncollateralised Lending Platform


COOP Bank, Kifya Launch Digital Uncollateralised Lending Platform

The Cooperative Bank of Oromia and Kifya Financial Technologies have partnered to launch an uncollateralised digital lending platform dubbed 'Michu.' The platform offers loans and overdraft facilities mostly catered towards providing credit access to micro, small, and medium businesses (MSMEs). The Bank is offering a maximum of 30,000 Br in credit with a repayment period of one to four months. "We're excited to join hands with Kifiya as we expand our digital financial offerings and deliver support to the financing needs of micro and small businesses that are often neglected but represent a significant part of the economy,” said Deribie Asfaw, CEO of the Cooperative Bank of Oromia. Powered by Kifya's Qena technology, the platform will use an AI-enabled credit scoring system. Kifiya Financial Technologies was incorporated in 2010 and has been operational since 2013 developing digital payment solutions. The Cooperative Bank has 1.7 million subscribers and over 18,000 merchants accepting payments through its mobile money platform.

[ssba-buttons]

Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...