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

AMG Holdings Breaks Ground on Industrial Rail Link to Ethio-Djibouti Railway

AMG Holdings has launched construction on a 2.5-kilometer railway connecting its Sheger Industrial Park to the Ethio-Djibouti Railway's Endode Station. The Ethiopian-led project comprises 1.7 Kms of main track and 800 meters of side rail. Chief Project Manager Engineer Nigist Hailu said the line is expected to be completed within six months, facilitating the transport of raw materials and finished goods to Djibouti's port. More than 100 local workers have already joined the project, with addi...


Radar

Ethiopian Deposit Insurance Fund Achieves Full Q1 Collection Target

The Ethiopian Deposit Insurance Fund collected 2.08 billion Br in the first quarter of 2025. This meets 100 percent of the target and represents a 26.83 percent increase compared with the same period last year. The rise in premiums was attributed to higher deposits from member financial institutions. To date, the fund has collected a total of 15.93 billion Br in premiums from member institutions, with 14.51 billion Br coming from regular deposits and 1.42 billion Br from interest-free depo...


Radar

Oromia Bank, Ethiopian Airlines Introduce Fly Now, Pay Later via Milkii Digital App

Oromia Bank's Milkii Digital App, launched on May 3, 2025, has introduced a “Fly Now, Pay Later” service that lets customers book Ethiopian Airlines tickets using digital loans, with payments spread over six months after travel with 16.5 interest rate and allows customers to book flights upto 300,000 Br. Developed in collaboration with Ethiopian Airlines, the platform is part of a broader effort to expand digital finance and simplify access to services. The initiative seeks to enhance conven...