Cooperative Bank Deposits Top 79b Br

Mar 12 , 2022

The Cooperative Bank of Oromia reports its total deposits have neared the 80 billion Br mark. Incorporated 17 years ago with a paid-up capital of 112 million Br, the Bank has exhibited impressive growth recently. Last year, it recorded the highest profit growth rate in the banking industry at 79.6pc, netting 1.12 billion Br. Deribe Asfar, the Bank's president, says it has mobilised 13.4 billion Br in deposits from its interest-free banking operations. Its total assets have grown to 97 billion Br. At the end of 2019/20, the figure had been closer to 50 billion Br. The Cooperative Bank is one of only four private commercial banks that have managed to meet the central bank's updated capital threshold of five billion Br. Others include Awash and Dashen banks, and the Bank of Abyssinia.


Mobile Apps Streamline Container Handling

A Chinese private logistics company availed its multilingual mobile applications designed to streamline container handling processes for local businesses. Dubbed, the apps are available in Amharic, Oromo, Somali, and Tigrigna, with a competitive monthly fee. Company managements aim to tackle inefficiencies by scanning truck license plates, container IDs, and other details, reducing manual data entry and the potential for errors. Users can also record gate movements with times...


Private Investment Takes Flight in Aviation Industry

Local private operators received the green light last week to expand their services beyond charter flights, offering regular passenger and cargo options. This move by the Ethiopian Civil Aviation Authority is expected to boost the air transport sector, attracting private companies to invest in air travel services. The Authority is partnering with private investors to improve air transport infrastructure by building over 21 new airstrips and helipads in previously underserved areas. Officials...


Safaricom Ramps Up Network Expansion with Locally Made Poles

Safaricom Ethiopia has initiated a three-month procurement process to acquire a total of 68 poles from Woda Metal, the first telecom pole manufacturer in the country. The initial batch of 13 poles was delivered last week, marking a milestone as the first use of domestically produced poles in Ethiopia's telecom sector. Wim Vanhellputte, CEO of Safaricom Ethiopia, praised the high quality and affordability of Woda Metal's poles, which will be crucial for their network expansion goals. The co...