Crowdfunding, Remittance App Goes Live

Mar 6 , 2021


A locally developed crowdfunding and remittance application dubbed Cash Go was launched last week. The easy-to-use application is compatible with both Android and IOS devices. The application's remittance services are up to international standards, and the platform is a secure way to instantly send money to Ethiopian accounts from abroad. All transactions will take place via Bank of Abyssinia. Cash Go is also meant to be used for fundraising activities, and the application charges less in commission than other crowdfunding platforms such as GoFundMe. Cash Go charges 0.5pc on each donation transaction, while GoFundMe collects 2.9pc in processing fees and 30 cents from each donation. Cash Go is a sister company to Guzo Go, a travel application, and other companies like Nahoo TV and Rosetta Real Estate.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email