Digital Revolution Reaches Dire Dewa

Jun 1 , 2024


A digital saving and lending app that allows financial services through a digital National ID was launched last week. Kacha Digital Financial Service and Dire Microfinance joined forces to launch the product in Dire Dewa City. Kacha is the first private company to acquire a payment instrument issuer license in the country. According to CEO Abraham Tilahun, the offering goes beyond conventional services, such as money transfers or bill payments, citing existing services like airtime top-up, package purchases and intranational remittance, which are incorporated into the Dire suite of services. Tsigerada Kifle, a board member of the microfinance and head of the city Health Bureau, expressed her hopes that the service reaches the under-served and under-financed segment of the population. "Ongoing support from the administration is crucial," she said.


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