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.


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...