Interest Rate Cut Leads Lion Bank to Forgo 21m Br

May 23 , 2020


[ssba-buttons]

Lion International Bank has forgone 21 million Br in revenue after cutting lending interest rates and waiving commission fees to alleviate the financial burden on its customers. The Bank has decreased its lending interest rates for particularly hard hit sectors like the export, hotel and tourism, agriculture, inter-country trade, transport and construction industries. Additionally, it is providing loan merging and extensions from three to sixth months. The Bank has taken these measures and increased transaction and cash withdrawal limits to minimise the number of customers who have to travel to its branches. The waived fees will include those levied on loan repayment requests, letters of credit (LC) and cash against document (CAD) extension requests, as well as ATM transactions. The Bank, through its mobile and internet banking system, has increased the daily limit on transactions to 15,000 Br and 50,000 Br for ATM and Point of Sale terminals (PoS), respectively. The limit on mobile banking has been increased to 85,000 Br. The limit on online banking transactions for customers and businesses has been increased to 100,000 Br and half a million Birr, respectively.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...