Kacha Joins Digital Finance Triad


Kacha Joins Digital Finance Triad

The first private payment instrument issuer Kacha Digital Finance Services officiated its services four years after incorporation and receiving a permit. Kacha is the third payment issuer to officially launch a service that allows users to deposit, withdraw, and transact using a mobile application or through a USSD code and offers a long list of digital finance services trailing the state-owned Telebirr and two-month-old M-pesa. The CEO Abraham Tilahun believes it will be a crucial step towards accelerating financial inclusion. He expressed his hope to enhance accessibility, interoperability and inclusivity during the opening ceremony at Skylight Hotel while partnering with Diredawa Microfinance Institution to facilitate services to residents of Dire Dewa City. The company has completed interoperability agreements with several commercial banks with Nib Bank, Global Bank Ethiopia and Buna Bank being the latest ones. Martha Hailemariam, an advisor at the Central Bank, indicated the importance of aligning digital financing to robust customer security and privacy, championing the digital National ID as a crucial element of this objective.   Editors' Note: This article was updated from its original form on October 24, 2023.

[ssba-buttons]

Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...