Leading Private Bank Joins Force for Digital Equb

Aug 18 , 2024


[ssba-buttons]

Ethiopia’s leading private commercial bank, Awash Bank, has joined forces with FinTech startup eQub Financial Technologies to revolutionise the traditional Equb system through digital platforms. The partnership was formalised on Saturday, August 17, 2024, at a signing ceremony in Sapphire Hotel, Namibia St. Alexander A. Hizikias, eQub CEO, underlined the company's alignment with the government's push for inclusive digitisation. Traditionally, equbs have served as  primary sources of credit in Ethiopia. FinTech executives seek to transform this practice by establishing digital equb groups and integrating the concept into the modern banking space, leveraging Awash Bank’s digital channels, including its AwashBirr-pro platform. Kefyalew Shiferaw, chief digital banking officer at Awash Bank, underscored the partnership's potential to modernise the bank's offerings while addressing the financial needs of a broader customer base.


Radar

US Renews National Emergency, Sanctions on Ethiopia

The United States has extended the national emergency and sanctions on Ethiopia for another year under the African Growth & Opportunity Act (AGOA). Signed by President Donald J. Trump, the measure was first declared on September 17, 2021, through an executive order citing the conflict in northern region of the country as an "unusual and extraordinary" threat to U.S. national security and foreign policy. The extension, effective until September 17, 2026, keeps in place restrictions targeti...


Radar

Rockefeller Pitches Clean Cooking to Curb School Meal Emissions

A recent study has revealed the staggering environmental toll of school feeding programs. A single school serving 400 students can burn through the equivalent of 56 hectares of forest each year to fuel cooking. The Rockefeller Foundation flagged the health risks too, with most cooks, predominantly women, breathing smoke levels ten times higher than the World Health Organisation's safe limit. "If every school meal transitioned to clean cooking with electricity and solar, the emissions saved wo...


Radar

Sun-Powered Grid Brings Light to Qunbi District

A new 600KW solar mini-grid in East Hararge'sQunbi district has connected 2,200 households to electricity, marking a milestone in the recent rural electrification push. Ethiopian Electric Utility (EEU) laid seven kilometres of medium-voltage and 10 kilometres of low-voltage lines, installing four transformers to reach communities long cut off from power. Customers cover only meter and installation costs before accessing the service. The project is part of the national strategy to expand energ...