Lion Bank Reveals Micro Loan App

Jan 1 , 2023


Lion Bank clients enjoy accessing microcredits through an application dubbed Alegnta. The App has already started giving service to the Bank's employees starting four months ago, providing loans without collateral at a maximum of 2,000 Br. Bank President Daniel Tekeste implied the technology would provide relief when pockets are empty during the last days of the month. With 12,000 shareholders, the Lion has a paid-up capital of 2.6 billion Br, boasting 280 branches. Daniel revealed the micro-credit provision application at a Memorandum of Understanding signing ceremony between Lion Bank and Shirshir Addis Business Group. The co-founder and CEO of Shirshir, Bereket Baysa is excited about the new partnership. The company exports coffee, cattle, and oil seeds and imports cars and textiles. It has expanded its services with a 2,000hct farm in Gambella Regional State. Bereket also announced the construction of a 46,000 sqm electric car assembly plant in Debre Birhan. He said that they are working on substituting the need for fuel with the plant expected to hire 3,000 people.


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