Local Firm Bands Motorcyclists Together for Delivery Service

The initiative is said to be a response to the ban aimed at mitigating the use of motorcycles in acts of robbery and other criminal activities in the capital.


Local Firm Bands Motorcyclists Together for Delivery Service

Balubet, a ride and delivery service company involving motorcycle businesses, launched a new service bringing together more than 700 motorists and owners under 13 different associations from various corners of the city. The initiative is said to be a response to the ban aimed at mitigating the use of motorcycles in acts of robbery and other criminal activities in the capital. The ban was imposed on June 19, 2019, by Deputy Mayor Takele Uma. The embargo put hundreds of these motorists and owners out of business for more than six months. To resume service, the motorcyclists formed associations and installed GPS trackers on the motorcycles to monitor their movement and speed. Motorists are obliged to comply with safety standards by using protective equipment for both travelers and themselves and maintain the speed limit to avoid serious injuries due to accidents. Only half of the 45,000 motorcycles in the city have secured a license plate from the city’s Transport Authority.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...