Logistics Enterprise Battles Unsettled Payments

Apr 29 , 2023


[ssba-buttons]

Several government institutions hold over 7.5 billion Br unpaid bills on Ethiopian Shipping & Logistics Services Enterprise. Ethio-Engineering Group, formerly known as Metals & Engineering Corporation (METEC), takes the 1.5 billion Br share. The Enterprise is currently in a lawsuit with three banks which delayed payments for its services. This was revealed as the newly appointed CEO of the Enterprise, Berisso Amalo (PhD), presented his first report on Friday at the company's headquarters on Gambia Street (La Gare). The state-owned Enterprise has earned 32 billion Br in revenue while incurring costs of 26 billion Br in the nine months of the fiscal year. It had also purchased 185 new freight trucks raising its fleet to 609 along with ownership of 15 buildings and 465hct plots. Mihertab Teklu, who manages ports and terminals for the company, quelled rumours of the suspension of Kombolcha port construction by revealing that the half a billion Birr in compensation required for relocated households in the site was stalling the construction. Executives indicated that foreign currency shortages arising from half of the payment in dollars for their services to importers being withheld by the central bank had been a setback.


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...