MetEC Incurs 1.7b Br Loss

Aug 24 , 2019


[ssba-buttons]

Metals & Engineering Corporation (MetEC) lost nearly 1.7 billion Br through outdated pre-paid orders. The Corporation planned to supply nine billion Birr worth of raw materials, aiming to get a profit of nearly 2.3 billion Br in the past fiscal year. Apart from the outdated orders, the reason for the loss is that not all of our industries became operational in time, according to Ahmed Hamza (B. Gen), director-general at the Corporation. “We’re working 24 hours [a day] to make the industries productive,” said Ahmed. “The Corporation plans to make a profit of half a billion Birr this year by restructuring the management and exporting products to the foreign market.”


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...