Milkii App Disburses 25 Million Br in Collateral-Free Loans in Two Months


Milkii App Disburses 25 Million Br in Collateral-Free Loans in Two Months

Oromia Bank’s new collateral-free digital lending app, Milkii, has disbursed 25 million Br in loans without requiring collateral. Of this, 16 million Br has already been repaid, generating 1.4 million Br in revenue within just two months. Developed in partnership with Quantum Technology PLC, the app plans to make lending more accessible and inclusive, aligning with Oromia Bank’s contribution to the Digital Ethiopia initiative. According to a press release, Milkii promotes financial inclusion and empowers citizens through innovative digital lending solutions. The service offers five separate loan products to meet diverse customer needs: Salary Advance Loans, Milkii Furtuu, Milkii Harmee, Device Financing, and Fuel Credit Service. Salary Advance Loans are designed for employees of corporate partners, offering quick, collateral-free salary access in advance. Milkii Furtuu targets daily income earners, like laborers and small business owners, providing growth-oriented loans without collateral. Milkii Harmee, also collateral-free, supports women with affordable, low-cost financing to promote nationwide empowerment. The bank offers a Device Financing (Buy Now, Pay Later) scheme for purchasing phones, electronics, and household items. Its Fuel Credit Service lets users refuel even with low balances, supporting fuel sector digitisation. Loans typically have a one-year term with a maximum limit of 300,000 Br. Customers can easily self-register on the Milkii app, no branch visits or collateral needed. Oromia Bank boosts its digital reach through the OrooDigital Omni-Channel Platform, offering seamless services across over eight digital channels. Oromia Bank officially launched its collateral-free digital lending app, Milkii, at a grand ceremony held Wednesday, last week, at the Hyatt Regency, attended by senior officials and distinguished guests.

[ssba-buttons]

Radar

New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


Radar

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


Radar

Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...