Ministry Seizes Foreign Currencies

Feb 9 , 2019


[ssba-buttons]

The Ministry of Revenues has disclosed that it has seized various foreign currencies and gold in an attempted smuggling operation. The forex, which was seized at Togo Chale, was in dollars, euros, pounds, Canadian dollars, Australian dollars, Kuwaiti dinars, Swiss franks and other currencies, according to Adanech Abebe, Minister of Revenues. Out of the total value, the largest share was 1.5 million dollars. The Ministry has also confiscated 8,280 euros, 31,990 pounds and seven kilograms of gold. Togo Chale, found between Ethiopia and Somaliland is a major theatre for large foreign currency inflows, while Addis Abeba is the main point where foreign currencies are smuggled out of the country, the Minister said.


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...