Dashen Bank Takes Lead Easing Burden on Businesses

Dashen Bank has announced it will fully waive commission fees on Automated Teller Machine (ATM) transactions and partially defer on validity on letters of credit (LC) and purchase orders.

Dashen's management has taken the lead in responding to the pressure businesses are experiencing due to coronavirus. Conferences have been cancelled leaving hotels and restaurants almost empty. Mobility in Addis Abeba has been reduced significantly since Monday. The first person diagnosed with the virus in Ethiopia was reported on March 13; the official number of individuals who have the virus in Ethiopia has reached six. Although not officially disclosed, a seventh case has been detected. Federal authorities have decreed the suspension of large public gatherings and schools will remain closed for two weeks.

The executives of the Bank made the decisions this afternoon, which will be effective as of the coming Monday, March 23, 2020. The new changes will be active for two months, according to bank president Asfaw Alemu.

Dashen has fully waived transaction fees on withdrawals from ATMs and has doubled the maximum withdrawal amount to 10,000 Br. Commission fees paid to extend the validity of LCs and fees for loan rescheduling have also been waived, the Bank announced. Dashen has also lifted 50pc off of commission fees for extending the validity of purchase orders.

Dashen earned 240 million Br from commissions on LCs, 73 million Br from transaction fees and 0.7 million Br from credit-related commissions during its operations of the last fiscal year.