Oromia Bank ATM's to Allow Mastercard Use

Nov 19 , 2022


A partnership deal between Mastercard, EthSwitch, and Oromia Bank (OB) has brought the services of a global financial gain to Ethiopia. Holders of Mastercard's debit, credit and prepaid cards can use them. The deal by the trio was announced last week at Sheraton Addis. Tourists and locals carrying Mastercard payment cards can now withdraw local currency from ATMs operated by OB. The Bank has over 400 branches across the country; its paid-up capital reached 5.5 billion Br, exceeding the central bank's threshold by half a billion Birr long before the deadline in four years. Chief Officer for Corporate Banking, Feysel Yasin, said that his Bank is the first to use the shared infrastructure network of Etswitch to facilitate Mastercard payments. The EthSwitch network processes all these withdrawals. Established primarily to create an interoperable scheme for financial institutions and payment service providers. EThSwitch facilitated six per cent of the over 225 million Br worth of transactions made in Ethiopia last year.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email