Oromia Bank Lowers Loan Interest Rate

Apr 12 , 2020


Oromia International Bank has lowered the interest rate on loans as part of its move toward easing the burden on businesses due to the economic slowdown caused by the spread of the Novel Coronavirus (COVID-19). The Bank temporarily slashed the interest rate by 0.25pc to 3.45pc for certain business sectors. It also waived fees that had been imposed on loan rescheduling, early settlement charges as well as ATM transactions. Commitment and arrangement fees have been also lifted temporarily. The new adjustments are aimed at mainly easing the burden on the tourism sector, hotel services and horticulture, according to Teferi Mekonnen, acting president of the Bank. The Bank is also granting a grace period for borrowers that are facing difficulties in repaying their loans, according to the president. Oromia also reduced the commission that is typically charged to extend purchase orders and letters of credit from 3.75pc to 2.65pc. A week ago, the Bank donated five million Birr to the national committee that is mobilising funds to ward off the potential spread of COVID-19.


Radar

Mobile Apps Streamline Container Handling

A Chinese private logistics company availed its multilingual mobile applications designed to streamline container handling processes for local businesses. Dubbed arl-shipping.com, the apps are available in Amharic, Oromo, Somali, and Tigrigna, with a competitive monthly fee. Company managements aim to tackle inefficiencies by scanning truck license plates, container IDs, and other details, reducing manual data entry and the potential for errors. Users can also record gate movements with times...


Radar

Private Investment Takes Flight in Aviation Industry

Local private operators received the green light last week to expand their services beyond charter flights, offering regular passenger and cargo options. This move by the Ethiopian Civil Aviation Authority is expected to boost the air transport sector, attracting private companies to invest in air travel services. The Authority is partnering with private investors to improve air transport infrastructure by building over 21 new airstrips and helipads in previously underserved areas. Officials...


Radar

Safaricom Ramps Up Network Expansion with Locally Made Poles

Safaricom Ethiopia has initiated a three-month procurement process to acquire a total of 68 poles from Woda Metal, the first telecom pole manufacturer in the country. The initial batch of 13 poles was delivered last week, marking a milestone as the first use of domestically produced poles in Ethiopia's telecom sector. Wim Vanhellputte, CEO of Safaricom Ethiopia, praised the high quality and affordability of Woda Metal's poles, which will be crucial for their network expansion goals. The co...


Back
WhatsApp
Telegram
Email