Rammis Bank Receives Green Light

Sep 26 , 2021


[ssba-buttons]

The country's third full-fledged interest-free bank, Rammis, has been given the go ahead to proceed with establishment. Its first general assembly is to take place at the beginning of October 2021. Amid the rush to meet the central bank's deadline to be established with a minimum paid-up capital of half a billion Br within six months, Rammis has gathered a subscribed capital of two billion Birr, of which 724 million Br is paid up. The central bank kicked up the minimum paid-up capital requirement 10-fold to five billion Birr in April this year. Following the general assembly and signing of its shareholders, Rammis will seek an operational license from the central bank. The first full-fledged interest-free bank, ZamZam, began operations this year followed by Hijra Bank, which opened its first branch a few weeks ago.


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...