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Somali Microfinance Joins EthSwitch

May 23 , 2021

This past week, the Board of Directors of EthSwitch approved the membership of Somali Microfinance Institution Share Company (SMFISC) as an indirect participant after the latter managed to fulfill all necessary requirements. The move enables SMFISC to make its mobile wallet system interoperable with existing digital payment systems and issue payment cards that can be used at ATMs and POS terminals.

Radar

Ethiopian Airlines Fined $425,000 for Non-compliance

The United States Department of Transportation (DOT) has imposed significant fines on Ethiopian Airlines and Etihad Airways, totaling 425,000 dollars and 400,000 dollars, respectively. Ethiopian Airlines operated flights under United Airlines' code, while Etihad Airways used JetBlue's code in regions where U.S. flights were prohibited. An investigation by the Department's Office of Aviation Consumer Protection (OACP) uncovered that from February 2020 to December 2022, Ethiopian Airlines conduct...

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Radar

Enat Holds Steady as Revenue, Expense Soar

Enat Bank held its 11th Annual General Meeting of Shareholders last week at the Millennium Hall on Africa Avenue, where it announced a profit after tax of 555.2 million Br, exhibiting an incremental 2pc growth from the previous year. The Bank registered stronger growth with a 29pc increase in revenue, reaching 4.3 billion Br. The bank's focus on strategic branch expansion and enhancements to digital banking resulted in a 18.4pc deposit growth, bringing total deposits to 21 billion Br. Preside...

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Radar

Addis Surges, Minimum Threshold Out of Reach

Addis International Bank reported an 85pc growth in net profit to come in at 413.87 million Br. The bank's total assets as of the 2023/2024 fiscal year were 15.4 billion Br, representing a 22.2pc rise of 2.8 billion Br over the previous year. The Bank also posted a substantial 13.8pc rise in paid-up capital from the previous year to sit at 2.1 billion Br. It was noted at the general assembly that “the Bank is far away to reach the required minimum capital after two years.” Addis Internation...

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