United Bank Cuts Loan Interest Rate by 25pc

May 9 , 2020


[ssba-buttons]

United Bank has cut lending interest rates by 25pc for severely affected sectors including floriculture and hotel and tour operators due to the COVID-19 pandemic, effective May 16, 2020. The slashed interest rate is in addition to the previously announced letters of credit (LC) and Cash Against Document (CAD) period extension fee reduction, loan restructuring and deferment of payments for affected sectors. The interest rate reduction will remain active for three months. Other sectors will also be entitled to a five percent interest rate reduction during this three-month period except for those that are already offered preferential rates. While offering these five percent and 25pc interest rate reductions, the Bank will forgo about 50 million Br in interest income during the coming three months. United Bank has pitched in five million Br to the Ministry of Health to buttress the fight against the pandemic.


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...