Water Authority Sees Revenues Rise

Sep 6 , 2020


The Addis Abeba Water & Sewage Authority generated 1.3 billion Br in revenues from water billing in the just ended fiscal year. The revenues, collected through payments for water services as well other means, represents 86pc of the target. The revenues increased by 470 million Br compared to the previous year. The Authority, which previously used Lehulu, a one-stop-shop for various utility payments operated by Kifiya Financial Technologies, has now transferred payment collection to the Commercial Bank of Ethiopia (CBE). Lehulu was a public-private partnership created to handle all services related to utility payments in Addis Abeba for the last seven years. The Authority has also upgraded its water metre reading systems and worked on collecting unpaid bills by individuals and companies.


Radar

Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...


Radar

ROLLING CREDIT

Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...


Radar

SPREADING HORIZONS

Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...