Wegagen, Oromia Banks Open IFB Branches

Mar 14 , 2020


[ssba-buttons]

Wegagen and Oromia banks opened branches dedicated to interest-free banking (IFB) service at the end of last week. Named Bilal, Oromia's branch was inaugurated on March 12, 2020. The branch is located at the Bank's headquarters located on African Avenue. Oromia has been providing window interest-free banking services since 2013. Wegagen Bank inaugurated its interest-free banking branch named Alnejash at Bole Michael area on March 13, 2020. The two banks join Bank of Abyssina, Awash Bank, Commercial Bank of Ethiopia, Cooperative Bank of Oromia and several other banks that have already opened interest-free branches. The National Bank of Ethiopia (NBE), which used to limit the interest-free banking service to a window service for years, issued a directive that allowed the establishment of full-fledged IFB branches in June.


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...