Zemen Bank Rolls Out Digital Banking Outlets


Zemen Bank Rolls Out Digital Banking Outlets

Zemen Bank has partnered up with Mastercard to launch a pre-paid travel card, which can be used to make cashless payments for flights and hotel bookings. The Bank has also made its automated teller machines (ATMs) compatible with cashless payments. Cardholders will be able to use either dollars or euros. In the future, the Bank will work with Mastercard to avail more currencies based on popular destinations, says a statement Zemen issued last week. "We envision that the introduction of such products and services will pave the way for more e-commerce payments too," said Dereje Zebene, the Bank's president, who saw a 740 million Br in profits last year. Zemen, whose paid-up capital stood at 1.8 billion Br by the end of the same period, also rolled out its mobile and internet banking services built in partnership with CR2, an international banking software provider. The mobile banking application has various functionalities such as Z-cash, a means to withdraw from ATMs by issuing a voucher from the mobile app, Z-wallet, where customers can create mobile wallets for non-Zemen customers, and make utility payments.

[ssba-buttons]

Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...