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Abay Bank, one of the youngest banks in the country, along with Atlas Computer Technology has developed a new payment platform that enables customers to make utility and other payments online through mobile phones.
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The first Interest-Free Bank (IFB), ZamZam Bank (ZZB), has received a green light from the National Bank of Ethiopia (NBE) after 13 years in restless efforts.
The bank was a pioneer when it started its activity in 2007 after the government had shown interest in allowing the bank to operate under the Islamic Banking principle.
Anyone who holds a payment card issued by any bank can now make payments at any Point of Sale (PoS) terminal, following the board of the National Bank of Ethiopia’s (NBE) approval of the interoperability of PoS machines early this month.
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The National Bank of Ethiopia (NBE) has given the green light to the founding board of directors of Hijra, the second under establishment, full-fledged interest-free bank in the country. Issued on September 14, 2020, under the signature of Frezer Ayalew, director of banking supervision at the central bank, the letter approved the nomination of the 13 board members drawn from the academia, law, ICT, finance and business arenas.
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The private employees’ pension fund agency is set to move to its new headquarters that was built for 682 million Br in the capital’s neighbourhood of Megenagna.
The Private Organisations, Employees & Social Security Agency (POESSA), which has been paying three million Birr in rent annually for its current premises, is scheduled to move to the new building next month.
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According to a press report held on Oct 17, 2020 in Yod Abyssinia, a new bank called Akufada Bank s.c is under formation. According to the press report, the new bank under formation has prepared 2 million (2,000,000) shares each one worth 1,000 birr.
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BGI Ethiopia is set to introduce a new product, SEN’Q. This is to be a nonalcoholic malt beverage from one of Ethiopia’s biggest breweries of beer after it introduced a new dark brown beer, Doppel earlier this summer to the local market. Earlier this month, Habesha introduced Kidame beer in a direct competition to St. George, a light beer that is 4.8 percent alcoholic.
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The State owned Enterprises (SoEs) have generated some 300 billion birr in revenues, 38 billion birr short from the targeted revenues while securing 55.66 billion birr in profits which as well short of the 70 billion birr in profit before taxes, set for the concluded Fiscal Year.
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After series of negotiations and deliberations, the National Bank of Ethiopia (NBE) has finally given the greenlight to the national telecom company, Ethio telecom to start mobile money services.
Ethio telecom has submitted its application to the NBE asking for license to launch a mobile banking service in the country, last year. The management of Ethio telecom has been in talks with the central bank for more than a year. After marathon negotiations the regulatory body of the financial sector has given a nod to Ethio telecom to launch mobile money.
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Hossana Bank S.C is a new bank under formation set to join the evergrowing banking sector. By organizing all of its capital, financial, technological, and human resources, the bank has reached the final stages of “under-formation” status and is awaiting finalization from the national bank.
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