Dear readers,
We are thrilled to present the latest updates in the Ethiopian Startup and innovation ecosystem.
Over the last 6 months, the Commercial Bank of Ethiopia processed 1.3 trillion birr through its digital channels, accounting for 39.3% of total transactions.
Additionally, Ethiopian digital remittance platforms are back in full swing, with new apps entering the scene. The Bank of Abyssinia is also advancing with digital loan automation, while Ethio Telecom has debuted a new music streaming app, Elff Plus
Read our newsletter for in-depth details on these exciting developments and more.
Commercial Bank of Ethiopia Processes 1.3 trillion Br via Digital Channels
In the past six months, the Commercial Bank of Ethiopia (CBE) has processed 1.3 trillion birr transactions through its digital channels. CEO Abie Sano announced that the bank now serves 38.1 million customers, with 8.8 million using debit cards, 6 million utilizing mobile banking, 39,000 utilizing internet banking, and 7.9 million using CBE birr. The bank’s capital has also reached 60 billion Birr. Read more.
From Suspension to Success: MamaPays, CashGo Return Banking on the Future
Ethiopian digital remittance platforms, which were in limbo following a series of suspensions, are back in business with new apps joining the scene. Read more.
Bank of Abyssinia Advances with Digital Loan Automation
The Bank of Abyssinia (BoA) has engaged an Indian technology vendor to implement banking solutions for microloans, according to Fortune Newspaper. BoA will obtain the banking solution from Newgen Software Company, the winner of an international bid on December 22, 2022. The bid was opened four months prior and attracted interest from over 10 companies. Read more.
Ethio Telecom Debuts Streaming App, Elff Plus
Ethio Telecom, in partnership with Kulu Network, has launched Elff Plus, a music streaming service offering unlimited access to Ethiopian and African music and music videos. Read more.
Telebirr to Streamline Tax, Pension Payments
The Ministry of Revenue has signed a memorandum of understanding with Ethio Telecom to introduce an e-payment system for tax and pension payments through Telebirr.
The integrated system is aimed at simplifying the payment process and providing customers with instant clearance and receipts. Telebirr has been operational since 2021 and has processed 263 billion Br in transactions through 18 banks and 28.2 million subscribers.
Event in Capital Brings Together Innovation Ecosystem Players Across East Africa
AfriLabs, a network organization of African technology and innovation hubs, held an ecosystem engagement event in Addis Ababa last week. Read more.
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