Tuesday, October 4, 2022
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    Tag: Banking

    Wegagen faces worst financial meltdown in banking industry

    Wegagen Bank, one of the industry leaders for the last 25 years, faces the worst financial tragedy in the banking industry, after reporting a drastic fall in profit and a soar in Non-Performing Loans (NPL), an underperformance linked with the conflict in Tigray.

    Central bank grants ArifPay first Fintech license

    The National Bank of Ethiopia (NBE) gives the first Fintech license to ArifPay, enabling it to become a pioneer private payment systems operator and Gateway service provider.

    Banks to lend 12 bln birr for coffee growers from reserve

    Commercial banks are instructed to lend 12 billion birr from their reserves put at the National Bank of Ethiopia (NBE) for players in the coffee industry across Ethiopia. A decision said to be the first of its kind, the move gives the green light to banks to use upto two percent of their reserve for this particular purpose.

    Abyssinia awards USD 400 mln construction project

    Bank of Abyssinia, one of the leading private banks in the country, awarded a construction project to China State Construction Engineering Corporation (CSCEC) worth USD 400 million.

    State Bank lifts suspension placed on employees

    The Commercial Bank of Ethiopia (CBE) lifted the suspension placed over some of its employees. The decision was made by the Board of the state giant, chaired by Tekelewold Atnafu, former governor of the National Bank of Ethiopia, after reaching consensus with the management under the leadership of Abie Sano, President of CBE.

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