Dashen Bank, in partnership with EagleLion System Technology, has reinvented Ethiopia’s traditional deferred payment purchase scheme by infusing local wisdom with cutting edge technology. The duo have come together to give birth to Ethiopia’s first “Buy-Now Pay Later” scheme by the name Dube Ale, an antidote to the infamous stopper, ‘dube yelem’.
Dube Ale is a short-term financing that the Bank renders in collaboration with merchants and traders. It enables the society to purchase goods and services and pay later in three months, six months or a year with or without interest.
The bank, which is a pioneer in introducing technology backed products and services to the Ethiopian banking industry, indicated that Dube Ale is expected to boost customer base of trading partners as it enables them to render a more affordable buy now, pay later scheme and fuel economic activities that would otherwise be constrained by consumers’ limited ability to pay upfront to buy products and services the moment they need them.
“With the deferred payment option brought about by Dube Ale, consumption and usage will be encouraged that in turn add a boost to merchants’ turnover,” it added.
Dube Ale application will easily be made available for download in addition to its simple registration metric in order to start the service. “To start using the service, one needs to go to the nearby branch of Dashen Bank to get a spending limit to commence using the scheme,” the financial firm disclosed.
Dashen Bank’s digital innovation extends from its strong backend infrastructure. The Bank has also launched recently a Tier-III ready data centre, the first of its kind in the country’s private banking industry, with accompanying security and network centers.
The Bank previously has introduced a payment platform called Amole, which now is being used by millions of subscribers. Dashen Bank has also pioneered micro saving and credit products in collaboration with Ethio-Telecom in August, 2022.