The Commercial Bank of Ethiopia (CBE) and Ethio telecom launch a telebirr-based digital micro credit and micro saving services, aiming to provide fast, easy, and secured alternative financial services to citizens.
As stated on the launching ceremony held on Tuesday June 27, 2023, these services are available on a non-collateral platform for individual customers, merchants, and agents based on their telebirr transaction credit score and salary payments. The four digital financial services offered are Sinq, Enderas, Deldiy, and Adrash, which enable customers to borrow up to 50,000 ETB for startup or expansion businesses.
“These services are unique for customers in rural and urban areas, enabling them to get loans without collaterals. The CBE has been providing extensive banking services for 80 years and is leading the way in promoting technology-supported banking services,” said Abe Sano, president of the bank, adding that the bank is also implementing various digital platform options whilst working to ensure financial service inclusion.
Similarly, speaking at the ceremony, Frehiwot Tamru, CEO of Ethio telecom, stated, “The telebirr digital payment system has revolutionized the digital transformation and built the digital economy of the country, particularly the launch of economically impactful digital financial services such as micro loans, overdrafts, and micro saving services. The two pioneering institutions will continue to strengthen their partnership in digital financial services and other areas of cooperation to transform society’s lifestyle and advance Ethiopia’s digital vision.”
