Dashen Bank launches a platform that will ease traveler’s access to foreign currency around the world.
Now Dashen customers can use Dashen American Express International Debit Card to manage their payments abroad.
The new scheme is managed in exclusive partnership with American Express (AMEX), according to Asfaw Alemu, President of Dashen Bank.
Asfaw said as the payment industry continues to evolve and regulations start to relax, Dashen Bank is always in the upfront to innovate around and deliver quality products to its customers, “we are now delighted to announce the launch of Dashen Bank American Express International Debit Card, which allows Ethiopian travelers to make easy, secure and convenient payments globally.”
“The launch of the card will also avoid the potential risk of carrying physical cash and give our customers freedom of shopping,” he elaborates adding “the Bank is also delighted to partner with AMEX, one of the reputable brands in the payment industry to co-brand the card with.”
“We are taking foreign currency from banks by cash when we are traveling, it has a challenge on payments and hotel reserve that is now easy for customers,” Asfaw said at the launching press conference held on Tuesday at the Dashen Bank headquarter located in front of National Bank of Ethiopia (NBE).
This product significantly benefits overseas travelling customers by enabling them to easily use foreign currency for card transactions when travelling outside Ethiopia.
In its statement the bank said that Dashen American Express International Debit Card is highly convenient for prominent customers, international corporations and customers with high foreign currency inflow, who frequently travel for business to different corners of the world.
“Customers can access their foreign currency account to make purchases abroad,” the statement explained.
Under the new platform cardholders also benefit from cashless transactions, improved safety, a card that is light to carry, no withdrawal limit and access to the global American Express merchant and ATM network.
“A customer who fulfills the minimum foreign currency requirements and who is not on the sanctions lists of Office of Foreign Assets Control, UN and USA is eligible to get the Dashen American Express International Debit Card,” it added.
James Wainaina, Vice President of Business Development – Africa, for AMEX said “we are delighted to launch the Dashen Bank American Express International Debit Card. It is important that people in Ethiopia benefit from more convenient and safe payment methods.”
“The international debit product will allow customers to use a card at POS machines when travelling globally, instead of having to make payments using physical cash. This innovation will enhance the experience of people travelling outside of Ethiopia and should also enable customers to make more payments through e-commerce, such as those for hotel bookings and flights. This is another important milestone in our longstanding partnership with Dashen Bank and adds to our existing product portfolio which includes two domestic debit cards,” James Wainaina, Vice President of Business Development – Africa, for AMEX.
According to NBE law, customers can withdraw 10 percent of their account through card.
The Bank announces that customers can apply for the card at any branches or Forex offices.
Dashen is the most reputable brand in Ethiopia’s Banking industry, pioneering different forms of digital banking. The bank has registered consistency in terms of delivery of various technological outputs. It was the first bank to introduce card banking to the Ethiopian banking industry. Dashen also works in partnership with renowned international electronic payment brands including AMEX and prominent worldwide money transfer agents.
In relation with its 25th anniversary celebration the bank has introducing several digital services for customers.
Dashen launches international debit card
Ahadu bank draws closer to enter the financial market
Ahadu bank is set to be operational in four months’ time, after facing delay due to the current situation of the state and has received its business license from the national bank.
As Eshetu Fantaye, the first and newly appointed president of the bank told Capital that the bank has received its business license from the national bank and is preparing to organize its offices, staffs and certain things to its operation.
The bank has rented a building from sunshine construction located around the area commonly known as flamingo, as its head office. After being operational, the bank is targeting to open 50 branches all over the country, that is, 25 in Addis Ababa and 25 in regions.
This milestone move has left Ahadu’s promoters upbeat, which shall see the financial firm become the second bank to edge closer to operation and secure a license from the National Bank of Ethiopia (NBE), following Goh Mortgage Bank. Ahadu is among the few banks under formation, what bloc industry insiders call “fourth-generation banks”. These are a new wave of banks entering the financial sector after a period of almost a decade that saw the formation of no financial institutions.
In a protected industry that is only allowed to Ethiopians who mostly start a bank with a capital of 500 million birr, Ahadu bank is said to raise 740 million birr in subscribed capital from 9,600 shareholders, and has a paid up capital of 540 million birr. This announced capital is not inclusive of share values sold to foreigners of Ethiopian origin who were very recently allowed to buy shares in Ethiopian banks.
Ahadu Bank S.C. is a conventional commercial bank which is established by Ethiopians and foreign nationals of Ethiopian decent. Complying with the country’s business law and National Bank of Ethiopia procedures, and comprising of a team of reputable professionals, veteran bankers and, prominent businessmen, have been gathered to make a foot print on the banking sector with a unique business model.
Starting from February, 2020 the organizing committee of Ahadu received the permit from the National Bank of Ethiopia. Following the permit, it planned to finalize the share sales until September 10, 2020 and proceed with licensing process assuming the state of emergency would be lifted placed due to the COVID pandemic, however the under-formation bank continued its share sell until the middle of December.
Great Ethiopian Run postponed
The annual Great Ethiopian Run (GER) International 10km race which was scheduled for Sunday, November 14 has been postponed indefinitely after the government declared a nationwide State of Emergency.
Dagmawit Amare, Managing Director of GER told Capital that the fate of the race will be known in the next few days, “we will know the postponed date of the race in the next few days.”
The race organizers on Thursday afternoon announced that they had reached a decision to postpone the race after the government declared a six-month state of emergency on Tuesday as the security situation in the northern region of the country deteriorated significantly.
“We are monitoring the situation closely and we will be back in touch in the coming days with more news about a new date for the race,” said Dagmawit, adding that there is no chance to cancel the race. Regarding the preparation as she said unless the race is canceled there will be no loss incurred for the organizers of the race.
The race was supposed to take place in Addis Ababa as a normal race, employing start waves following the success of wave starts in the race’s last edition in January 2021. This year about 100 people were expected to come to Ethiopia for the race, and an additional 150 participants to take part virtually.
The competition was first envisioned by Ethiopian great runner Haile Gebrselassie, Peter Middlebrook and Abi Masefield in late October 2000, following Haile’s return from the 2000 Summer Olympics. The 10,000 entries for the first edition quickly sold out and over the two decades the event attracted hundreds of thousands of participants. The race is for runners of all levels. At the front end, it attracts an impressive field of elite runners, but its main purpose has always been to encourage mass participation running, and judging by the ever-increasing demand for race places it has succeeded.
For the race’s 20th edition on 10th January 2021, a number of precautionary measures were put in place to guard against the spread of the corona virus. In this year’s race 25,000 participants were expected to take part in the race.
Considering the pandemic, all participants received, together with their race t-shirt, a WHO-approved 3-layer cotton mask for this year’ race.
Great Ethiopian Run, as part of its Corporate Social Responsibility (CSR) has been using its flagship event, the Great Ethiopian Run 10km International, to support people in need in the community. This year the fundraising target is 650,000 birr to support for the needy.
Faith Kipyegon, Kenya’s double Olympic 1500m champion and one of the ten 2021 World Athletics Female Athlete of the Year nominees will appear alongside Haile Gebrselassie who will be the VIP guest at the 2021 TotalEnergies Great Ethiopian Run.
Government, private sector trying to control inflation with bazar, Sunday market
Aimed to stabilize the high rocketing inflation in the city, three different schemes started to be applied by different organizations including the city administration.
The scheme called Sunday market started last Sunday October 31, 2021 by the Addis Ababa City Administration has facilitated the market to be directly from the manufacturer to consumer.
On Monday November 1, 2021 Black Purpose Ethiopia which is a dynamic business established to offer an economic solution with an end-to-end product-to-consumer, officially started selling its products directly from the farmer to the consumer using trucks named “Qeleb Kegeberew”.
Additionally, on Wednesday, Jorka events opened a bazaar named “Asbeza Bazaar” which stays for five days and continued to be held every two month for a year. As the organizers said the consumers get different products with 30 percent discount from the market. All the three organizations has partnered with manufacturers and cooperatives to provide products with low price to stabilizing the market for the end consumers.
The city administration has started Sunday market on 5 selected areas Jemo Condominium, in front of Kaliti transport Station, Megenagna Bole Sub-City Headquarters, Mexico (Total gas station), and Piassa.
Food and related product producers and importers will supply their products at factory prices in the bazaar, Oil, Teff, Pasta, Flour, Garlic, Eggs, from manufacturers will be available at discounted prices.
These schemes in the city are said to be the beginning of a long way to reduce the cost of living and the bad market chain.
Addis Ababa City Administration Trade Bureau stated that the five selected areas of the city where the Sunday Market happens will expand to 20 areas around the city.
These products have seen a slight reduction in prices from the regular market and that there are efforts being made to reduce prices by up to 50 percent from the market price.
The continued increase in the price of food items in the market has contributed to an increase in the rate of inflation. On the food-items, even if the government is working aggressively on the domestic production of items such Teff and wheat, the market is going up day by day.
According to the latest report of the Central Statistics Agency the September 2021 Country Level Consumer Price Index has increased by 34.8 percent.
The year-on-year food inflation increased by 42.0 percent in September 2021 as compared to the September 2020.
