The Commercial Bank of Ethiopia (CBE) launched an international remittance service phone application called CashGo in collaboration with Golden Coffee Roastery PLC. The app will allow customers of CBE to remit money from countries such as Canada, Israel, America, Italy, South Africa, Sweden, UAE, England, and Saudi Arabia using their mobile phones via MasterCard and Visa Card.
The Commercial Bank of Ethiopia secured a Birr 13 billion profit during the past six months while it collected Birr 58.7 billion in revenue. The bank’s total assets also reached Birr 1.2 trillion and the bank opened 55 new branches increasing the number of its branches in the country to 1,879.
During the first three months of the current fiscal year, Ethiopian Investment Commission (EIC) revoked over 65 investment licenses claiming they did not go operational in the time set for them.
The Ethiopian Investment Commission announced that it was working to stimulate foreign direct investment by implementing new strategies.
The Director of Foreign Direct Investment Promotion at the Ethiopian Investment Commission Aschalew Tadesse noted that the Commission focused on supporting those investors who were interested in investing in the country. It was also reported that there were activities to implement newly formulated promotion and incentive strategies.
The newly reestablished Ethiopian Investment Commission (EIC), disclosed it issued license for 135 new and expansion investment projects in the first three months of the current fiscal year.
