The application, “Nedaj,” officially launched on August 18, 2022, after Dahlak Yigezu, Deputy Manager of the CBE’s Digital Banking Department, signed an agreement to implement it with Besufeqad Getachew, founder, and CEO of EagleLion Systems Technology Company. The “Nedaj” app, which Eaglelion System Technology Plc has been working on for the past year, can integrate with CBE accounts to let users make payments for petroleum products. EagleLion Systems Technology has been in the digital world for the past three years and has developed micro-credit and digital remittance platforms for Dashen Bank and Bank of Abyssinia.
More than 11.2 million liters of fuel are sold per day, with over half a billion birr in transactions. The application enables modern fuel trading to take place. Customers must be CBE-Birr users to access the platform and open an account. Vehicle owners and gas stations can use the service by downloading the “Nedaj” (Fuel) application and connecting it to the commercial bank’s mobile banking service, with options to upgrade the mobile application. Over 1,300 of the bank’s vehicles are being used in a pilot project. The bank is implementing information technology projects that will modernize the country’s payment system and bring it to the level that the world has reached.
On its digital platforms, the CBE has registered over 27.4 million accounts. Approximately 40,000 CBE Birr agents and 68,000 merchants make up its digital network. It runs over 1,800 branches and nearly 2,800 ATMs. Almost 198 federal government entities will soon be able to settle payments using electronic platforms, including POS, with the federal agencies’ soon-to-be-implemented use of the state-owned Commercial Bank of Ethiopia (CBE) as their electronic payment facilitator.