BY BILAL DERSO
ADDIS ABABA- Dashen Bank partnered with EagleLion System Technology to support society’s old credit transactions with modern technology and the duo have come together to give birth to Ethiopia’s first “Buy-Now Pay Later” scheme by the name Dube Ale.
Speaking at the product launching event on Tuesday, Dashen Bank CEO AsfawAlemu said that the scheme enables the society to purchase goods and services and pay later in three months, six months, or a year with or without interest.
Dube Ale (literally means there is a loan), product is also expected to boost the customer base of trading partners as it enables them to render a more affordable buy now, pay later arrangement and fuel economic activities. By the same token, the scheme enables consumers to buy products and services that would be constrained by their limited ability to pay upfront 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.” The CEO further highlighted that Dashen is a pioneer in introducing technology-backed products and services to the Ethiopian banking industry and previously introduced a payment platform called Amole, which now is being used by millions of subscribers. The bank has also pioneered micro saving and credit products in collaboration with ethio telecom in August 2022.
EagleLion System Technology General Manager Bersufekad Getachew said on his part that anyone can download the Dube Ale application from Play Store or App Store and then register for the service. To start using the service, one needs to go to the nearby branch of Dashen Bank to get the spending limit and commence using the scheme.
It was stated on the occasion that those who are employed can apply for a loan by writing a letter from their office stating their job and salary, and if they are self-employed, they can go to the bank with their business license and proof of legal income.
The list of business centers that provide credit services is available on the app, and customers can purchase products and services of their choice on the app without having to carry cash based on the approved credit amount. The loan ceiling allowed for the time being is 700,000 Birr, It was learned. Invited dignitaries, officials of the bank, the business community, and the media attended the product unveiling program which was held at Sheraton Addis Hotel.
The Ethiopian Herald January 12/2023
