Abol Demoze Innovates Digital Loan Access Before Payday

Bunna Bank and Kacha Digital Financial Services have launched a pre-salary loan service, Abol Demoze, aimed at addressing the financial needs of salaried employees.

This innovative service allows employees to access up to 33% or 50% of their salary digitally before payday through the Kacha mobile application. With a flexible installment repayment option, Abol Demoze is designed to provide financial relief during cash shortages, making payday stress a thing of the past.

Speaking at the launch, Menker Hailu, Chief Banking Officer of Bunna Bank, said, “Abol Demoze reflects our commitment to providing innovative and accessible financial solutions that meet the changing needs of our customers.”

Abraham Tilahun, General Manager of Kacha Digital Financial Services, added, “This partnership with Bunna Bank allows us to expand financial services to underserved segments of society through innovative solutions like salary access loans.”

Solomon Damtew, Director of the Payment and Settlement Systems Directorate at the National Bank of Ethiopia, reflected, “Financial inclusion is expanding at an unprecedented rate. The launch of Abol Demoze is part of the National Bank of Ethiopia’s efforts to modernize the payment system. Innovations like this play a crucial role in advancing NBE’s National Digital Payment Strategy for 2021-2025.”

Menkir Hailu, Bunna Bank’s Chief Banking Service Officer, also commented, “Abol Demoze is part of Bunna Bank’s strategy to digitalize services and support youth and women. With this service, customers can access loans digitally without the need for collateral, all through their mobile phones.”

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