By combining traditional wisdom with cutting-edge technology, Dashen Bank and EagleLion System Technology have reinvented Ethiopia’s traditional deferred payment buying system. The two have joined up to create Dube Ale, Ethiopia’s first “Buy-Now Pay Later” program, as a countermeasure to the infamous stopper, “dube” yelem. The Bank provides Dube Ale, a short-term financing, in association with traders and merchants. It enables society to make purchases now and pay for them in three, six, or a year’s time with or without interest.
Dube Ale is expected to boost customer base of trading partners as it enables them to render a more affordable buy now, pay latter scheme and fuel economic activities that would otherwise be constrained by consumers’ limited ability to pay upfront to buy products and services 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.
Anyone can download the Dube Ale app from the Play Store or the App Store and sign up for the service thereafter. One must visit a nearby Dashen Bank branch to obtain a spend limit and begin using the service.
The Bank previously has introduced a payment platform called Amole, which now is being used by millions of subscribers. Dashen Bank has also pioneered micro saving and credit products in collaboration with Ethio-Telecom in August, 2022. The Bank also recently unveiled a Tier-III ready data center, the first of its kind in the country’s private banking sector, along with accompanying network and security canters.