@DashenBank – Ethiopian Business Review

In a move signaling broader participation in Ethiopia’s liberalizing digital fuel payment ecosystem, Dashen Bank has launched a seamless fuel payment feature through its Super App, becoming the latest entrant to challenge the long-standing dominance of state-backed platforms.

For nearly two years, Telebirr, along with digital wallets from the Commercial Bank of Ethiopia (CBE) and the Cooperative Bank of Oromia (COOP), served as the primary—and for a time, exclusive—channels for fuel payments in the country. However, Ethiopia’s fuel payment landscape is shifting under the weight of digital reform and policy liberalization.

The April 2023 national fuel reform, initiated by the Ministry of Transport and Logistics, marked a turning point. Aimed at digitalizing the sector using cutting-edge technologies, the reform has driven major cost savings and transaction efficiency. According to State Minister Bareo Hassan, the digital framework has already enabled over ETB 430 billion in digital transactions and saved the country more than ETB 190 billion in costs.

“But this wasn’t a complete success,” Bareo acknowledged, noting that participation has remained limited to only a few players.

To address this bottleneck, Ministry of Transport and Logistics has been working on a grand digital fuel payment integration platform, in collaboration with Ethio Telecom and the Ministry of Innovation and Technology. The initiative invites broader banking sector participation—a call Dashen Bank has now answered.

The state minister welcomed Dashen Bank’s quick uptake of the initiative, hailing it as a sign of the private sector’s growing alignment with Ethiopia’s digital transformation agenda.

At a press briefing, Ayele Teshome, Dashen Bank CEO Representative, announced that customers can now pay for fuel at selected stations in just three clicks using the Dashen Super App. The bank plans to roll out the service nationwide in the coming weeks.

“Our fast and secure fuel payment feature allows customers to log in, select the fuel payment mini app, and scan a QR code to complete the transaction instantly,” said Ayele.

This service not only simplifies the consumer experience but also enhances operational efficiency for gas stations and offers new oversight capabilities for government regulators. Dashen’s mini app—nested within its flagship Super App—enables users to fill out a simple form and pay without friction, helping to modernize one of the country’s most essential consumer transactions.

Dashen Bank has made history by becoming the first private bank in Ethiopia to secure a Trade Finance Guarantee Facility Agreement worth USD 40 million from the African Development Bank (AfDB). The agreement was officially signed this morning at Dashen Bank’s headquarters, marking a major milestone for both the bank and Ethiopia’s financial sector.

The signing ceremony was attended by key representatives from Dashen Bank and AfDB. Asfaw Alemu, CEO of Dashen Bank, expressed pride in securing this facility, noting that it is the first of its kind to be extended to a private bank in Ethiopia. He emphasized that Dashen Bank is honored to serve as a bridge to bring this significant opportunity to life. Asfaw further highlighted that the agreement symbolizes strategic alignment that helps unlock Africa’s full potential. He attributed the successful securing of this facility to Dashen Bank’s rigorous due diligence, operational soundness, and progress in governance, underscoring the bank’s strong strategic direction.

Dr. Leandre Bassole, Deputy Director General of East Africa at the AfDB, expressed the agreement’s importance, calling it a pivotal milestone in strengthening the partnership between the AfDB and Ethiopia’s financial industry. Bassole noted that the agreement will play a significant role in advancing inclusive, private sector-led growth in Ethiopia, emphasizing that it marks the first direct trade finance guarantee facility the AfDB has provided in the country.

This facility will enable Dashen Bank to facilitate import and export trade finance requirements, thereby enhancing the bank’s capacity to support critical sectors of the Ethiopian economy. It is expected to significantly bolster trade finance by providing guarantees to confirming banks for non-payment risks arising from trade finance instruments such as letters of credit issued by Dashen Bank. This initiative responds to the challenges faced by Ethiopian banks, which have been constrained by inadequate credit lines from international confirming banks, limiting their ability to support clients effectively.

The facility is also expected to promote intra-Africa trade, aligning with the African Continental Free Trade Area (AfCFTA) agenda. It will help address the financing gaps in critical sectors and support the import of essential goods such as fertilizers, pharmaceuticals, solar energy panels, and agricultural machinery, all crucial for Ethiopia’s development.

In a groundbreaking move set to transform Ethiopia’s digital financial ecosystem, Ethio Telecom and MasterCard Africa are exploring a strategic collaboration to introduce cutting-edge digital financial services.

A high-level delegation, led by Ethio Telecom CEO Frehiwot Tamiru and MasterCard Africa President Mark Elliott, engaged in discussions to leverage their respective platforms—Telebirr and MasterCard—to expand financial access, accelerate digital payments, and drive sustainable economic growth.

CEO Frehiwot Tamiru emphasized Ethio Telecom’s strong market position, highlighting its vast customer base and robust infrastructure as key enablers in unlocking new digital opportunities. “Our partnership with MasterCard is driven by a shared vision to revolutionize Ethiopia’s financial sector and empower millions through innovative digital solutions,” she stated.

Echoing this sentiment, Mark Elliott, Division President, Mastercard Africa underscored MasterCard’s commitment to the Ethiopian market, citing Ethio Telecom’s rapid growth and infrastructure capabilities as a solid foundation for success. “This collaboration aligns with our mission to drive financial inclusion and create a more connected and competitive digital economy,” he said.

Dashen Bank Joins Ethiopia’s Expanding Digital Fuel Payment Frontier as Sector Opens Up

Dashen Bank Becomes First Private Bank in Ethiopia to Secure Trade Finance Guarantee from AfDB

Telebirr and MasterCard Platforms to Power Ethiopia’s Digital Finance Expansion