Ethiopia's leading private bank, Awash Bank, has become the first among the 30 banks currently in operation to issue credit cards.
Cardholders can borrow funds and pay the amount back later plus any applicable interest according to the bank's terms. The credit card service has various products tailored to the needs of customers from small businesses to corporations and is already being issued.
This historic move comes in the same week that the bank made a landmark decision to raise its capital to $1billion USD (55 billion birr), which will make it Ethiopia’s most capitalized bank.
Source: Shega