Cooperative Bank of Oromia (Coop Bank), one of Ethiopia’s leading financial institutions, and AeTrade Group, a Pan-African digital trade facilitator, have announced a groundbreaking partnership to enhance financial inclusion and revolutionize cross-border trade through innovative digital solutions. This collaboration leverages the strengths of both organizations to support entrepreneurs, SMEs, and underserved communities across Africa.
A Shared Vision for Digital Transformation
The partnership between Coop Bank and AeTrade Group represents a shared commitment to empowering Africa’s business community through technology-driven solutions. Together, they aim to create an integrated, digitally-enabled ecosystem that fosters public-private collaboration to accelerate trade and financial inclusion across the continent.
"Our mission at Coop Bank is to bridge the gap in financial services, especially for rural and underbanked populations," said Mr. Derebie Asfaw, President of Cooperative Bank of Oromia. "By joining forces with AeTrade Group, we can unlock new opportunities for entrepreneurs and SMEs, enabling them to thrive in a rapidly evolving digital economy."
Key Highlights of the Partnership
1. Financial Inclusion Through Michu Digital Lending
Coop Bank’s flagship Michu Digital Lending platform provides instant, collateral-free micro and nano-loans to individuals and SMEs. By integrating with AeTrade Group’s Sokokuu Marketplace, entrepreneurs can now:
Access pre-approved loans based on their transaction history.
Secure credit lines tailored to their cash flow needs for inventory restocking and operational expansion.
Benefit from flexible repayment schedules aligned with business performance.
2. Digital Wallets for Financial Inclusion
To further enhance accessibility, the collaboration introduces user-friendly mobile wallets with features such as:
Instant fund transfers, loan disbursements, and bill payments.
Multi-currency support to facilitate regional trade.
Driving Growth for Entrepreneurs and SMEs
This partnership aligns closely with AeTrade Group’s mission to empower Africa’s entrepreneurs through its Sokokuu Marketplace, a comprehensive platform for trade, logistics, and financial services. Entrepreneurs leveraging Sokokuu will gain access to Coop Bank’s:
Invoice discounting and trade finance products, ensuring uninterrupted cash flow.
Revenue-based lending solutions tied to Sokokuu sales performance.
"This partnership is a significant milestone in our efforts to create a digital ecosystem that supports intra-African trade," stated Mr. Mulualem Syoum, CEO of AeTrade Group. "By integrating Coop Bank’s financial innovations with Sokokuu, we are empowering entrepreneurs with the tools they need to succeed and contribute to Africa’s economic growth."
Impact and Future Vision
The partnership is expected to have far-reaching impacts, including:
· Scaling Financial Access: Expanding Michu Digital Lending to millions of Ethiopians, prioritizing youth and women entrepreneurs.
·Boosting Trade Financing: Facilitating trade finance solutions worth millions annually through Sokokuu.
·Strengthening AfCFTA Alignment: Establishing Ethiopia as a financial hub for AfCFTA-aligned trade finance and payments.
·Fostering Shared Prosperity: Creating jobs, enabling business growth, and driving sustainable economic development.
About Cooperative Bank of Oromia: Cooperative Bank of Oromia is one of Ethiopia’s largest financial institutions, committed to delivering accessible and efficient financial solutions to underbanked communities. With a strong focus on digital transformation, Coop Bank has pioneered innovative products such as Michu Digital Lending to meet the needs of individuals and businesses alike.
About AeTrade Group: AeTrade Group is a Pan-African marketplace that empowers entrepreneurs through its integrated ecosystem, including Sokokuu Marketplace, cross-border payment solutions, and digital financial services. AeTrade Group aims to accelerate Africa’s economic growth by promoting inclusive trade and fostering collaboration between the public and private sectors.
Contact Information
Cooperative Bank of Oromia
Public Relations Office Email: info@coopbankoromia.com
Website: www.coopbankoromia.com
AeTrade Group
Communications Team Email: info@aetradegroup.com
Website: www.aetradegroup.com
Commentaires