Commercial Bank of Ethiopia (CBE) signs an agreement with EagleLion system technology to launch a platform called ‘Nedaj’ to digitalize the fuel market and transactions thereof.
The agreement was signed on August 18, 2022 by Dahlak Yigezu, digital banking vice president of CBE and Besufikad Getachew, CEO of EagleLion.
“The bank is implementing information technology projects that will modernize our country’s payment system and bring it to the level the world has reached,” stated the vice president, adding that ‘Nedaj’ (‘Fuel’), is believed to help digitize the country’s fuel marketing system as the application enables the establishment of a simple, convenient and fast payment system for all parties by avoiding cash transactions.
Customers, in order to access the platform, should fulfill needed documents of ownership to open an account and download the app and should also be users of CBE-Birr. Vehicle owners and gas stations can use the service by installing the application called ‘Nedaj’ (Fuel) on their mobile phones and connecting it to the mobile banking service of the commercial bank.
“In relation to the bank’s efforts, it is also possible to upgrade the mobile application, which has great importance to vehicle owners, gas stations and fuel regulatory bodies, by modernizing our country’s fuel marketing,” Dahlak remarked.
“The application allows fuel trading to be carried out in a modern way. Gas stations, individuals and organizations that own motorcycles to heavy vehicles can use the application,” Besufikad, the founder and manager of EagleLion said whilst indicating that more than 11.2 million liters of fuel is sold per day with over half a billion birr in transactions.