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SERVICE ABOVE SELF

Staff Reporter
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SERVICE ABOVE SELF

True to their motto “Service Above Self”, Rotary International (RI) for over a century has brought together business and professional leaders in order to provide humanitarian service to advance goodwill and peace around the world.
Recently, selected RI President, Shekhar Mehta of India paid a visit to Ethiopia to have talks with government officials as well as interact with Rotarians within the country. A Rotary member since 1984, Mehta has served Rotary as director, member or chair of several committees, zone coordinator, training leader, member of The Rotary Foundation Cadre of Technical Advisers, and district governor. He is also the chair of Rotary Foundation (India). As a strong proponent of Rotary’s strategic plan, Mehta says he will encourage clubs to use action plans and reinforce the core values of Rotary. Capital sat down with the RI president for a share of his views as Rotarians prepare to conduct Polio National immunization days in the coming few weeks. Excerpts;

 

Capital: What is the purpose of your visit?

Shekhar Mehta: As president of Rotary International, I chose Africa as the first continent to visit. The idea is to insure that we grow more and do more as Rotary International in Africa. To me Africa is the huge treasure of rotary. There is so much scope both as membership as well as doing meaningful work. I am trying to meet these countries heads of state discussing how rotary is helping in their countries. In my visit in Ethiopia I had the privilege to meet the president and the deputy prime minister and had detailed discussions.

Capital: Rotary is known for its works in Polio eradication, what is the current status of polio in the world?

Shekhar Mehta: Rotaries started their journey on Polio eradication 75 years back. Throughout those years we have reached millions of children in 135 countries.
This year, of the last seven months there has not been a single case of polio around the world. The only two countries that are left are Pakistan and Afghanistan. If the two countries do not have cases for the coming five months then we will hopefully be polio free.
Last year Nigeria was the last African country to be certified as polio free by WHO, thus the entire Africa region was certified as polio free. We consider this a big battle that continues to be won as we have given polio vaccines to more than 3 billion children, spending billions of dollars in the process.

Capital: What did you observe from your visit?

Shekhar Mehta: Firstly, I would like to say I am very happy with what I have seen. What I observed is that Rotarians are doing some very meaningful. For example, the good skill Projects worth five million dollars are in the pipeline. Moreover, the Rotarians here have a good connectivity with the government which is impressive.

Capital: During your visit you have met with the president and deputy prime minister. What was the discussion about?

Shekhar Mehta: We had fruitful discussions which flowed both ways. The discussion from their side was full of praise for the Rotary for its works in Polio eradication. Likewise from our end, we convinced them that we are ready to upscale our work on: Literacy, water sanitation, health issues and other initiatives to enhance the capacity and ability of government.

Capital: What’s your overall take on government’s support?

Shekhar Mehta: It is excellent. Both the president as well as the Deputy Prime Minister expressed deep interest and said they are very happy to support rotary. As earlier mentioned, they are full of praise for the work of Rotary with regards to Polio eradication. I am sure Rotary Ethiopia will enjoy fruitful relationship with government for many years to come.

(Photo: Anteneh Aklilu)

Capital: Government is currently working on literacy. So, how do you see Rotary club aligning itself to this?

Shekhar Mehta: As I said, when I explained to the Deputy Prime Minister about the program on e-learning, he showed his interest that they would like to have a look at that and see whether that is something that they can work in. If it can work, then we will tweak it to make it usable.

Capital: As part of its peace and conflict resolution program, is there anything rotary is planning to engage in Ethiopia’s current situation?

Shekhar Mehta: Currently we have not involved ourselves in the peace and conflict resolution program for the country. But if called upon am certain that we can provide due support.

Capital: Any other new projects rotary is planning in Ethiopia?

Shekhar Mehta: Apart from the polio eradication we are working on several initiatives as rotary international, this includes: Literacy, education, water sanitation, health, economic development and environment and conflict resolution. Moreover there are project related to empowering girls. Empowering girls is a major thematic area in this. Everywhere around the world Rotarians are working in empowering girls, whether it is in education, literacy or health water sanitation. Literacy has also become a mega project because of the successes of the Polio; education similarly has a big role in nation building.
We have discussed this area with the government, especially on hygiene management, nutrition issues, education and skill development for girls. We also have lots of people who are trained in conflict resolution since there is a huge need for people who are expert in conflict resolution, we can offer our expertise in the same.

Capital: What is Rotary‘s role in coping with COVID-19?

Shekhar Mehta: We have played a role in providing masks, sanitizers and PPEs. We have done this in the past now everybody has the access so we don’t really need to do that. But the other thing we are doing is providing ventilator, oxygen making machines and so on in the world.
In Ethiopia previously we have given 20 million birr worth of PPEs to the Ministry of Health and we will continue until we have managed the Covid-19 hurdle. These are still things that we are ready to do, but purchase of vaccines have been left everywhere to governments.

Curtains close on minimum capital requirements

Muluken Yewondwossen
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Curtains close on minimum capital requirements

The deadline for under formation banks to come up to apply for the license with half a billion birr capital has come to an end starting from Tuesday October 12, whereas there were handful promoters forming new financial firms. National Bank of Ethiopia (NBE) reaffirms again that there will not be extensions regarding the deadline.
It was recalled that National Bank of Ethiopia (NBE) revised a decade old ‘minimum capital requirement for banks’ under directive SBB/78/2021.
On the new directive NBE, financial industry supervisory body, stated that existing banks shall raise their paid up capital to five billion birr, which is tenfold increment from the preceding minimum amount, in five years’ time until June 30, 2026, and it ordered banks to come up with an action plan for capital increase within 30 days, which means until May 12 of 2021. While the under formation banks are required to comply with the new requirement within seven years after commencement of banking operation.
So far about 7 operational banks and one on the final stage to open its door have already reached the five billion birr paid up capital.
When the banking business was opened for the private players under the proclamation for ‘providing the licensing and supervision of banking business’ that was issued on January 31, 1994 and that was followed by the directive that came in to force on May 15, 1994, there were no set minimum paid up capital.
While after the formation of Awash Bank, which started operation early 1995, NBE started imposing specific amounts of minimum capital for the establishment of banks. On its first directive, the requirement was 10 million birr minimum paid up capital and the amount was implemented until June 1999 with 7.5 fold increase. Besides Awash five more private banks, Dashen, Abyssinia, Wegagen, Hibret and Nib banks entered the banking business up until 1999.
Since 1999, the banking business has got more than ten banks, despite the revised directive making the startup capital to 75 million birr which was to be fully paid. The late entrants in the form of Debub Global and Enat banks that opened doors in 2012 and 2013 respectively experienced rise in the paid up capital threshold since as of September 2011 NBE raised the minimum paid up capital by almost 6.7 folds to half a billion birr to be fulfilled by June 2016.
However, since then the market did not witness any new banks until recently. The aspiration of forming new banks resurfaced when the political reform was introduced bringing with it massive changes in the economy in general and in the banking industry in particular, for example like opening the sector for interest free banking and to the diaspora.
Experts on the sector said that banks shall easily meet the requirement in the given period of time since the value of the birr has sharply declined.
The directive has given a room for newly established financial firms to come up with the oldest 500 million birr paid capital in a half year time.
The directive that is the fourth amended on capital requirement stated that banks in the process of share subscription, which succeeds to collect 500 million birr from founding shareholders, are asked to hold subscribers meeting and submit final application to the national bank within a maximum of six months after the effective date of the directive and will be permitted to get banking business license within a minimum of 500 million birr paid up capital. “However, such bank shall be required to comply with the five billion birr capital within seven years after they started operation.”
Now the deadline has reached and will end a day after tomorrow with only one bank meeting the criteria filing its request to NBE.
However there are about five more new banks which received or are waiting for their operational license from NBE.
A promoter of one of the under formation banks told Capital that meanwhile a bank that he and his partners were on the process to form tried to collect some amount of capital but were unable to reach on the minimum amount of half billion birr. “If we may have more extension on the deadline the amount shall be filled,” he said.
In different occasion, Yinager Dessie, Governor of NBE, strongly stated that the regulatory body would not give additional period against the directive and he called organizers of new banks to run behind the timeframe.
“When we see the NBE strong stand we decided to halt our activity to sale share,” one of the new banks promoter told Capital, “we will call those who buy the share to pass decision. The decision would be to return their money or invest the resource on other sector.”
On Friday October 8, Frezer Ayalew, Director of Bank Supervision NBE, responded to Capital’s question through text message by saying, “As to my knowledge, I have no information about the decision to extend the deadline.”

Room.et launches targeting accommodation convenience

Metasebia Teshome
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Room.et launches targeting accommodation convenience

Local Technology Company called Booking Technologies PLC has launched Room.et an online platform that serves as an aggregator by providing a marketplace for hotels, guest houses, and apartment rooms in Ethiopia.
“By using Room.et people can discover, reserve, and list hotel rooms, and it is accessible via a mobile app, and website,” said Natnael Mekonnen, CEO of Booking Technologies adding that Room.et enables users to discover the nearest hotel rooms alongside their price, type of rooms, and services they want to get with alternative payment solutions.
As he said the platform is working to integrate its system with Amole and Telebirr to give alternative payment solutions with seamless and hassle-free hotel booking experience for users.
Users are able to write reviews regarding the service of hotels they have used and are also able to view reviews given by previous hotel users during their search process.
“Room.et enables you to discover the nearest hotel rooms with a filtered price. The key factor where Room.et plays a major role is in making the transaction cycle shorter. In the hospitality industry, where you always have various touch-points with the customer, Booking Technologies PLC has focused on creating a highly efficient, easy-to-use, localized mobile application for the customer.
The company managed to develop an application that allows customers to book a hotel room in simple three steps. In the first step, search query, based on which the application comes up with several suggestions in the locality. The second step is to choose from the room type, choose date and number of rooms, and lastly, just a confirmation click to reserve. “Booking technologies designed a simple business model to work with hotels. It provided owners to follow basic standards of service, features, staff, pricing, security, and then lists them on room.et web portal and application,” said the CEO.
“What triggered us to start this business was the non-existence of local OTA (Online Travel Agency) like Booking.com in Ethiopia. Then when we further studied the market and the result was shocking. This market opportunity for local players made the company be more interested in the hospitality industry,” said Natnael adding that the company had started its process to establish the platform three years ago. After the completion of the feasibility study, Booking Technologies discovered trust and predictability of services as main challenges in the hotel booking experience and an opportunity to fill that gap through an online platform.
“The global pandemic obstructed the company from getting in action. As a result it started its trail operation on March. Currently there are about 20 member hotel found in the platform and we are working to increase the number to give different options for customers,” explained Natnael.

New digital auction platform lures Dashen bank, other entities to follow suit

Muluken Yewondwossen
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New digital auction platform lures Dashen bank, other entities to follow suit

Adugenet Technology Group plc introduces a digital auction solution to modernize and eye-catch entities like banks, insurance, real estate developers and public offices. Dashen bank has become a pioneer partner under the new scheme.
The platform that launched on October 7 at the Ethiopian Skylight Hotel from inception targets to ease the existing and traditional auction scheme with a digital system that shall also catch more players than the previous trend.
Tadesse Tessema, prominent entrepreneur, founder of the pioneer car assembly in Ethiopia, Holland Car and has now established the Adugenet online auction platform. He said that the ultimate goal of the digital auction is to make lucrative for auctioneers that enable clients to sale their goods and properties on real market price. The real market price will also contribute for the government to earn proper revenue through the transaction tax.
He told Capital that he was studying the Ethiopian auction system that has an annual transaction of over 100 billion birr, “As per our assessment we identified that the range is very narrow for very few and regular participants and there are also issues regarding transparency.”
“Our system will solve such kind of concerns and allow more participants to play on the auction from every corner of the world and would have a benefit for companies or public offices to gain more value than the existed experience,” he said.
On the launching ceremony Tadesse expressed to potential partners that the online auction makes sales efficient and simple in the internet.
“The hybrid international online auction is transparent to all, and gives much more exposure than the traditional auction,” he explained.
“Besides generating high revenue than the traditional system it has the opportunity to earn foreign exchange under the scheme since buyers shall come from the diaspora or other interested potential investors that shall invest in the country,” he added.
An expert who observed the new platform elaborates that if a bank forecloses a facility and a foreign investor who is interested to invest in the country shall involve itself on the auction to get it on the aim for his or her future investment.
About the scheme Tadesse stated that sellers see ascending closing price at an agreed upon time, buyers can make a bid 24/7 and more buyers more price shall be gained, “The auctions that regulates as per the commercial codes of the country can monitor real time activity electronically.”
According to the scheme buyers shall bid more than once from anywhere all over the world globe.
“The platform is flexible to bid anytime anywhere at the convenience of smartphone or computer, while it is ample for sellers or buyers to control the process,” he said.
He recalled that the current scheme involves physical activities, that is: to buy bid document, evaluate the condition of the property, pay bid bond, and attend the biding and other processes. The new scheme will change that and auctioneers shall make available the description products or property online and all procedure like payments to access the bid document while others will be concluded online, with same time and costs risk reduction and optimizing the value in win-win terms.
“You can view the products prior to starting your bidding until end of the auction and keep an eye out for your fellow bidders’ bids, making sure you seize the opportunity to get your hands on that car you have been dreaming about, your home or home appliances. Besides that you can buy products from all over around the country,” Tadesse told participants.
According to the developer of the new technology that was built in India with its server based in the Netherlands, the new scheme is suitable for banks to sell property and other products that they foreclosed, and insurances that are frequently auctioned products that they received after compensation.
“Real estate developers shall also easily sale their houses for potential buyers through the platform. And similarly public offices like disposal bodies shall manage their activity on the modern scheme with better revenue for the government than the trend now,” he elaborates.
On the launching ceremony participants mainly who came from insurance companies welcomed the system and said it will totally change the traditional system and allow companies to benefit more.
At the event Adugenet and Dashen Bank signed the agreement to allow the bank to use the scheme. “Prior to the launching we have approached almost all potential customers and almost all of them are delighted by the system and expected to be included on the system,” the entrepreneur told Capital.
He said that the platform will also target to involve on the export sector as an ecommerce.

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