Zemen Bank has obtained a global payment Card Industry Standard (PCI DSS 3.2) certification effective August 10, 2018. Zemen Bank became the first bank in Ethiopia to receive the last PCI DSS compliance.
The PCI standard allows for all service providers and merchants who process card payments the guidelines to store or transmit credit, debit or prepaid card information securely.
Mesrete Wendeme Vice President of the Bank said,” being PCI DSS compliant ensures that the bank has put in place the proper controls to safeguard customers’ data.
“And it ensures our customer transactions are done with platforms that comply with the highest security standard as required by major associations including VISA, MasterCard and American Express,” he said.
Zemen Certified
Trade bureau to overhaul 8,000 analogue scales
The Addis Ababa Trade Bureau, is planning on replacing the sometimes inaccurate analog scales with digital scales to weigh fruit and meat in many retail shops by this coming February.
Traders will cover the costs of the 8,000 scales which will be floated via tenders for importers. A source in the trade bureau told Capital that fruit and meat sellers will be the first mandated to use the digital scales and that this is expected to occur shortly. Right now there are approximately 50,000 analog scales in shops half of which are in retail markets.
The Trade Bureau has been very suspicious about the accuracy of the analog scales so they are planning to replace them with digital scales to put them on the market at places that sell fruits, meat and other retails shops.
The 8,000 scales whose cost will covered by Sthe traders themselves will be floated in tenders for the importers who have the capacity to bring them from abroad.
A source in the trade bureau told Capital that fruit and meat sellers will be the first target to use digital scales to weigh their goods.
Currently there are over 50,000 analog scales and more than half are found in retail markets selling a variety of goods.
The source added that the replacement of the digital scales will begin in a short period of time.
“There is one proclamation we requested that the trade ministry to forcefully make traders use digital machines and I hope this proclamation will be effective in the coming one month and then we will go to the market and let the traders use the digital machines and we will give awareness raising to the consumers about the importance of measuring their goods on digital scales and in parallel we will supervise the market about how to use these scales.
A recent study from the Trade Competition and Consumer Protection Authority (TCCPA) indicates that some butchers are using fake scales to cheat customers by as much as 140 grams of meat when they purchase a kilogram.
The study, which focused on meat and retail commodities showed that many of the scales used in Ethiopia are substandard regardless if they are digital or analog, meaning that consumers often end up getting the short end of the stick when it comes to purchasing meat.
Of the 12 consumer associations 83 percent of butchers who sell a kilo of meat for 80 birr deduct from 10 to 143 grams from a kilo of meat, which means consumers loose more than 2,000 birr per 100kg meat.
The study also looked 21 private butchers who sell a kilo of meat for 160 birr or above and found that 64 percent of them cheated customers 130 grams per kilo of meat because they used bad scales.
According to the study conducted on 76 retailers who sold sugar, salt, coffee, wheat, white flour, and lentils from 5 to 15 grams is deducted by incorrect measuring scales.
The fake weighing machines are manufactured using cast-iron instead of aluminum and are being used by the traders to cheat the unsuspecting customers.
Many complain that they are being taken advantage of by sellers and the Authority is blaming the Addis Ababa Trade Bureau for not taking action.
Lufthansa non-stop to Frankfurt
Lufthansa has started a new non-stop flight between Addis Ababa and Frankfurt. The enhanced service reduces the trip to just 6 hours 4 minutes, because it no longer stops over in Jeddah. A modern Airbus A340-300 will operate the route with a configuration of 30 Business Class, 28 Premium Economy and 221 economy class seats.
This flight is also a codeshare flight with Ethiopian Airlines and is complementary with their connection, a passenger can use their ticket on a total of 12 weekly flights.
During the press conference last Thursday Tobinas Ernst, General Manager Sales Regional East Africa Lufthansa Group said,” we are delighted to now offer our passengers in Ethiopia a fast , non-stop and premium quality flight connection between Addis Ababa and Frankfurt .’’
Insurance coverage starts for vehicles traveling to Eritrea
Insurance companies have responded to the recent peace accord between Ethiopia and Eritrea by providing coverage for vehicles transporting goods to Eritrea.
As members of COMESA, both countries respect yellow card insurance, requiring vehicles to have insurance coverage when they cross into another country. The COMESA Yellow Card is a motor vehicle insurance scheme valid in all participating countries. It covers third-party liabilities and medical expenses for the driver of a vehicle and their passengers, should they suffer any bodily injury as a result of an accident to an insured vehicle.
United, Awash, and Ethiopian Insurance Companies are registering trucks to provide motor insurance coverage, which will cover bodily injury and property damage.
Meseret Bezabih, CEO of United Insurance told Capital that the new insurance coverage will benefit both economies.
“Of course cargo trucks are carrying products to be sold which means money for both buyer and seller so an accident means loss not only to the truck but the product as well, thus insurance gives confidence in the transaction in both countries.”
She went on to explain how accident reports will be filed.
“When an accident happens in an Ethiopian vehicle we will ask for a clarification report about the accident from the Eritrean government based on their internal policy and then we will pay compensation for damage.”
Birhane Zeru, President of the Ethiopian Transport Employers’ Federation said starting the insurance will be a shot in the arm for the economy in both nations.
“You never know what will happen when you drive so it is safer to have insurance coverage. Our vehicles are starting to transport goods to Asmara and we are glad to see that insurance companies have committed themselves to providing insurance coverage.’’
In 1998 the two nations fought a bloody war but thanks to a peace agreement in July, relations between the two countries have quickly thawed and many sectors have restarted. Transportation, telecom, trade and borders have all re-opened which has restored relationships and given a boost to the regional economy.
