Oromia Bank has introduced a system that integrates its Milky Digital Financing application with the Fuel Aggregator System of Ethiopia’s Ministry of Transport and Logistics, aimed at improving digital fuel transactions. The bank announced the initiative on Saturday.
Ethiopian consumers’ interactions with fuel payments are expected to change as a result of this initiative.
Key industry stakeholders and distinguished representatives from the Ministry of Transport and Logistics attended the grand launch event where the new application was unveiled. The occasion highlighted the joint initiatives to support Ethiopia’s digital payment plan.
Oromia bank’s commitment to digitise Ethiopia’s payment system
Oromia Bank CEO Obo Teferi Mekonnen stressed the bank’s dedication to assisting Ethiopia’s digital payment initiatives in his speech.
He said, “Our bank is implementing a wide range of activities to support the digital payment strategy of our country. In particular, large-scale works are being carried out that reduce cash flow and promote digital payment services and transactions. The work we are announcing today to digitise fuel transactions through the Milki app is one of the important examples.”
The Ministry of Transport and Logistics’ national Fuel Subsidy Project Office Manager, ObbobSalman Mohammed, commended Oromia Bank for its admirable efforts to improve the fuel industry’s transaction system.
He noted, “The government is engaging alternative payment system providers in the digital fuel transaction system to ensure that the comprehensive fuel reform implementation is based on reliable transactions.”
In order to have a greater impact, he urged Oromia Bank to expand its digitisation initiatives into additional industries.
Convenience of using Milky app for fuel transaction
Dr. Yusuf Elmali, the general manager of OLA Energy Ethiopia, was one of the prominent partners who attended the launch and emphasised the modernisation and ease of use that the Milky application offers for fuel transactions.
He remarked, “The application developed by Oromia Bank is convenient for fuel transactions, and the technology will modernise them.”
The audience was also addressed by Dr. Assefa Sime, Chairman of Oromia Bank’s Board of Directors, who provided updates on the bank’s ongoing digitalisation initiative. He affirmed, “Oromia Bank is working on a multi-faceted digitalisation project, which is bearing fruit,” and urged for continued efforts to strengthen these initiatives.
Oromia Bank is the first to implement a system that simplifies fuel payments and allows customers to access loans even without funds in their accounts.
This innovative solution is poised to enhance the customer experience and contribute to Ethiopia’s move towards a cashless economy.
