Oromia Bank on Wednesday launched Milkii, a digital lending platform that provides loans without collateral. This service, created in partnership with Quantum Technology S.A., was unveiled at a high-profile event that was attended by customers, international partners, industry leaders, senior government officials, and other notable guests.
Obbo Teferi Mekonnen, CEO of Oromia Bank, highlighted the bank’s dedication to being a leader in the digital finance industry in his introductory remarks.
“Our bank is becoming a centre for modern digital banking services,” he said. Obbo Teferi emphasised the bank’s prior successes with the multi-channel platform OrooDigital and said that the launch of Milkii was an additional step in expanding the bank’s online presence.
Milki’s distinctive business model
Obbo Teferi highlighted Milki’s distinctive business model, which relies heavily on customer loyalty as the main assurance, and described the company as a financial solution for a variety of communities. He stated that the app will be crucial in advancing Ethiopia’s larger national digitalisation initiative.
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The founder and managing director of Quantum Technology PLC, the technology partner of Milkii, Obbo Sophonias Enbibel, expressed enthusiasm in helping to create significant digital solutions for various Ethiopian sectors. For entrusting Quantum Technology with the creation of this revolutionary platform, he expressed his gratitude to Oromia Bank.
The initiative was commended by the guest of honour, Ato Solomon Desta, Deputy Governor of the National Bank of Ethiopia, who said that Milkii is a major step towards bringing local banks into line with international digital banking standards.
Milki to promote financial inclusion
Additionally, he stated that lending without collateral will increase financial inclusion and facilitate the execution of Ethiopia’s National Digital Payment Strategy.
Oromia Bank’s commitment to digital innovation was reiterated by Dr Assefa Sime, Chairman of the Board of Directors. He emphasised that the addition of Milkii further strengthens Oromia Bank’s capacity to provide easily accessible and user-friendly loan services to all Ethiopians, and he highlighted OrooDigital, the bank’s flagship digital platform with eight service channels.
In order to better serve its clients, he promised in closing that the bank would keep making investments in technology.
About Oromia Bank
Oromia Bank was founded in compliance with the relevant laws, rules, and Ethiopia’s 1960 Commercial Code, as well as the Monetary and Banking Proclamation No. 83/1994 and the Licensing and Supervision of Banking Proclamation No. 592/2008.
Consequently, Oromia Bank acquired a banking business licence on September 18, 2008. OIB’s authorised capital at the time of its founding was Birr 1.5 billion, while its subscribed capital was Birr 279.2 million and its paid-up capital was Birr 91.2 million.
On October 25, 2008, OIB opened its first branch, the Bole Branch, in Dembel City Centre, marking the start of its operations. The bank now has over 575 branches. OB now has Birr 6.5 billion in paid-up capital.