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Commercial Bank of Ethiopia and the Ethiopian Road Fund have signed an agreement to collect annual vehicle license renewal fee. On Thursday 4th of March 2021, Kidane Mengesha, deputy president of Central Region and Rashid Mohamed, director of Road Fund Office have signed the agreement on behalf of their respective office.
The agreement is expected to benefit 1.2 million car owners in Ethiopia according to Kidane, “Customers will be able to pay their payment through bank branches, POS machines and online banking services without any hassle.”
As Kidane said, since 53 percent of the overall Commercial Bank of Ethiopia services is through digital system, this step could also help as part of its effort to a cash less transfer and modern society.