Wegenfund, the Ethiopian crowdfunding platform, has expanded its services to support entrepreneurs and small businesses. The platform was initially launched in December 2021 to provide fundraising tools for charities, religious organisations, and individuals with medical emergencies. Wegenfund offers two types of crowdfunding, namely a donation-like model and a rewards-based model. The platform plans to incorporate debt and equity crowdfunding in the future. The launch of Wegenfund for startups/businesses was announced on March 9, 2023, during a virtual event attended by panellists, startups, entrepreneurs, and invited guests.
-
Ethiopia: Bank of Abyssinia modernizes its software platform
Newgen Software has partnered with Bank of Abyssinia to automate the loan origination process for its retail and small to medium enterprise loans. The platform, NewgenONE, will streamline loan processing, disbursement, and tracking with business rule engine, document management, and workflow management capabilities. The solution will be used in more than 750 branches in Ethiopia and will allow the bank to respond faster to customer requests and digitize its loan process, enhancing the overall customer experience.