Enat Bank Share Company and Hybrid Designs—RIDE, a taxi hailing firm, agreed Friday on the provision of loans to Ride drivers.
In a strategic agreement program held at Hyatt Regency Hotel, the companies agreed on three types of loans to RIDE drivers.
The first Enat Vision consists of loans to purchase new vehicles. To secure this loan, drivers must save 30% at Enat Bank and its repay back is in five years, according to Ermias Andargie, President of Enat Bank.
Enat Efoyita is the second type of loan, which will be used to vehicle maintenance purposes. Drivers should deposit their money for three consecutive months to get 10,000 Birr loan under this scheme, Ermias said.
Last but not least is Enat Derash, a loan provision, which will be used as a working capital of up to 1,000 Birr that will be given free of interest rate.
The agreement also includes using Enat Bank’s digital financial services.
Samrawit Fikru, CEO of Hybrid Designs said that the agreement will enable RIDE passengers to pay their payments through Enat Bank’s mobile banking services.
RIDE as well as its parent company Hybrid Designs, was founded by an IT professional and entrepreneur, Samrawit Fikru. She is one of the Ethiopian women who have created and succeeded in their own career through determination and hard work.
The establishment of Enat Bank marks a unique point in Ethiopian and African banking history. Women’s own 64 percent of the bank, and compose many major leadership positions from the senior bank management to the Board of Directors.
The founders succeeded in their vision through commitment and hard work, and are prepared to continue to nurture the bank. The founders believe after Enat succeeds in Ethiopia, it can be expanded across Africa.