Dashen Bank and EagleLion System Technology signed a Memorandum of Understanding (MoU) to establish a new mobile app, DubePay. The collaboration has a mission to shift the financial sector ecosystem which mostly serves large enterprises and only 10Pct of households, leaving the remainder without credit.
The application allows a DubePay user of any commercial bank to purchase items on credit from suppliers and merchants enrolled on the platform, including flight tickets, home appliances, apparels, electronic equipment, and others. Therefore, it was announced that it will provide modern services by removing traditional credit services.
Buy-now-pay-later (BNPL) is a short-term consumer financing method allowing customers to buy items and pay for them in installments with minimal or no additional costs.
Users can review their accounts by simply logging into the DubePay app and granting access to their account using the credentials supplied by the bank when the account was created. Bersufikad Getachew, Techpreneur and Owner of EagleLion, is known for his disruptive innovations in areas including education, hospitality, travel, and banking. He stated that “the application is accessible for both iOS and Android users and in five different languages.”
Once signed up, users may see their credit amount, minimum monthly payment, payment due date, payment summary, credit increment request, payment alternatives, and other features. Merchants can collect receivable payments and analyze transaction history.