Ethiopia's Ministry of Finance announced on Friday that it cannot proceed with a draft restructuring of its US$1 billion 6.625% Eurobond notes due 2024, after the Official Creditor Committee (OCC) deemed the terms non-compliant with the comparability of treatment principle under the G20 Common Framework. The OCC, co-chaired by Yang Jing and Thomas Rival, informed Finance Minister Ahmed Shide in a January 28 letter that the Agreement in Principle (AIP) reached January 2 with the Bondholders' Ad Hoc Committee falls short. The committee commended good-faith negotiations but warned the deal would deliver a "very low restructuring effort" from private bondholders, risking vastly diverging concessions compared to official creditors. It highlighted the inclusion of Value Recovery Instruments (VRIs), tied to future economic upside, as adding complexity and potential misalignment. The ministry's statement, posted on its official Facebook page, followed consultations with the OCC and IMF to verify alignment with comparability standards and Ethiopia's Extended Credit Facility (ECF) program parameters. Proceeding would contradict the July 2025 Memorandum of Understanding with official creditors and jeopardize macroeconomic stability amid ongoing reforms. Ethiopia defaulted on the bond in late 2023 and is restructuring under the G20 framework, requiring equitable treatment across official bilateral, private, and other creditors. Ethiopia's application for debt restructuring was filed in February 2021, with talks beginning five months later. On September 16, 2021, a creditor committee comprising 12 countries, co-chaired by China and France, was formed. The committee includes Ethiopia's major creditors, such as Denmark, France, Italy, Korea, Japan, and the Saudi Fund for Development. China is the major bilateral non-Paris Club creditor, claiming 30pc of the total external debt stock.

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ADDIS ABABA, ETHIOPIA — As digital payments surge across Ethiopia, local businesses are facing a growing threat: fraudulent or reused payment confirmations. To bridge this trust gap, software engineer Abel Legesse has announced the launch of Veriq, an Android-based verification tool designed to protect merchants from transaction fraud in real time. Veriq tackles the “fake screenshot” epidemic by allowing businesses to cross-check transaction IDs and use smart receipt scanning. By verifying the authenticity of a transfer before goods or services are handed over, Veriq helps eliminate the financial leakage that many small and medium-sized enterprises (SMEs) have come to accept as a cost of doing business. “Many restaurants and service providers lose money every day because they are shown fake screenshots or reused receipts,” said Abel Legesse, Founder of Veriq. “We built Veriq to remove that uncertainty. It’s about giving merchants confidence in seconds, so they can focus on their customers rather than questioning their honesty.”

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Ethiopia’s central bank is set to inject an unprecedented US$500 million into the foreign exchange market, marking the largest single FX auction in the country’s history and signaling a decisive shift toward liquidity support for growth, trade, and macro-stability. In a notice issued on Monday, the National Bank of Ethiopia (NBE) announced that it will hold a special foreign exchange auction on Tuesday, January 27, 2026, explicitly framed as a monetary policy operation. Commercial banks have been invited to submit bids between 10:00 a.m. and 12:00 noon, with results to be announced at 3:00 p.m. and settlement completed the same day.

A Step-Change in Scale

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The National Bank of Ethiopia (NBE) has announced a new directive requiring commercial banks to use Ethiopian Customs Commission reference prices as indicative rates for selected foreign exchange transactions, particularly those involving Letters of Credit (LCs). Under the new measure, banks will apply customs reference prices when processing LCs and other approved payment instruments, aiming to reduce pricing discrepancies across the foreign exchange system. The policy builds on Ethiopia’s foreign exchange reforms introduced in July 2016 E.C., which gradually shifted the country away from a tightly controlled FX regime toward a more market-oriented framework. While banks are permitted to negotiate exchange rates with customers within regulatory limits, inconsistencies have persisted between banking prices and customs valuations. According to the NBE, significant differences have been observed between prices used by banks for Letters of Credit and those quoted by the Ethiopian Customs Commission, complicating trade documentation, FX verification, and compliance checks.

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Ethiopian real estate developers are turning to arbitration to resolve disputes with homebuyers as the sector braces for the implementation of a sweeping new law. A nine-month-old lobby group, the Ethiopian Real Estate Developers Association (EREDA), on Thursday signed an agreement with the country’s oldest business membership organization, the Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA), to tap into the Chamber’s arbitration expertise. The Chamber began offering arbitration services in the 1960s, suspended them during the Derg’s socialist rule in the 1970s and 1980s, and resumed the practice in the 1990s. Both the establishment of EREDA by 29 leading firms and its latest push to promote alternative dispute resolution follow a landmark bill ratified by Parliament last year that seeks to bring order to a historically chaotic sector. Alemayehu Ketema, president of EREDA, which now has about 100 members, said trust and accountability from developers would be essential if they are to help build the 1.5 million homes Prime Minister Abiy Ahmed (PhD) recently said the country needs. He said that under the new legal framework, buyers who have fully paid for their homes should be protected.

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Websprix, Ethiopia’s first private internet service provider (ISP), has launched what it calls a sovereign cloud infrastructure, aligning with a national push toward data localization and digital sovereignty under the Digital Ethiopia 2030 strategy. Under the roadmap, the government has made digital sovereignty a priority, calling for homegrown solutions, data localization, and the expansion of sovereign cloud infrastructure, alongside plans to more than double the number of local cloud providers by 2030. The cloud infrastructure was officially launched on Thursday morning at the Sheraton Addis Hotel, bringing together regulators, enterprise clients, and technology partners. It is hosted through a colocation arrangement with Wingu Africa at ICT Park, one of Ethiopia’s most interconnected facilities, supported by multiple power substations and international connectivity routes, and where the ISP is headquartered. Founded in 2011, Websprix has been a pioneer of private-sector internet services in Ethiopia and has grown into a key player in the country’s digital connectivity infrastructure. It was among the first companies to deliver fiber connectivity to condominium housing in Addis Ababa through underground cable deployment, a model that later became more widely adopted. Dawit Birhanu, co-founder and chief executive of the company, said the new service is available to both individual and enterprise customers and is offered through two deployment models: a VMware-based cloud cluster and an OpenStack-based cloud cluster.

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Addis Ababa, Jan. 22, 2026 — The (IFC) is considering an $80 million A-loan to support the refurbishment of the landmark Sheraton Addis and the construction of a new adjacent hotel by , according to an Environmental and Social Review Summary (ESRS) disclosed this week. The proposed financing targets two major components: the ongoing remodeling and modernization of the 294-room Sheraton Addis, and the construction of a new 200-key hotel and private villas on 2.5 acres within MIDROC’s existing property in Addis Ababa’s Kirkos sub-city. IFC classified the project under Environmental Category B (Limited), indicating manageable and site-specific environmental and social risks. The Sheraton Addis—commissioned in 1998 and long considered one of East Africa’s flagship luxury hotels—has been undergoing a phased refurbishment since 2023, with completion expected in 2026. The hotel is operated by , which assumed operations following its acquisition of Starwood Hotels & Resorts in 2016. In parallel, MIDROC plans to develop the New Sheraton Addis, to be operated by Marriott under its select-service and extended-stay brands. IFC noted that the construction site is located in a modified urban setting and will not result in physical or economic displacement.

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Addis Ababa — MIDROC Investment Group has acquired the historic Wabi Shebele Hotel, marking a major investment in Ethiopia’s hospitality sector ahead of the country’s selection to host the 32nd United Nations Climate Change Conference (COP32). Under the agreement, the hotel will undergo a comprehensive renovation and be repositioned as a Marriott Autograph Collection property, aligning it with international luxury hospitality standards while preserving its historical character. The upgraded hotel is expected to serve international delegates and visitors attending the global climate summit. The acquisition agreement was signed by MIDROC Investment Group Chief Executive Officer Ato Jamal Ahmed and Prince Bedemariam Mekonnen, Board Secretary of Wabi Shebele Hotel Share Company. Speaking at the signing ceremony, Ato Jamal Ahmed said MIDROC is committed to modernizing the hotel’s facilities and services to meet the highest global standards, while ensuring a comfortable and high-quality guest experience. He emphasized that the project reflects the group’s broader strategy to strengthen Ethiopia’s tourism and hospitality infrastructure.

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Ethiopia has announced it is looking for a global partner to build a state-backed Bitcoin mining operation, moving from a model of hosting private miners toward something run with government involvement. The call for partners was made at the Finance Forward Ethiopia 2026 event and signals a clearer role for the state in the country’s crypto plans.

State Seeks Global Partner

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Ethiopia’s push to rein in its fast-expanding digital finance ecosystem took a decisive turn late last year, as the Ministry of Justice ordered all commercial banks to freeze the accounts of ten payment gateway providers and submit exhaustive financial disclosures to federal authorities. The directive, dated December 29, was signed by Tesfaye Daba Wakjira, State Minister for the Attorney General Division. It instructs banks to immediately block all accounts linked to the named firms and to hand over comprehensive records detailing their financial activities from inception to date.

Who Is Affected?

• ArifPay
• AddisPay
• FenanPay
• LakiPay
• StarPay
• YagoutPay
• SantimPay
• Kacha
• Chapa Pay
• Sinan Pay

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The International Monetary Fund executive board agreed to immediately disburse about $261 million to Ethiopia after the nation reached an agreement in principle with bondholders to restructure its debt.

The new tranche brings the total the Horn of Africa nation has received from the Washington-based lender to about $2.2 billion since it signed a $3.4 billion program in July 2024, the IMF said in a statement Friday.

“Measures to enhance the foreign exchange (FX) market, modernize monetary policy, mobilize fiscal revenues, and advance the financial regulatory agenda continue to show encouraging results, with better-than-anticipated macroeconomic outcomes,” Nigel Clarke, IMF deputy managing director and chairman of the board, said in the statement.

The new inflows will support the birr, which has lost almost two-thirds of its value against the dollar since the currency was floated in the month the IMF program was agreed.

Ethiopia reached an agreement in principle with private creditors earlier this month to rework a $1 billion bond it defaulted on in 2023.

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Ethiopia’s entertainment community has been struck with grief following the passing of Artist Netsanet Workneh, a celebrated actor, TV presenter, and cultural figure. He died earlier today after battling a long-term illness, according to EBS Television. Netsanet, widely known and loved by audiences across the country, leaves behind an enduring legacy in film, theatre, and broadcast television. A Versatile Artist Who Became a Household Name For more than two decades, Netsanet Workneh enriched Ethiopia’s entertainment scene with a rare combination of talent, charisma, and humility. He rose to national fame through his work as an actor, delivering memorable performances on screen, while his warm personality made him a natural fit as a television presenter. In recent years, he became a familiar face to millions as the host of a popular family game show on EBS TV, a role that showcased his humor, ease with audiences, and ability to connect across generations.

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Ethiopian Airlines has started construction at a $12.5 billion international airport in Bishoftu, southeast of Addis Ababa. The airport will be Africa’s largest when completed in 2030. The project includes four runways, parking capacity for 270 aircraft and infrastructure designed to handle up to 110 million passengers per year – more than four times the capacity of Ethiopia’s current operational airport. The project was initially estimated at $10 billion but was later revised upward. Ethiopian Airlines will finance 30% of the project, with the remainder funded by international lenders. The company has already allocated $610 million for earthworks, which are expected to be completed within one year. Main construction contractors are scheduled to begin work in August 2026.

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American YouTube star and streaming sensation IShowSpeed has arrived in Ethiopia as part of his “Speed Does Africa” tour, with his livestream expected to begin in less than an hour. While details of his itinerary have not been made public, each stop is likely to attract big crowds across Addis Ababa and beyond. The tour began on December 29, 2025, and is set to take the 20-year-old creator across 20 African countries, with dates often shifting due to travel logistics. IShowSpeed, whose real name is Darren Jason Watkins Jr., is one of the world’s most-watched English-language streamers, known for high-energy broadcasts that mix football moments, street-level culture, and fan meetups. The tour kicked off in Angola, with further stops across Southern Africa before heading toward East Africa. In Kenya, IShowSpeed drew large crowds in Nairobi during a livestreamed city tour that included visits to popular public spots and fan-filled street moments.

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An eight-year-old food producer established by Ethiopian and Indian shareholders, Dachi Manufacturing PLC, has launched the country’s first domestic production of canned fava beans and kidney beans. Established in 2018, the company operates a 15,000-square-meter manufacturing facility and has traditionally focused on condiments like ketchup. On Tuesday morning at Skylight Hotel, company executives announced the start of full-scale canned food production, using locally sourced fava beans, peas, and kidney beans supplied by Ethiopian farmers. The new product line includes red kidney beans, white kidney beans, black beans, fava beans (foul), peas, and sweet corn. The products are currently packaged in 400-gram cans, with three-kilogram packages expected to reach the market within the next few months. Company officials say the canned goods are competitively priced and targeted at both domestic consumers and export markets, with initial shipments planned for the U.A.E. and other Gulf countries. “This marks a shift in Ethiopia’s role within the global food supply chain,”  Biniyam Yohannes, Chief Commercial Officer of Dachi, told Shega. “For many years, we exported raw beans while importing processed canned products. He said they plan to produce up to thousands of tons of output daily, eyeing both urban and rural markets. The CCO indicated plans to finalize the canning and packaging factory in the coming six months, with hundreds of millions of dollars slated for investments.

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Ethiopia’s central bank has scrapped all controls on commercial lending and deposit rates, in a sweeping deregulation move expected to reshape liquidity, credit pricing and competition across the country’s banking sector. Under Directive No. NBE/INT/13/2026, issued by the National Bank of Ethiopia and effective January 9, 2025, banks will now be allowed to freely set their own interest rates across all loan and deposit products, according to the document seen by Addis Insight. The change marks the end of decades of state-administered pricing in one of Africa’s most closed financial systems. The directive repeals all previous rate-setting rules and transfers pricing power to bank boards, which must establish written criteria for determining returns on savings, time deposits and loan facilities.

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French retailer Carrefour is planning to enter Ethiopia with a franchise and supply partnership with Queen's Supermarket PLC, a subsidiary of Midroc Investment Group. The partnership will see the rollout of stores under the Carrefour banner and the launch of its products in Ethiopia. Midroc Investment Group will be supported during the transformation of the Queen's banner to Carrefour as well as the implementation of the expansion plan, the French retailer noted. The partners expect to rebrand the first stores by the first half of 2026. This agreement aligns with Carrefour's objective to expand into 10 new countries, highlighting the strength and dynamism of the franchise model.

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LakiPay Financial Technologies S.C., a year-old payment operator, on Thursday evening unveiled a digital remittance platform it says is designed to speed up cross-border money transfers while lowering costs and expanding access for Ethiopia’s growing online creator economy. The platform, branded LakiRemit, was launched at the company’s headquarters and offers real-time transfers, competitive exchange rates, and direct integration with local banks, according to company executives. LakiPay received its payment operator license from the National Bank of Ethiopia (NBE) last year. Beyond traditional remittances, the company is seeking to position itself in a fast-growing but lightly regulated corner of the digital economy: virtual gifts sent to online content creators by fans, many of them living abroad. LakiPay says the feature will allow Ethiopian creators to receive gifts without losing a large share of their income to global social media platforms. Habtamu Tadesse, the company’s chief executive, said Ethiopian content creators can forfeit as much as half of their earnings to commissions charged by platforms such as TikTok. By registering on LakiRemit, he said, creators would be able to retain up to 95 percent of the value of gifts sent by their supporters. “The money will be deposited into a local bank account within 30 seconds,”  Habtamu said, describing what he called a critical improvement for creators who rely on frequent, small-value transfers.

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Ethiopia’s telecommunications sector is entering a new phase of pricing recalibration as operators respond to rising infrastructure costs, foreign exchange pressures, and broader macroeconomic realities. Industry data shows that mobile broadband prices in Ethiopia have declined sharply in recent years, with entry-level data packages now below regional averages and approaching internationally recognised affordability benchmarks measured against gross national income per capita. According to GSMA analysis, this trend has been largely driven by sustained tariff reductions implemented by Ethio Telecom, significantly expanding access and digital inclusion.

Safaricom Ethiopia’s Tariff Revision Sparks Public Debate

The current debate was reignited earlier this month after Safaricom Ethiopia announced revisions to its mobile data tariffs. The changes, which affected daily, weekly, and longer-term bundles, were positioned as part of a broader strategy to ensure financial sustainability. However, the announcement sparked widespread public reaction, with users raising concerns about affordability, pricing predictability, and the impact on students, freelancers, and small businesses that rely heavily on mobile connectivity.

Safaricom’s communication focused primarily on cost recovery and long-term network viability, offering limited detail on measures to mitigate affordability risks for lower-income users. This response highlighted a recurring challenge in emerging telecom markets, where pricing decisions are increasingly interpreted not only as commercial actions but also as social signals in economies where mobile data underpins access to education, employment, and digital services.

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Addis Ababa, Dec. 30, 2025 — Ethiopia’s central bank has scrapped the country’s long-standing 7% minimum savings deposit rate, a policy in place for decades, marking one of the most sweeping financial sector reforms in recent years as the National Bank of Ethiopia (NBE) moves toward a fully market-based interest-rate regime. The National Bank’s Monetary Policy Committee (MPC) said the decision will allow interest rates to be determined purely by market demand and supply, replacing the previous framework where the minimum interest rate was legally fixed while banks could only negotiate higher rates with depositors. The reform is intended to strengthen the interest-based monetary policy framework introduced in July 2024, enhance policy transmission, and make interest rates a more effective tool for managing liquidity, stabilizing inflation, and boosting savings competitiveness among banks. “This historic shift allows banks and depositors to freely negotiate interest rates,” the MPC said, adding that the move is expected to deepen financial intermediation and improve efficiency in the banking sector.

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Ethiopian Airlines, the leading carrier in Africa and one of the fastest-growing airline brands globally, is proud to announce the successful completion of Africa’s first full strip-and-paint program of the Airbus A350-900 aircraft on two of its aircraft, marking a significant advancement in Ethiopian MRO’s capacity, technical expertise, and commitment to operational excellence. This achievement marks yet another milestone following the recent development of full strip-and-paint capabilities on the Boeing 787 fleet composite painting capability. Appreciating the major accomplishment, Mr. Mesfin Tasew, Ethiopian Airlines Group CEO, remarked: “The successful execution of our full strip-and-paint project on two of our A350-900 aircraft coupled with the completion of paint capability on the B787 earlier this year, marks a significant step forward in Ethiopian’s in-house widebody advanced composite structure paint capabilities. This project is yet another milestone which reflects Ethiopian’s ongoing commitment to investing in world-class MRO capabilities, strengthening our operational resilience, enhancing our self-reliance, and elevating our global standing. Beyond saving costs, this achievement enables us to generate additional revenue and reinforce our position as a leading MRO service provider in the continent and the region.”

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Safaricom Ethiopia has implemented significant price increases across its mobile data packages, with some weekly plans seeing effective rate hikes of up to 82%, as the company moves to rationalize pricing it previously warned was "unsustainable" and threatening the telecom sector's long-term viability. The revised tariffs, which took effect this week, show price increases on nearly all data bundles combined with reduced data allocations. A weekly 10GB package now costs 550 Birr, up from 350 Birr, a 57% price jump, while the monthly 15GB plan remains at 500 Birr but with data slashed from 15GB to 10GB, representing a 50% effective increase in per-unit cost. The changes affect daily, weekly, monthly, and long-term plans. The popular daily 1GB package increased from 30 to 35 Birr while data allocation dropped from 1.1GB to 500MB, effectively doubling the per-gigabyte cost. Weekly packages saw some of the steepest hikes: the 5.5GB plan rose from 150 to 250 Birr (67% increase), and the 10GB package jumped from 250 to 550 Birr. Monthly unlimited data now costs 2,400 Birr, up from 2,000 Birr (a 20% increase), while the half-yearly 500GB package increased from 7,000 to 8,500 Birr.

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Dashen Bank, Ethiopia’s second-largest private commercial bank, closed the last fiscal year with 31.4 billion Birr revenue, a 34% year-on-year increase. Announced on Thursday morning during the bank’s 32nd ordinary shareholders’ meeting at Millennium Hall, the revenue surge was accompanied by a rapid expansion of total assets, which reached 254 billion Birr, up 38.5% from 183.7 billion Birr a year earlier. Customer deposits reached 202.2 billion Birr, marking a 38.7% annual increase. Interest-Free Banking (IFB) continued to gain traction, with IFB deposits expanding by 42.3% to 15.8 billion Birr, reflecting rising demand for Sharia-compliant products and the growing role of diversified funding sources. The bank also generated $1.12 billion in foreign exchange during the year, a 15.8% increase from the previous period. Profitability, however, did not keep pace with revenue growth. Gross profit rose 5.1% to Birr 6.7 billion, up from Birr 6.4 billion a year earlier. Outstanding loans and advances, including IFB financing, rose to 134 billion Birr, representing a 17.3% year-on-year increase. Dashen strengthened its capital base during the year, increasing paid-up capital to 14.3 billion Birr following an additional 2.3 billion Birr injection.

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Ethiopia and the United States have signed a historic $1.6 billion health cooperation agreement, marking one of the most significant health sector partnerships between the two nations and signaling a shift toward more direct and sustainable development cooperation. Under the agreement, the U.S. government will contribute $1.16 billion, while the Ethiopian government will cover the remaining share to strengthen domestic health financing. The initiative will be implemented over five years and is designed to bolster Ethiopia’s health system, enhance service delivery, improve access to quality care, and ensure long-term institutional resilience. The agreement was signed in Addis Ababa by Finance Minister Ahmed Shide, Minister of Health Dr. Mekdes Daba, and U.S. Ambassador to Ethiopia Ervin Masinga. Both governments described the initiative as a milestone in Ethiopia–U.S. relations and a defining step toward deeper, more accountable, and results-oriented cooperation.

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Ethiopia’s national switch operator, EthSwitch, on Thursday evening unveiled a long-awaited overhaul of the country’s payment rails, officially launching an interoperable instant payment system known as EthioPay at Friendship Park in Addis Ababa. The payment infrastructure was first announced last week during the second national digital payment conference. Developed over two years, the system enables same-day settlement for interbank transfers, replacing the Real Time Gross Settlement platform, which has long drawn criticism from banks and businesses for delays that constrained liquidity across the financial system. Yelebes Addis, EthSwitch’s chief executive, said the launch would mark a turning point for Ethiopia’s payment ecosystem, which has leaned heavily on person-to-person transfers even for merchant transactions. EthioPay, he said, introduces structured payment channels designed for a broader and more complex economy. Among the new capabilities are bulk payments, customer-to-government transactions, request-to-pay functions, QR-based payments, interoperable merchant dashboards, and expanded tools for e-commerce platforms. “A shared payment infrastructure reduces costs while improving services,”  Yelebes said. “We expect banks to reduce additional charges.”

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ArifPay, a four-year-old financial technology company, has acquired a majority stake in Jami, an Ethiopian virtual tipping platform founded by Nathan Damtew, for 16 million Birr. The deal marks a strategic expansion for the fintech company, which has increasingly broadened its business portfolio from its primary offering as a payment operator. Hirko Alemu, ArifPay’s chief legal officer, said the two parties agreed on the valuation of 20 million Birr, with ArifPay injecting 16 million Birr in cash and the platform’s founder contributing the web application, valued at 4 million Birr in kind. Those assets are being transferred to the newly established entity, Jami Technologies PLC, which has already obtained commercial registration and a business license from the Ministry of Trade and Regional Integration. Beyond the initial capitalization, the fintech has also planned a 20 million Birr investment over the next two years, to support co-branding efforts and expand Jami’s offerings, according to Nathan. Under the terms of the deal, Nathan, who is also the founder of Beblocky and Yeneta Code, will remain a shareholder as well as serve the general manager for at least one year.

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When the team behind Zegju first launched their platform, it followed a common edtech pattern: a web-based learning service built around notes, exercises, and exam preparation. But student feedback quickly exposed a structural flaw. The platform worked only as long as students had reliable internet access—something far from guaranteed for much of Ethiopia’s student population. This year, Zegju made a decisive pivot. The company shut down its web service and rebuilt the product as a mobile application designed around offline-first access, a move that has since reshaped both its reach and its scale. According to a recent public update by co-founder Brook Fantahun, the shift has coincided with a major adoption milestone: Zegju has enrolled approximately 15,000 first-year university students—around 50 percent of Ethiopia’s entire freshman cohort for the current academic year.

“We’ve now finished a whole app for freshman students with flashcards, notes, and previous exams and enrolled 15k freshman students, which is around 50% of all freshmen this year,” Fantahun wrote in a LinkedIn post published last week.

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Two weeks after revoking the licenses of 22 sports betting companies, Ethiopia’s Lottery Service has effectively brought the country’s entire betting industry to a halt. In a statement issued Monday morning, the agency directed all banks, payment operators, and financial intermediaries to immediately stop facilitating transactions for betting companies. No new bets are permitted, the statement said. The move follows a nationwide investigation that alleged widespread illegality, large-scale money laundering, and what authorities described as a threat to national security. In a dramatic enforcement action, CEOs of several payment operators and betting firms were detained, while computers and other equipment were seized. Though no official or audited figures have been publicly released by regulators, two sources directly involved in the betting industry, and familiar with the matter, told Shega that the sector processes an estimated 800 million to 1 billion Birr in transactions each day. The crackdown builds on investigative audits that revealed irregularities and alleged underreporting of 100 billion Birr. Those investigations, conducted alongside the National Intelligence and Security Service, financial security authorities, the Federal Police, and municipal administrations in Addis Ababa and Dire Dawa, have escalated scrutiny of a sector that has grown rapidly in recent years.

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The National Bank of Ethiopia (NBE) has announced that it will conduct the 12th round of its foreign exchange auction on Tuesday, December 7, 2018, in line with its biweekly auction schedule aimed at managing foreign currency liquidity and stabilizing the exchange rate. According to the central bank, the total amount to be offered in this round of the auction will be 50 million US dollars, unchanged from the amount allocated during the previous auction. The decision to maintain the same auction volume signals the Bank’s continued cautious approach amid persistent foreign exchange shortages and rising pressure on the Ethiopian birr.

Context: Sharp Depreciation of the Birr

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ZamZam Bank posted a net profit of 940.8 million Birr in the 2024/25 fiscal year, edging toward the billion-Birr mark as the Sharia-compliant lender delivered record performance despite economic headwinds. Shareholders learned of the achievement Sunday during the bank’s General Assembly at Millennium Hall, where executives reported sharp growth across key metrics four years since operations began. The bank’s total assets surged 77 percent to 16.6 billion Birr by June 30, 2025, up from 9.4 billion Birr a year earlier, while total income reached 2.2 billion Birr. Customer deposits climbed 69 percent to 11.6 billion Birr, accounting for the bulk of 13 billion Birr in total liabilities. Paid-up capital rose 29 percent to 2.65 billion Birr, backed by a shareholder base that now exceeds 18,000 investors. After paying 288 million Birr in taxes, earnings per share jumped to 41.4 percent from 5.9 percent the previous year. Board Chairman Nassir Dino (PhD) attributed the performance to strong deposit mobilization, sound risk management, and expanding digital and international operations. The bank collected 4.8 billion Birr in new deposits, 36 percent above target,pushing total deposits to 11.6 billion Birr, while its financing and investment portfolio closed at 6.4 billion Birr. Collections outperformed expectations at 4.6 billion Birr, and non-performing financing remained contained at 2.23 percent, underscoring asset quality. International banking operations mobilized USD 647 million, generating 1.2 billion Birr in related income. Digital transactions grew rapidly with over 175,000 mobile USSD users and wider adoption of the Bank’s Ansar offering, a sharia-compliant digital lending platform. Pre-tax profit reached 1.23 billion Birr, demonstrating operational strength and growing customer trust, Nassir noted.

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The National Bank of Ethiopia (NBE) has officially launched the integration of the country’s new digital identity system, Fayda, with all financial institutions—marking a major milestone in Ethiopia’s push toward a fully digitized financial ecosystem. The initiative aligns with the Digital Ethiopia 2030 Strategy, which positions the Faida Digital Identity as a foundational digital public infrastructure designed to modernize service delivery, enhance financial access, and strengthen national security systems. According to NBE, the harmonization of customer bank account information with Fayda Digital ID has formally begun across all banks. The integration will allow customers to link all their bank accounts under a single Fayda ID, enabling secure money transfers, fraud prevention, streamlined credit access, and protection against unauthorized account movements using fake documents.

How the System Works

• Visiting their bank branches in person, or
• Using online channels where available

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Standard Bank, Africa’s biggest bank by assets, has partnered with Safaricom Telecommunications, Kenya’s largest telecommunications provider, to provide funding of $138 million as part of investment towards Safaricom Telecommunications Ethiopia PLC (STEP). The bank acted as the sole arranger, lender, and facility agent on the term facility to STEP and played an advisory role. Standard Bank’s financing facilitates Safaricom’s ongoing rollout of digital infrastructure and services in Ethiopia. “We are honored to have partnered with Safaricom again in enabling and supporting their on-going vision to driving digital transformation and inclusion in Ethiopia” says Anthony Ndegwa, Executive Vice President for Telecoms, Media & Technology at Stanbic Kenya’s Corporate and Investment Banking. The two-businesses worked side by side in the development of the financial solutions that were bespoke to the business while responsive to the market’s needs. “As a business, we are guided by innovation and strategic partnerships we aim to transform lives at scale—empowering youth, entrepreneurs, and underserved communities to fully participate in Ethiopia’s digital economy and realize the promise of shared prosperity by 2030,” says Peter Ndegwa, Safaricom Plc Chief Executive Officer. “Through this partnership we are given the opportunity to pursue this goal and grow further to digitally enable Africa,” adds Ndegwa. The telecommunication company acquired license to operate in Ethiopia in 2021, and Standard Bank was one of the advisors and financiers who worked with them as they deployed services and built the network in the country.

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A draft of Ethiopia’s second National Digital Payments Strategy for 2026 to 2030 outlines plans to allow cross-border remittances during the implementation period. Under the proposal, the government will issue clear policy guidance on outbound retail payments, assessing the country’s foreign exchange position and associated risks. If conditions allow, the central bank will issue an “Outbound Remittance Directive” authorizing licensed banks, payment service operators, microfinance institutions, and payment infrastructure providers to offer low-value cross-border transfers via cards, mobile wallets, and digital banking. The draft strategy was presented at the second Ethiopian Digital Payment Conference at the Skylight Hotel on Monday morning. The event was opened by Deputy Prime Minister Temesgen Tiruneh and National Bank of Ethiopia Governor Eyob Tekalign(PhD). Another key highlight of the conference was the launch of Ethiopay, an instant payment system developed by EthSwitch, the national switch operator. The platform provides a secure and interoperable infrastructure for person-to-person transfers, QR payments, bulk payments, and cross-border transactions, forming the backbone of Ethiopia’s digital payment ecosystem. The updated strategy aims to expand digital payment adoption, upgrade financial infrastructure, and reduce barriers for underserved groups. It builds on rapid growth in Ethiopia’s digital finance sector. Mobile money accounts have surged from fewer than 1 million in 2020 to more than 128.5 million by the end of 2024. Total digital accounts surpassed 102.8 million by mid-2023, while transaction volumes for the 2023/24 fiscal year reached 9.7 trillion Birr, exceeding cash transactions in value. Mobile money transactions alone increased by 34,631 percent between 2019 and 2024.

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When Elon Musk wrote on X (formerly Twitter) that “Jews are white, if not peak white,” I didn’t know whether to laugh, cry, or invite him to a Shabbat dinner in Beersheba with my Ethiopian family just to show him what “peak white” looks like after a week under the Negev sun. As an Ethiopian-Israeli Jew, a Black African descendant of the Ethiopian Jewish community, I’ve spent much of my life trying to explain that Jewish identity is not a skin-tone category. It is a covenant, a calling, a story that crosses continents and centuries. We are not one shade of people; we are one people of many shades. But when I first saw Musk’s post, I hesitated. Since October 7, Israel has been in mourning. Our national heart is still sitting shiva for the murdered, the kidnapped, the shattered. This has not felt like a time for digital arguments. Yet silence, too, can mislead. So let me answer not with outrage, but with warmth; not to accuse, but to educate; as my teacher Rabbi Lord Jonathan Sacks (z”l) taught me, “Tell the truth, but tell it with love.” Let’s start with a confession: Elon Musk, a brilliant and, by most accounts, well-intentioned defender of innovation, democracy, and progress did not invent confusion about Jewish identity; he merely gave it Wi-Fi. When a man who builds rockets and brain chips still struggles to tell the difference between ethnicity and covenant, it says less about him and more about the picture we, the Jewish people, have painted for the world. If outsiders believe all Jews are white, perhaps we have framed our portrait too narrowly.

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M-PESA Ethiopia says access to its newly launched telco-agnostic application, M-PESA Lehulum (M-PESA for everyone), has been blocked by Ethio telecom. In a public statement dated December 5, 2025, M-PESA Ethiopia said the app is “currently not accessible on smartphones using mobile data services managed by Ethio Telecom,” leaving some customers unable to log in, transact, or retrieve funds. The company said it is engaging regulators to resolve the issue and restore access, framing the disruption as a matter affecting consumer choice and service continuity. The development comes days after M-PESA Ethiopia announced the launch of M-PESA Lehulum on December 1, 2025, which was a major step towards removing traditional network barriers. According to M-PESA Ethiopia, the block started on December 3, two days after the launch. “People were suddenly locked out of their accounts. These are people who have already signed up and deposited money. They are calling us saying they are unable to access their money,” M-PESA Ethiopia told Shega in a statement. Shega tried to access M-PESA Lehulum with an Ethio telecom SIM card and mobile data and, as of the time of writing, was also unable to do so. Shega was unable to obtain a comment from Ethio Telecom before publication.

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The National Bank of Ethiopia (NBE) has announced that it will conduct its eleventh foreign exchange auction of the year on Tuesday, December 2, 2025, offering $50 million to participating commercial banks. The auction is part of the central bank’s renewed commitment to running a predictable, bi-weekly FX auction system aimed at stabilizing the foreign exchange market and managing inflationary pressures. In a formal notice issued Monday, the central bank underscored that the bi-weekly auctions remain a core instrument of Ethiopia’s gradual FX market reform efforts. The NBE has been emphasizing tighter monetary discipline, measured liquidity injection, and increased transparency in FX allocation as it works to restore macroeconomic stability amid persistent foreign currency shortages.

Banks Invited to Bid Under Strict Submission Window

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Addis Ababa — Ethiopia has taken its first concrete step toward opening its protected financial sector, with the National Bank of Ethiopia re-licensing Standard Bank’s Representative Office under the country’s revised Banking Business Proclamation. The South African lender is the first foreign institution to secure approval since Ethiopia shifted supervisory authority for foreign bank representative offices from the Ministry of Trade to the central bank. The NBE described the move as marking “the beginning of a new regulatory era,” underscoring its intention to apply tighter, more centralized oversight as part of wider financial-sector reforms.

Regulatory Transition Signals Policy Shift

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A volcano in Ethiopia's northeastern region erupted for the first time in nearly 12,000 years, sending thick plumes of smoke up to nine miles into the sky, the Toulouse Volcanic Ash Advisory Centre (VAAC) said. The Hayli Gubbi volcano, located in Ethiopia's Afar region about 500 miles northeast of Addis Ababa near the Eritrean border, erupted on Sunday for several hours. The volcano, which rises about 1,500 feet yards in altitude, sits within the Rift Valley, a zone of intense geological activity where two tectonic plates meet. Ash clouds from the volcano drifted over Yemen, Oman, India, and northern Pakistan, said the VAAC, which posted a map of the path of the ash cloud. Air India said on Tuesday said it had canceled at least 11 flights due to the ash plumes, and Akasa Air said it canceled flights to some Middle East destinations, the Reuters news agency reported. Simon Carn, a volcanologist and professor at the Michigan Technological University, confirmed on Bluesky that the ash cloud was "spreading rapidly east in the subtropical jet stream, over the Arabian Sea towards NW India and Pakistan."

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EthSwitch and Mastercard have agreed to allow Ethiopia’s national switch operator to connect directly to Mastercard’s network through the Mastercard Interface Point (MIP) and Mastercard’s Global Payment Gateway Services (MPGS). The partnership, signed on Monday at the Sheraton Addis hotel, also includes advisory support from Mastercard to help Ethiopian financial institutions adopt internationally accepted payment solutions. Under the agreement, Ethiopian banks will be able to issue co-branded prepaid hard-currency cards usable at ATMs, point-of-sale terminals, and online merchants worldwide. Businesses in Ethiopia will also gain the ability to accept international payments, opening new opportunities for cross-border commerce. “This partnership will take EthSwitch to the international level,” said Yilebes Addis, CEO of EthSwitch. He noted that enabling businesses to accept global payments would provide a major boost to the development of e-commerce in Ethiopia. He also expressed excitement about the potential for locally issued prepaid cards to be accepted globally through Mastercard’s network. “Through the partnership, any foreign card can be used for payment in Ethiopia,” Yilebes told Shega. EthSwitch reported a record gross profit of 1.4 billion Birr in the last financial year, a 34% increase from the previous year’s 1.06 billion Birr. Interoperable transaction fees remained the backbone of EthSwitch’s income, with person-to-person (P2P) transactions generating 902.6 million Birr, nearly half (49.9%) of operational revenue and up 123% year-on-year. ATM transactions contributed 825.1 million Birr, or about 45.6% of operational revenue.

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SantimPay Financial Solutions and Berhan Bank have signed a strategic partnership agreement to deploy low-cost Point-of-Sale (POS) devices to merchants across Ethiopia. The agreement, signed at Berhan Bank’s headquarters three days ago, positions SantimPay to support the bank in distributing POS devices and onboarding merchants, with the aim of significantly increasing payment acceptance points nationwide. The collaboration comes as SantimPay gains momentum in Ethiopia’s digital payments sector. In September, the fintech announced a major partnership with global payments company Visa to deploy up to 20,000 POS devices over the next year. Under that arrangement, Visa will cover the upfront hardware cost, allowing SantimPay to offer the terminals to merchants at no charge. POS adoption in Ethiopia has long remained limited. Commercial banks have historically concentrated deployments in select locations in Addis Ababa, citing high device and maintenance costs. Although the number of terminals has increased slightly in recent years, fewer than 10,000 active devices serve a market of more than 40 million cardholders, meaning most card users still rely primarily on ATMs for cash withdrawals. Increasingly, fintech companies are stepping in to expand POS distribution through new partnership models. According to the latest figures from Ethiopia’s national switch operator, EthSwitch, 2.78 million interoperable POS transactions worth 7.2 Billion birr were recorded in 2024/25, a 24% increase from the previous year. Despite this progress, acceptance infrastructure remains far below demand.

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Awash Bank has posted the highest profit ever recorded by a private bank in Ethiopia, reporting a gross profit of 25.67 billion Birr for the 2024/25 fiscal year—a 137% surge compared to the previous year. Net profit stood at 18.712 billion Birr, solidifying Awash’s position as the most profitable private financial institution in the country. The results were unveiled during the bank’s 30th Regular and 18th Extraordinary Annual General Meeting (AGM) held at the Skylight Hotel in Addis Ababa. Speaking at the event, Board Chairperson Gure Kumssa stated, “This profit recorded by the bank makes it the bank with the highest profit in the history of private banks,” underscoring the scale of the achievement.

Earnings Jump as Asset Quality Remains Strong

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Twelve historical artefacts have been formally returned to Ethiopia after being kept by a German family for more than 100 years.

The artefacts, originally collected in the 1920s by Germany's then-envoy to Ethiopia Franz Weiss and his wife Hedwig, were handed over on Wednesday to the Institute of Ethiopian Studies at Addis Ababa University.

The collection included crowns, shields and paintings, all considered culturally and historically significant in Ethiopia.

"The artefacts still stand as a symbol of the long-standing and friendly relationship between Germany and Ethiopia," said Ferdinand von Weyhe, Germany's envoy to Ethiopia.

Professor Ramon Wyss, whose father was born during the family's diplomatic posting in Ethiopia, handed over the items at a ceremony attended by Tourism Minister Selamawit Kassa.

He said the family's intention to return the artefacts was to "share their beauty with the public and preserve the culture and history connected to my father's birth".

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Addis Ababa — November 20, 2025 — The National Bank of Ethiopia (NBE) has unveiled a detailed bi-weekly foreign exchange (FX) auction schedule for the remainder of the current fiscal year, allocating a combined USD 520 million to stabilize the market and reinforce transparency in FX distribution. According to the announcement, the central bank has set aside USD 420 million for the third quarter of FY 2025/26 and an additional USD 100 million for December 2025, bringing the total planned auction allocations to over half a billion dollars. The move is part of NBE’s ongoing reforms aimed at increasing predictability in the FX market, improving liquidity for priority sectors, and strengthening market confidence amid persistent foreign currency shortages.

December Auctions to Release USD 100 Million

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A new partnership between majority state-owned Ethio Telecom and Ethiopia’s most profitable private commercial bank, Awash Bank, was unveiled today, introducing a menu of collateral-free micro-credit, savings, SME lending and device-financing services. The offering, branded Tilla, will be delivered through Telebirr, the telecom operator’s fast-expanding mobile money platform. The rollout comes at a moment of extraordinary growth for Awash Bank, which reported gross profits of more than 22 billion Birr for the 2024/25 financial year, a 113 percent jump from the previous year. The bank has been working to deepen its digital footprint in Ethiopia’s financial sector. Earlier in the day, its investment-banking subsidiary received a license from the Ethiopian Capital Market Authority, marking another milestone in the sector’s slow but steady shift toward modernized, regulated financial services. At the heart of the new service is a tiered credit system that ranges from short-term micro loans to large salary-based financing. The micro-credit products start with a 15-day loan from 500 Birr upward, extending to a six-month salary loan that climbs as high as 1 million birr and can be repaid over 16 months. Facilitation fees start at 1.25 percent for the briefest loans, with additional daily charges between 0.5 and 1.25 percent. For the 40-day and 75-day loans, the same daily fees apply, although first-day facilitation fees rise to 4.5 percent and 6.5 percent respectively.

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Regulator pushes momentum in nascent capital market with 13 CMSPs now approved

A Milestone in Market Maturation

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Arifpay Financial Technologies S.C. is set to deploy 10,000 new point-of-sale (POS) terminals to small and medium-sized enterprises (SMEs) across Ethiopia, following two key partnership agreements signed today. The digital payment provider, established with 270 million Birr in paid-up capital, secured financing from Visa for the terminal acquisitions and named AVICOM as the official hardware supplier for the initiative. The move aims to address the limited digital payment options for merchants outside of major cash-based operations. The rollout targets a wide range of small businesses, including supermarkets, cafés, and pharmacies. The new Android terminals are designed to handle multiple payment forms on a single device, a significant step toward interoperability in a fragmented market. The terminals will accept local mobile wallets, domestic cards processed through EthSwitch, and international cards, including those from Visa. This functionality could provide a notable boost to SMEs that currently struggle to serve international customers. For the first time, many smaller merchants will be able to accept payments from tourists and the Ethiopian diaspora, potentially opening a new revenue stream. Beyond payment processing, the terminals will offer merchants digital tools for receipting, sales tracking, and remote management via Arifpay’s cloud system.

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Eleni Gebre-Madhin (PhD), the economist and market architect widely credited with creating the Ethiopian Commodity Exchange (ECX), received the Lifetime Achievement in Innovation and Entrepreneurship Award on Monday at the closing session of the African Startup Ecosystem Builders Summit and Awards, held at the Skylight Hotel. The award marked the conclusion of a three-day gathering of founders, investors, policymakers, and ecosystem leaders from across Africa, focused on the institutions and individuals shaping the continent’s innovation economy. Eleni was recognized for a career that combined market reform, institution-building, and early-stage startup support. She rose to prominence as the architect and first CEO of the ECX, launched in 2008, which introduced a structured commodity trading floor, warehouse receipts, and regular price dissemination, hoping to transform the country’s agricultural markets. After leaving the Exchange, she founded eleni LLC, securing backing from institutions such as Morgan Stanley to advise on the design of commodity exchanges in emerging markets. In 2016, she launched blueMoon, later rebranded BlueSpace, a business incubator and co-working space in Ethiopia supporting startups and youth entrepreneurs. More recently, she advanced her pan-African vision through Timbuktoo, a $1 billion UNDP initiative based in Rwanda that connects policy, finance, and research to support cross-border entrepreneurship.

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Ethiopian Airlines, Africa’s largest carrier and one of Boeing’s most strategic global partners, has committed to purchasing 11 additional Boeing 737-8 MAX aircraft, further cementing its role as a major driver of aviation growth on the continent. The agreement, signed at the Dubai Airshow, marks a significant expansion of the airline’s narrowbody fleet and reinforces Addis Ababa’s position as a rapidly expanding regional hub. The new commitment adds to Ethiopian’s already substantial Boeing backlog — the largest in Africa — which includes orders for 737 MAXs, 787 Dreamliners, and the next-generation 777X. The latest order brings Ethiopian closer to achieving its long-term “Vision 2035” strategy, which aims to position the airline among the world’s top 20 global carriers.

A Strategic Boost to Regional Connectivity

“This order will support our growth plans set as part of our long-term vision and strategy. We are happy that our partnership with Boeing continues to grow, and we look forward to flying Boeing airplanes for years to come,” Tasew said.

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Ethiopia is preparing to introduce a major shift in its fuel pricing regime, with a combined 30% tax on petroleum products set to take effect next month. The measure reflects the government’s wider move away from decades-long fuel subsidies as it pursues fiscal consolidation, tackles budget pressures, and advances the Homegrown Economic Reform Agenda. The Ethiopian Petroleum Supply Enterprise (EPSE) will begin collecting the new charges—15% VAT + 15% excise tax—as part of a phased transition toward market-based pricing for petrol and diesel. The Ministry of Finance (MoF) has instructed EPSE to remit all federal fuel-related taxes directly to the Ministry of Revenues, signaling the centralization and tightening of fuel-related fiscal flows.

Reforming One of Ethiopia’s Costliest Subsidies

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Two weeks ago, Ethiopian Electric Power (EEP) announced a new, multi-phase tariff structure for Bitcoin miners. Scheduled to take effect in the coming month, the framework will replace the flat rate of around $0.0314 per kilowatt-hour with a more complex system that incorporates time-of-use pricing and an availability-based rate. The increases are steep: close to 30% in December 2025, followed by 24% in July 2026 and 28% in July 2027. The move comes a few months after the state-owned power provider announced it would no longer issue new permits for bitcoin miners. The notice landed abruptly, and while some mining companies are still hoping for negotiations, the announcement has sent shockwaves across the industry, with some weighing the possibility of shutting down or selling facilities to relocate to markets with more predictable regulatory environments. For Bitcoin miners, electricity is the single most important factor in determining their operating costs. Power expenses gobble up around  60% of total revenue, and in some cases, that could goes up to 70%. Following the new tariff announcement by Ethiopian Electric Power (EEP), QRB Labs, the only Ethiopian-founded Bitcoin mining company, issued a statement cautioning of severe adverse consequences for the sector.

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The International Monetary Fund has cautioned Kenya and Ethiopia over the rising financial risks tied to their recent decisions to convert portions of their Chinese loans from US dollars into Chinese yuan, warning that the strategy—while lowering immediate borrowing costs—may expose both economies to new layers of currency volatility. Kenya completed the shift on October 7, converting its Ksh646.15 billion Standard Gauge Railway loan into yuan. Treasury Cabinet Secretary John Mbadi said the move would save the government about Ksh27.78 billion annually, thanks to lower CNY-denominated interest rates and extended repayment terms. Ethiopia followed two weeks later, entering talks with Beijing to convert part of its Ksh695.23 billion debt into yuan as it battles a severe foreign-exchange crunch and a protracted restructuring process under the G20 Common Framework.

IMF Cautions on Currency Risk

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Addis Ababa — Ethiopian Investment Holdings (EIH) has signed a Memorandum of Understanding (MoU) with RUSAL, one of the world’s largest producers of low-carbon aluminium, to push forward plans for a major aluminium smelter in Ethiopia. The proposed plant will have an annual production capacity of 500,000 metric tons, positioning Ethiopia as a competitive player in both regional and global aluminium markets. The project aims to meet rising domestic demand, support industrial expansion, and curb the country’s foreign-currency spending on aluminium imports. According to EIH, the smelter is expected to be developed over 3 to 4 years, with an operational lifespan of up to 50 years, making it one of the country’s most significant long-term industrial investments. The first phase of the project, valued at around USD 1 billion, is set to receive 70% financing from committed debt providers who have already shown strong interest in backing the initiative. Following the MoU, EIH and RUSAL have formed a joint technical committee to guide project preparation. Early-stage activities — including site identification and a full feasibility study — are actively underway. The partnership reflects EIH’s broader strategy to attract top-tier international investors, strengthen Ethiopia’s industrial base, and accelerate large-scale strategic projects that contribute to sustainable economic growth.

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Ethiopia said on Tuesday it would host the United Nations' COP32 climate summit in 2027, fending off a rival bid from Nigeria to land an influential role that will allow it to shape the agenda and outcomes of the event. The more immediate choice of host for next year's COP31 remains unresolved, however, with both Australia and Turkey vying for it. The news broke on the second day of COP30, the 30th UN climate change conference held in Belem, in the Brazilian Amazon. Richard Muyungi, chair of the Africa Group of Negotiators told AFP the group "has endorsed Ethiopia." The Brazilian presidency of COP30 confirmed the African countries' choice to French press agency AFP. It's not yet official -- the decision still needs to be officially adopted by all participating nations during the conference, which ends on November 21 -- but that should be a formality. "We welcome the announcement of COP32 in Ethiopia and look forward to elevating Africa's climate priorities and leadership," said Rukiya Khamis, Africa senior organiser at the nonprofit 350.org. UN climate conferences are organized in rotation among five regional blocs, which must select the host country by consensus within their group. The process can lead to power struggles.

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Akobo Minerals, a boutique Scandinavian gold producer, looks to expand its operations in Ethiopia after acquiring an additional exploration license in Abobo Woreda, Gambela Regional State. The company, which is currently engaged in gold production in Dima Woreda of the Segele Shama Gold District, covering a 16-square-kilometer mining area, has now been granted a new license for exploration at a site around 160 kilometers away, according to Tamiru Hailu, General Manager at Etno Mining, Akobo’s Ethiopian subsidiary. “We will begin exploration this year,” Tamiru told Shega on the sidelines of the High-Level Ethiopia–Sweden Business Forum held at the Sheraton Hotel on Wednesday evening. Akobo has operated in Ethiopia for the past 15 years and reached a successful production in 2024 . The company, named after the Akobo River that flows from Mizan Teferi to the Pibor River bordering South Sudan, sold a 7.4% stake to Ethiopia’s sovereign wealth fund in August for around $3 million . Ethiopian Investment Holdings (EIH) subscribed to 15 million new shares through a private placement as part of its strategy to diversify investments and deliver long-term returns. Tamiru said the EIH investment will be used to expand Akobo’s operational capacity over the coming year and increase production a few times over.

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The National Bank of Ethiopia (NBE) has released the official list of financial institutions authorized to provide money remittance and transfer services in the country, reaffirming that any unlicensed operation in this sector is illegal and punishable by law. In its announcement, the NBE emphasized that only licensed financial institutions are permitted to receive or send funds both domestically and internationally. The Bank warned that engaging with unapproved money transfer agents exposes individuals and businesses to potential fraud, financial loss, and money laundering risks. “Remittance and transfer services must be conducted only through NBE-licensed institutions to ensure safety, compliance, and protection from legal consequences,” the statement said. The following institutions are among those officially authorized by the NBE to provide money remittance and transfer services as of April 1, 2025: Major Licensed Operators Telebirr Remit, Western Union International, MoneyGram, RIA Financial Services, WorldRemit Ltd, Equity Bank (Kenya) Ltd, Onafriq, Zeepay Ghana Ltd, Small World Financial Services, Wise Trading, Safari M-Pesa, and Paypal Inc.

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The Commercial Bank of Ethiopia (CBE), the country’s largest financial institution, has launched a new digital savings and loan service branded “CBE Beje”, marking another major step in the bank’s ongoing digital transformation strategy. The launch event in Addis Ababa was attended by CBE President Abe Sano, Executive Vice President for Corporate Services Afereem Mekuria, and senior leaders from key public institutions and the private sector.

A New Milestone in CBE’s Digitalization Drive

Salary-Backed Digital Loans up to 150,000 Br

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The British public is footing a £20m bill to train tax collectors in Ethiopia, The Telegraph can disclose. With Rachel Reeves thought to be preparing a tax-raising Budget at home, the Government is investing millions of pounds in creating a more “business-friendly” system in the east African nation. The “Tax Transformation Programme” – funded by the Foreign, Commonwealth and Development Office (FCDO) – is intended to help Ethiopia raise more revenue from its population so it can become less dependent on aid. The programme’s aims include improving voluntary compliance, training staff and creating “a tax environment that encourages business”. The TaxPayers’ Alliance, which uncovered the scheme, told ministers to refocus their efforts on “taxpayers at home”, suggesting the money would be better spent helping the Treasury improve the system in the UK. It comes after The Telegraph revealed British aid was being used for a string of projects that have become mired in claims of corruption and waste – while many purportedly green programmes seemingly have nothing to do with the environment.

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South Korea’s HD Hyundai Infracore has reported an unprecedented 470 percent jump in equipment sales in Ethiopia this year, reflecting the country’s accelerating mining boom and rising appetite for industrial machinery. The company, which sells construction and mining equipment under the Develon brand, said it delivered around 1,300 units in 2025—its highest annual volume to date in the East African market.

Mining Boom Fuels Equipment Demand

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M-PESA Ethiopia has reported exceptional performance over the past six months, marking a 174.8% year-on-year growth with 3.4 million active customers transacting within a 90-day period. The mobile financial platform processed 12.3 billion Birr in transactions, underscoring its growing influence in Ethiopia’s digital payments landscape. The company has also broadened its merchant base to over 30,700 active businesses, including 316 fuel stations nationwide now accepting M-PESA payments. With a maximum transaction fee capped at just 5 Birr, M-PESA remains one of the most affordable digital finance solutions in the country, positioning itself as a key player in advancing financial inclusion.

Expanding Access Through Innovation

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Over the past three weeks, Ethiopia has quietly restricted access to major global crypto exchange websites — Binance, OKX, and Bybit — in what industry watchers describe as a “silent blockade” targeting unregulated peer-to-peer (P2P) crypto markets. While the exchanges’ mobile apps remain functional, their official websites are inaccessible from Ethiopian IP addresses without a VPN, suggesting a deliberate network-level restriction rather than a random outage. At the same time, users have reported that the “Buy” option on P2P trading platforms has been suspended, preventing Ethiopians from purchasing crypto using the local currency (ETB). The “Sell” function, however, remains active — allowing existing crypto holders to liquidate their assets into Birr.

Binance Confirms Regulatory Engagement

“We understand that the recent lack of P2P adverts has been inconvenient for many of our users, and we sincerely appreciate your patience. Over the past few weeks, Binance has been engaged by local regulators to adhere to their instructions and support their efforts to manage parallel markets.

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ADDIS ABABA, November 3, 2025 – The Ethiopian Capital Market Authority (ECMA) today announced it has granted a Capital Market Service Provider (CMSP) license to ProInvest Capital PLC, marking another step in the rapid formation of the nation’s new financial ecosystem. The license, officially issued today, authorizes ProInvest Capital to operate in the Securities Investment Advisor category. Alongside the firm’s license, the ECMA has also approved the licensing of four (4) Appointed Representatives who will work within ProInvest Capital. This latest addition brings the total number of licensed capital market service providers in Ethiopia to twelve (12), a significant milestone that underscores the growing momentum of the emerging market.

Growing Ranks of Financial Intermediaries

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Addis Ababa – October 31, 2025 — The African Union (AU) has announced a landmark US$30 billion continental aviation modernization initiative aimed at transforming Africa’s air transport systems and fully operationalizing the Single African Air Transport Market (SAATM) — one of the flagship projects of the AU’s Agenda 2063. The plan was unveiled by Amani Abou-Zeid Mataboge, AU Commissioner for Infrastructure and Energy, during a high-level forum on “Financing and Modernizing African Civil Aviation Infrastructure to Promote Integrated Continental Airspace and Enable Free Movement Under SAATM.”

A Strategic Leap for Africa’s Integration

“Aviation is not merely a mode of transport,” she said. “It is a strategic engine of continental integration and a core enabler of Agenda 2063 and the AfCFTA. The Single African Air Transport Market will only succeed if we build the modern, safe, and efficient infrastructure that Africa’s growth demands.”

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Addis Ababa, May 30, 2026 — Ethiopian Airlines announced the delivery of its 21st Airbus A350-900 (registered ET-BCE), a milestone the national carrier said would “further enhance its modern and comfortable service to its passengers” while reinforcing its leading role in African aviation. The addition of another next-generation widebody jet marks a significant step in Ethiopian’s decade-long fleet modernization and expansion program.

The A350 Family and Ethiopian’s Strategic Investment

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Berhan Bank S.A. held its 16th Annual General Meeting of Shareholders on October 18, 2018, at Millennium Hall in Addis Ababa. During the meeting, the Chairman of the Board of Directors, Ato Iligo Legesse, presented the Bank’s annual performance report for the fiscal year ending June 30, 2025. He highlighted the bank’s strong financial performance despite challenging conditions both nationally and internationally. Ato Iligo reported that Berhan Bank achieved a pre-tax profit of Birr 2.5 billion for the 2024/25 fiscal year, marking a 66.5% increase (Birr 1 billion) compared to the previous year. Total assets reached Birr 58.9 billion, up 28.1% from the prior fiscal year, while total capital increased by 20% to Birr 8.5 billion. Paid-up capital surpassed Birr 5 billion, meeting the minimum capital requirement set by the National Bank of Ethiopia. The bank concluded the fiscal year with an impressive earnings per share of 54.7%. Ato Iligo also highlighted that Berhan Bank has completed and begun implementing its three-year strategic plan. Key initiatives include digital transformation and upgrades to the core banking system, aimed at improving customer service and operational efficiency.

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Ethiopia, one of Africa’s six largest economies, is home to more than 2.2 million businesses and 32 commercial and development banks. Yet, despite this growth, the country’s financial sector remains underdeveloped in terms of access to finance and capital market participation. Until recently, most Ethiopians had limited exposure to financial services beyond traditional savings and credit. The introduction and expansion of capital market services—such as individual investment accounts—are now seen as crucial steps toward deepening financial inclusion and driving sustainable economic growth. Recognizing that a reliable, efficient, and accessible capital market is vital to long-term development, the Ethiopian government established the Ethiopian Capital Market Authority (ECMA) and the Ethiopian Securities Exchange (ESX) as part of its broad financial sector reform agenda. Ethiopia now joins over 29 African countries that host more than 35 active capital markets. Under Regulation No. 980/2016, the ECMA began issuing licenses to institutions that meet the required standards to operate in the capital market. On October 20, 2018 (Ethiopian Calendar), First Addis Investment Bank became the first independent investment bank to officially receive its operating license—marking a milestone in Ethiopia’s financial modernization.

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An EU- and TradeMark Africa-funded platform launched this week introduces electronic phytosanitary (ePhyto) certification to Ethiopia’s export sector a change expected to most strongly affect the country’s horticulture industry, long plagued by compliance challenges. The Integrated Export and Import Certification System (IEICS) – e-Phyto Project aims to cut certification times from several days to just a few hours, while introducing internal traceability across the system. Set to be rolled out nationwide within a month, the new compliance platform also seeks to eliminate costs tied to lost certificates, forgery, corruption, and the need for physical travel. Over the past two years, Ethiopian flower exports to Europe have faced intensified inspections following concerns over the False Coddling Moth (FCM), a pest classified by the European Union as a quarantine threat. Tewodros Zewdie, Executive Director of the Ethiopian Horticulture Producer Exporters Association (EHPEA), said phytosanitary compliance remains critical to maintaining export integrity, even as volumes grow. He recalled the bureaucratic hurdles exporters faced under the former paper-based system. “A digital system saves both time and resources for the private sector,” Tewodros told Shega. He emphasized that scaling up the ePhyto system will allow Ethiopia to fully leverage its agroecological advantages.

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Addis Ababa, Ethiopia – October 29, 2025 Ethiopian Electric Power (EEP) has issued an official notification to all data mining customers in Addis Ababa, confirming a significant revision to electricity tariffs specifically tailored for cryptocurrency mining operations. The new pricing structure, set to take effect on December 1, 2025, introduces a Time-of-Use (TOU) billing system and an Availability-Based Tariff (ABT) adjustment mechanism, marking a strategic shift to align costs with grid reliability and peak demand management.

Key Highlights of the Revised Tariff Plan:

• Implementation Date: December 1, 2025
• Billing Impact: All consumption from December 2025 onward will be charged under the new rates.
• TOU Structure: Charges will vary by Peak, Off-Peak, and Shoulder periods.
• ABT Adjustment: Rates increase dynamically when grid availability falls below 80%.

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Addis Ababa, October 18, 2025 — Ethiopia’s national payment switch operator, EthSwitch S.A., has announced robust financial results for the last fiscal year, underscoring its growing role in the country’s expanding digital financial ecosystem. The company reported a 34% increase in total revenue, achieving a profit before tax of 1.42 billion birr, according to figures released during its 12th Annual General Meeting of Shareholders held today in Addis Ababa.

Strong Financial Performance

Expanding Role in Ethiopia’s Digital Economy

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Addis Ababa – Nib International Bank S.C. has reported a significant pre-tax loss of 2.9 billion birr for the fiscal year ended 2017, marking one of the largest annual losses recorded in Ethiopia’s private banking sector. In its latest annual report, the bank attributed the loss primarily to a foreign exchange (FX) revaluation adjustment of 4.4 billion birr, a direct consequence of the Ethiopian government’s recent decision to unify the country’s multiple foreign exchange markets. According to the report, the loss does not reflect a decline in the bank’s operational performance. Instead, it stems from an accounting revaluation of longstanding foreign currency obligations that had been recorded at artificially low exchange rates under the old system. The government’s monetary policy reform, aimed at reducing distortions and improving transparency in the forex market, effectively more than doubled the value of the birr against foreign currencies, significantly increasing the cost of settling foreign-denominated liabilities.

“The loss is a one-time accounting adjustment and not a result of our operational inefficiency,” the bank clarified, emphasizing that core banking activities remained stable and profitable.

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ADDIS ABABA — The Ethiopian Capital Market Authority (ECMA) has released a comprehensive new supervision guideline, establishing a rigorous framework for oversight, compliance, and governance for all market participants. Dated October 2025, the directive introduces significant new requirements aimed at bolstering market integrity and protecting investors. Key measures include mandating the creation of highly independent committees to oversee the regulatory functions of exchanges, barring Politically Exposed Persons (PEPs) from serving on these committees, and instituting strict new protocols for external auditor appointments, regulatory reporting, and the management of trade disruptions. The guideline outlines a “hybrid approach” to supervision, blending “Compliance-Based Supervision,” which ensures adherence to rules, with a forward-looking “Risk-Based Supervision (RBS)” model. The RBS approach allows the ECMA to proactively identify emerging risks and focus its resources on entities deemed “high-risk.” Here are the most significant changes detailed in the new framework:

Independent Committees to Govern Exchanges

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Addis Ababa, October 2025 — The National Bank of Ethiopia (NBE) has issued a stern directive to all banking institutions to crack down on business operations conducted through individuals’ personal or third-party accounts. The move is part of a broader effort to strengthen financial oversight and address risks linked to tax evasion and illicit finance.

Background & Legal Basis

• The directive is grounded in Proclamation No. 1359/2017, which empowers the NBE to regulate and supervise financial institutions across Ethiopia.
• The bank has reported that a substantial number of business organizations and individual traders are using personal bank accounts or third-party accounts to carry out transactions—rather than using the business accounts they registered with tax authorities.
• This practice circumvents routine scrutiny by tax collection agencies and undermines transparency in the financial system.

Risks and Red Flags

• According to the NBE statement, transactions conducted in this manner may facilitate money laundering, financing of criminal activities, or terrorist funding, since they evade formal oversight.
• The central bank warns that such arrangements may mask the true nature or source of funds, making it difficult for regulators and law enforcement to trace suspicious flows.
• In addition, by sidestepping business-registered accounts, these transactions weaken the ability of the tax authority to monitor revenue, detect underreporting, and audit proper compliance.

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Addis Ababa – KEFI Gold and Copper Plc has finalized a $240 million debt financing package to fund the long-awaited Tulu Kapi gold project in western Ethiopia, marking a significant milestone for the country’s emerging mining industry. The financing — led by the Africa Finance Corporation (AFC) and previously approved by the Eastern and Southern African Trade and Development Bank (TDB) — completes the $340 million required to fully develop the project. Once ratified by AFC’s board, the deal will pave the way for construction to move into full swing. KEFI’s Executive Chairman Harry Anagnostaras-Adams hailed the agreement as “perfectly timed,” noting that the company is poised to capitalize on record-high global gold prices. “This marks the start of Ethiopia’s first modern, industrial-scale gold mine — a project that stands to transform both KEFI’s trajectory and the nation’s mining landscape,” he said. The Tulu Kapi project, scheduled for full launch in Q2 2025, has faced years of delays tied to regulatory adjustments and regional security conditions. KEFI’s ability to navigate these hurdles underscores the growing maturity of Ethiopia’s investment climate as the government pushes to diversify exports and attract foreign capital beyond agriculture.

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Marrakech, Morocco — Ethiopia’s Minister of Finance, H.E. Ato Ahmed Shide, held a high-level meeting with Dr. Sidi Ould Tah, the newly elected President of the African Development Bank Group, reaffirming the strong strategic partnership between Ethiopia and the Bank. The bilateral talks took place on the sidelines of the ongoing World Bank – IMF Annual Meetings, where Ethiopia continues to deepen its engagement with key development partners amid an ambitious economic reform agenda. During the meeting, Minister Ahmed Shide briefed President Tah on Ethiopia’s ongoing macroeconomic and structural reforms, designed to enhance investment competitiveness, boost productivity across priority sectors, and strengthen public sector capacity. A central focus of the discussion was the New Mega Bishoftu Airport project, where the Bank serves as the Mandated Lead Arranger and a key financier. The project is positioned as a strategic infrastructure investment to expand Ethiopia’s air transport capacity and consolidate its role as a regional aviation hub.

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Ethiopia has taken a major step forward in the fight against tuberculosis (TB) by launching a national AI-powered digital X-ray system for TB screening. The launch, held on 18 September 2025 during the Annual Tuberculosis, Leprosy and Other Lung Diseases Review Meeting, was officiated by Dr Dereje Duguma, State Minister of Health. The World Health Organization (WHO) Ethiopia was recognized and commended for its critical contribution to this national milestone. WHO played a central role in developing the National Implementation Guideline on AI-Powered Digital X-ray for Tuberculosis Screening and in building the capacity of health workers across the country. To facilitate the national rollout, WHO Ethiopia supported the training of 75 health-care workers, including radiology personnel and program officers, to effectively operate the machines for TB screening and ensure linkage to diagnosis and care. “Ethiopia is one of the first countries in Africa to adopt and implement this new innovation at such a large scale,” said Dr Dereje Duguma, State Minister of Health. “The country has procured and distributed 225 AI-powered digital X-ray machines to health facilities across all regions to support early TB screening and detection. Strong government commitment and partner collaboration are the backbones of this major milestone in our national efforts to end the TB epidemic.”

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Addis Ababa — Ethiopia has taken a decisive step to position itself as a new innovation hub in Africa with the adoption of the Startup Proclamation 2025, a landmark policy designed to formalize the startup ecosystem, unlock capital flows, and accelerate digital transformation. The law — years in the making — signals a strategic pivot away from state-centric economic control toward a market-enabling environment. Here are the 10 most important things to know about this reform and what it could mean for founders, investors, and the broader economy .

1. Ethiopia Finally Has a Legal Definition of Startups

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Addis Ababa, October 15, 2025 — Ethiopian Airlines has announced the reinstatement of its flights to Port Sudan, Sudan, further strengthening its regional network in Northeast Africa. The national carrier officially resumed operations to Port Sudan International Airport (PZU) today with a daily service, and plans to increase frequency to double daily flights starting November 1, 2025. This decision marks a strategic step in reconnecting Ethiopia and Sudan at a time when regional air connectivity is regaining momentum after months of political and security uncertainty in parts of Sudan. The move also positions Ethiopian Airlines as one of the few international carriers restoring regular service to the Red Sea hub.

Rebuilding a Key Corridor

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Addis Ababa — October 13, 2025 — Ethiopia’s central bank will auction $150 million in foreign exchange on October 14, stepping up its efforts to stabilize the market amid rising hard-currency inflows. The (NBE) said the auction reflects strong foreign exchange supply conditions and record inflows this fiscal year. The move is part of the government’s strategy to strengthen the official forex market and support price and external stability.

“Foreign exchange supply conditions continue to be robust, and demand from the business and individual sectors is being widely addressed by the banking system,” the central bank said in its statement.

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A new partnership between Heifer Ethiopia, Nigerian agritech firm Hello Tractor, and Ethiopia’s Ministry of Agriculture is introducing a pay-as-you-go tractor financing model that looks to reshape how smallholder farmers access mechanization, and how youth find work in agriculture. Unveiled this week at the Hilton Hotel, the initiative allows farmers to rent or eventually own tractors without paying the full cost upfront. Heifer Ethiopia is financing the tractors, while Hello Tractor provides the technology platform, training, and digital tools to connect farmers with operators. The model aims to bridge two of Ethiopia’s biggest rural challenges: low productivity and youth unemployment. “Farmers of Ethiopia are done plowing with animals,” said Sofiya Kassa (PhD), state minister of agriculture, during the launch. “Agriculture contributes around 32% to our GDP, but there’s a lot more to be done to raise that number.” She described the partnership as a glimpse of the future, where “Africa’s agriculture is not just mechanized, but smart, connected, and inclusive.” Ethiopia’s reliance on traditional tools remains high, with nearly 95% of all agricultural production being supplied by smallholder farmers who can barely afford basic inputs like fertilizer. According to the Ministry of Agriculture, the share of farmland plowed by tractors has climbed from 5.7 percent in 2020 to 25% five years later.

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Ethiopia marked a historic milestone today with the official launch of its first trade under the African Continental Free Trade Area (AfCFTA), a move expected to boost the country’s regional trade integration and export potential. The launch ceremony took place in Addis Ababa and was attended by several senior government officials, including Deputy Prime Minister and Prosperity Party Vice President Adem Farah, Minister of Transport and Logistics Alemu Sime (PhD), and Minister of Trade and Regional Integration Kassahun Gofe (PhD).

Strengthening Ethiopia’s Export Trade

“The African Free Trade Area will play a significant role in facilitating Ethiopia’s export trade and contributing to the modernization and competitiveness of our trade sector,” Kassahun stated.

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In a move described as “historic and symbolic,” has officially launched the construction of Ethiopia’s first railway line to be built entirely with domestic resources. The 3-kilometer line will connect to the main Ethio-Djibouti railway corridor—marking a strategic shift in the country’s infrastructure ambitions. The announcement was made during a foundation-stone-laying ceremony attended by senior government officials from Ethiopia and Djibouti, industry leaders, and the transport sector’s top executives.

A Symbolic Turning Point

“The railway is one of the institutions etched in Ethiopian history. Yet, for decades, it has remained stagnant—like our politics of the past,” he told the crowd. “Today, we are launching a project that proves Ethiopian engineers can design, build, and deliver critical national infrastructure with our own hands.”

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The US backing of a multibillion-dollar airport project in Ethiopia signals Washington’s commitment to maintaining strong ties with a key ally in the Horn of Africa, despite Ethiopia’s internal challenges. The new airport marks President Donald Trump’s first major business deal in the region and underscores America’s bid to strengthen its presence along vital global trade and military routes.“We have a very longstanding relationship with America. From an interest perspective, I think Ethiopia is one of the biggest clients of Boeing in Africa,” said Mered Fikireyohannes, founder and CEO of Pragma Capital, an Ethiopia-based investment advisory firm.“Ethiopia is the largest country in the Horn of Africa, while its neighbours face serious security challenges. From this perspective, maintaining security through Ethiopia is both good and important.”US Senior Adviser for Africa Massad Boulos announced that Washington will support the construction of a new international airport after a September visit to Ethiopia. The airport will be built at Bishoftu, about 40km south of Addis Ababa, and could become Africa’s largest. The $10 billion facility, supported by the US International Development Finance Corporation (DFC) and other institutions, will span 34 square kilometres, handle international passenger and cargo traffic, and ease congestion at Bole International Airport. The DFC resumed project considerations in Ethiopia in mid-2023 after a two-year hiatus. The agency, which replaced US Overseas Private Investment Corporation (OPIC) in 2019, has a $60 billion lending capacity and a mandate to support US foreign policy aims, including countering Chinese and Russian influence in Africa. In 2020, it pledged to invest $5 billion in Ethiopia over three to five years, to support private sector reforms and counter China’s influence.

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Addis Ababa – Wegagen Bank has delivered its strongest financial performance to date, reporting a record-breaking revenue of Birr 13.5 billion for the 2024/25 Ethiopian fiscal year (2017 E.C.), representing a 38% year-on-year growth. Pre-tax profits surged 73% to Birr 3.85 billion, as the bank marked a turning point not just in numbers but in strategic direction — embracing fintech, inclusive banking, and capital market leadership. This performance was announced at Wegagen’s 32nd Annual General Meeting (AGM), where Board Chairman Abdishu Hussein outlined the bank’s transformative year across financial strength, digital innovation, and market leadership.

Key Financial Highlights

• Total Revenue: ብር 13.5 billion (+38% YoY)
• Pre-Tax Profit: ብር 3.85 billion (+73% YoY)
• Earnings Per Share (EPS): 46.10%
• Total Assets: ብር 84.7 billion
• Total Deposits: ብር 66.5 billion
• Paid-up Capital: ብር 7 billion

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Addis Ababa — Ethiopia will this week begin trading goods under the African Continental Free Trade Area (AfCFTA), marking a major step in the country’s effort to pivot from domestic market dependence toward regional export growth. The Ministry of Trade and Regional Integration said the first shipment — meat, fruits, vegetables, coffee, pulses, and oilseeds — will be transported by Ethiopian Airlines cargo and land routes to Kenya, Somalia, and South Africa starting Thursday, September 29. The move follows years of negotiation and tariff alignment under the AfCFTA framework.

Symbolic Start to a Continental Ambition

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The latest World Bank Ethiopia Telecom Market Assessment Report shows that Safaricom’s entry into Ethiopia has reshaped the country’s telecom market.

• It has driven down prices, expanded 4G coverage, and pushed millions online.
• Yet, three years in, the company is still bleeding cash: Its FY2024 losses hit US$325 million (KSh 42.0 billion) against revenue of only US$53.6 million (KSh 6.9 billion), making its Ethiopian venture both a reform catalyst and a financial warning.
• Safaricom Ethiopia launched in October 2022 as the country’s first private telecom operator, breaking Ethio Telecom’s decades-long monopoly.

Market Disruptor, Not Yet a Winner

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Addis Ababa, Sept. 22, 2018 — Prime Minister Abiy Ahmed inaugurated the first phase of Ethiopia’s Ogaden LNG Project in the Somali Region, marking one of the country’s most ambitious undertakings in energy and industrial development. The initial stage will produce 111 million liters of liquefied natural gas (LNG) annually, with plans for a dramatic expansion to 1.33 billion liters per year under the project’s second phase.

A Strategic Energy Pivot

Beyond LNG: Fertilizer and Food Sovereignty

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Ethiopia has taken another bold step in its industrialization drive, laying the foundation stones for two landmark projects that could redefine the country’s economic trajectory: a Urea Fertilizer Plant in partnership with Nigeria’s Dangote Group, and the Gode Refinery, spearheaded by China’s Golden Concord Group (GCL). Unveiled by Prime Minister Abiy Ahmed (PhD) in a high-profile ceremony, the projects underscore Ethiopia’s determination to transform its vast natural gas and oil reserves into value-added industries, cut reliance on costly imports, and strengthen its bargaining position in regional trade.

The Fertilizer Gamble: Feeding Ethiopia’s Agricultural Future

• Annual capacity: 3 million tons of urea fertilizer.
• Feedstock: Natural gas extracted from the Kalub gas field.
• Pipeline: 108 kilometers linking Kalub to the plant.

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Addis Ababa, October 1, 2025 – The Ethiopian Capital Market Authority (ECMA) has announced the licensing of three new capital market service providers (CMSPs), expanding the number of authorized players from eight to eleven. The move marks another milestone in Ethiopia’s efforts to build a transparent, inclusive, and resilient financial system. The new licensees and their categories are:

1. First Addis Investment Bank PLC – Investment Bank
2. Ignite Capital PLC – Securities Investment Advisor
3. Zuri Capital S.C. – Securities Investment Advisor

Strengthening Ethiopia’s Emerging Capital Market

“These newly licensed institutions have a critical role in shaping the direction of Ethiopia’s capital market,” Hana stated. “We encourage them to contribute to building a transparent, innovative, and sustainable financial ecosystem that benefits all Ethiopians.”

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Addis Ababa, October 1, 2025 – Ethiopia is moving closer to unlocking its long-sought energy potential as Finance Minister Ahmed Shide held high-level talks with Zhu Gongshan, Chairman of China’s GCL Group, on accelerating the country’s oil and gas development. The meeting, which took place on September 30 at the Ministry of Finance, signals Ethiopia’s intent to fast-track investment in downstream refining and industrial hubs linked to its natural gas reserves.

First Phase Completion at Calub and Hilala

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Abyssinia Bank has reported its strongest financial performance to date, with total assets reaching 286.2 billion birr ($5.1 billion), marking a 28.8% year-on-year increase as of the close of the 2017 E.C. fiscal year (2024/25 Gregorian calendar). The bank’s annual general meeting—its 29th regular and 16th extraordinary shareholder assembly—highlighted sharp growth in income, profitability, and digital infrastructure deployment, positioning the private lender as one of Ethiopia’s fastest-growing financial institutions.

Profit Soars by Over 90%

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Addis Ababa – Global payments giant Visa Inc. has entered into a strategic partnership with Ethiopian fintech firm SantimPay Financial Solutions S.A. to deploy 20,000 point-of-sale (POS) terminals across Ethiopia, a major step toward building out the nation’s underdeveloped digital payments infrastructure. The agreement—inked during the Visa Connector Ethiopia summit last week—marks Visa’s first financial partnership program in East Africa and comes as the National Bank of Ethiopia (NBE) accelerates efforts to expand merchant acceptance, boost cashless transactions, and deepen financial inclusion across the country.

“This is a watershed moment for Ethiopia’s payments ecosystem,” said a regional executive at Visa, calling it a “foundational investment” in digital infrastructure.

Mass Deployment to Tackle Merchant Acceptance Gap

“Our mission is to make digital payments accessible, affordable, and inclusive,” said SantimPay CEO, noting the partnership as a model of public-private alignment under NBE directives.

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Addis Ababa — Ethiopia’s central bank kept its benchmark interest rate unchanged at 15% and opted for only a cautious loosening of credit growth limits, signaling that policymakers remain focused on containing inflation even as the economy shows signs of broad-based strength. The Monetary Policy Committee (MPC) of the National Bank of Ethiopia (NBE), which met for the fourth time on September 15, said that while price pressures have eased steadily over the past year, inflation remains well above the single-digit target. The decision underscores the balancing act facing policymakers: sustaining economic momentum and managing banking-sector liquidity while safeguarding price stability.

Inflation Slows, but Target Still Elusive

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Abyssinian Flight Services & Aviation Academy (AFS), one of Ethiopia’s leading private air charter operators, has inaugurated the first tourist charter flight to the Grand Ethiopian Renaissance Dam (GERD), positioning the iconic dam as a premier national tourism destination. The milestone flight, carrying Ethiopian-American diaspora visitors, took place on September 25, 2025, shortly after the dam’s official inauguration. For more than 13 years, AFS has provided critical air transport to the GERD site, supporting the project through its construction phase. This latest move signals AFS’s evolution from a primarily logistical service provider to a key player in Ethiopian tourism, underscoring growing public and diaspora interest in the dam as a powerful symbol of national pride and achievement.

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A new policy paper by the Tony Blair Institute (TBI) proposes a $100 billion Debt Swap Facility with a reform-linked mechanism dubbed “Moving up the Ladder” to tackle crippling debt burdens faced by African economies. The nonprofit, founded in 2016 by former British Prime Minister Tony Blair, published A New Debt Deal for Africa: Moving Up the Ladder, this month as a follow-up to a foundational report from February. The policy paper is grounded in a central debt injustice: African countries, with debt-to-GDP ratios often lower than the G7's, face interest rates four to five times higher. In 2023, African governments allocated 18% of revenues to interest payments, versus 3% in the EU and 5% in the G7. This often leaves scant resources for essential investments in education, healthcare, and infrastructure. Ethiopia, which secured a debt restructuring deal with official creditors through the G20’s Common Framework in July, exemplifies this challenge. From the record 1.93 trillion Birr federal budget ratified for the current fiscal year, a staggering 39% of recurrent expenditures, or around 463 billion Birr is allocated for debt servicing. Notably, the allotment for debt servicing is 48 billion Birr more than funds apportioned to capital expenditures. Building on the prior report, A New Debt Deal for Africa: Breaking the Vicious Cycle, the latest paper develops the case for a debt facility that could refinance existing obligations at lower rates, promote better governance, and break the negative risk-perception spiral, without requiring new aid from donors.

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Addis Ababa — Ethiopia has dispatched a high-level economic delegation to Beijing this week, led by Eyob Tekalign (PhD), the newly appointed governor of the National Bank of Ethiopia (NBE), to advance crucial debt restructuring negotiations and deepen the country’s economic partnership with China, state media reported.

High-Stakes Mission to Beijing

Aligning With Reform and Investment Goals

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ADDIS ABABA – Ethiopian Airlines, Africa’s largest and most profitable carrier, celebrated a new milestone today, graduating 1,103 aviation professionals from its world-renowned Ethiopian Aviation University. The ceremony, held in the airline’s home base of Addis Ababa, underscored the company’s strategic commitment to developing a robust and highly skilled workforce, not just for its own operations, but for the entire African continent and beyond. The graduating class, a diverse mix of talent from Ethiopia and 16 other countries, reflects the university’s status as a regional powerhouse in aviation education. The cohort included 41 pilots, 343 aircraft maintenance technicians, 524 flight attendants, and 195 professionals specializing in ticketing and other commercial operations. The scale and breadth of the graduation ceremony illustrate the airline’s continuous investment in human capital as a core pillar of its long-term growth strategy. In his address to the new graduates, Ethiopian Airlines Group Chairman and Commander of the Ethiopian Air Force, Lt. Gen. Yilma Merdasa, emphasized the critical role they will play in the future of the industry. “The graduates must face the challenges they will encounter in their new journey with courage and fulfill their responsibilities with a sense of patriotism,” he stated, highlighting the national and continental significance of their work.

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Addis Ababa — September 9, 2018 (FMC) — Ethiopian authorities have intensified their fight against black-market currency trading, announcing the immediate freezing of bank accounts belonging to 123 individuals suspected of engaging in illegal foreign exchange activities.

Financial Security Service Action

Evidence of Black-Market Dealings

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Addis Ababa — September 2025 — Ethiopian Airlines Group’s catering arm has unveiled its upcoming 2026 economy and business class menu at a high-profile showcase held at the Ethiopian Skylight Hotel. The exclusive event, designed to introduce the new culinary offerings and gather real-time feedback, brought together passengers, frequent flyers, and key aviation stakeholders for a first taste of the airline’s next chapter in onboard dining.

A Preview of 2026 Onboard Dining

Commitment to Quality and Food Safety

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Addis Ababa, Ethiopia — Siinqee Bank has officially launched a new MasterCard service, marking a significant step in its strategy to expand financial inclusion and enhance international payment options for its customers. The launch follows the signing of a five-year strategic partnership with MasterCard, a deal that allows Sinqee Bank to issue MasterCard prepaid cards to its clients. This makes Sinqee Bank the first non-member financial institution outside the Payment Switch System (PSS) main network to introduce the globally recognized service. According to the PSS, Sinqee Bank’s achievement illustrates how Ethiopia’s financial sector is diversifying beyond traditional member banks, demonstrating the growing role of private institutions in shaping the country’s digital finance ecosystem. A Secure, Global Payment Solution The new prepaid MasterCard will provide Sinqee Bank’s customers with a secure and universally accepted payment method—an especially valuable option for Ethiopians traveling abroad or making international transactions. The card is expected to simplify cross-border payments and help bridge a key gap in Ethiopia’s banking services, where reliable global payment options remain limited.

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Ethiopia is doubling down on its ambition to dominate Africa’s skies with a multibillion-dollar airport project that Finance Minister Ahmed Shide says will “accelerate economic growth and transform regional connectivity.” The new hub—planned in Bishoftu, about 40 kilometers southeast of Addis Ababa—marks the latest in a string of high-stakes infrastructure moves by one of the continent’s fastest-growing economies. Ethiopian Airlines, already Africa’s most profitable carrier, is betting that the facility will vault it into the ranks of global aviation leaders while feeding the country’s broader economic reforms.

Building a Continental Gateway

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Ethiopia Opens Door for Duty-Free Motorboat Imports to Boost Tourism and Local Economies

Leveraging Ethiopia’s Vast Water Resources

Legal Backing and Tax Exemption

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The European Investment Bank’s development arm, EIB Global, has signed technical assistance agreements with Zemen Bank SC, Dashen Bank SC and Hibret Bank in Ethiopia that will support them in strengthening their ability to identify, assess, and manage climate-related risks, integrating them into their business strategies and daily operations. The banks will be better equipped to assess how climate change could impact their clients and encourage investments that strengthen their resilience against extreme weather events such as floods and droughts. In addition, banks’ capacities are strengthened to analyse impacts of changing international climate policies on businesses and export-dependent industries. The collaboration will also assist the participating financial institutions in developing sustainable financing and advisory strategies to expand green lending, thus supporting Ethiopia to achieve a sustainable, net-zero economy by 2050, as outlined in its Long-Term Low Emission Development Strategy. The announcement was made during a signing ceremony between EIB Global and the three local banks on the sidelines of the second edition of the Africa Climate Summit underway in Ethiopia’s capital, Addis Ababa. The operation is the first of its kind in Ethiopia and is being implemented under the European Investment Bank’s Greening Financial Systems Programme, financed by the German government through the dedicated International Climate Initiative (IKI Fund) and closely coordinated with the NDC Partnership

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Ethiopia has formally completed the construction of the Grand Ethiopian Renaissance Dam (GERD), marking the conclusion of a 14-year national endeavor that has reshaped the country’s economic trajectory and regional influence. With an installed generation capacity of 5,150 megawatts (MW) and an expected annual output of 15,700 gigawatt-hours (GWh), the GERD is set to generate more than $1 billion in annual revenue, positioning Ethiopia among Africa’s foremost energy exporters.

Engineering Feat: Africa’s Largest Hydropower Project

• The GERD surpasses Egypt’s Aswan High Dam in electricity generation.
• It outpaces the Hoover Dam in the United States, long considered an engineering marvel.
• Though smaller in water storage than Zambia’s Kariba Dam, its generation efficiency makes it far more significant in power output.

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Addis Ababa, Ethiopia — On Sunday night, the Ethiopian capital looked skyward as a rare astronomical drama unfolded. The full moon, usually a silver sentinel above the highlands, turned an otherworldly crimson. The phenomenon, known as a blood moon, is the result of a total lunar eclipse — a celestial alignment of the Sun, Earth, and Moon that transforms the familiar lunar disc into a deep shade of red. While Addis Ababa offered a perfect vantage point, the eclipse was not confined to Ethiopia. Large swaths of Africa, the Middle East, and parts of Europe and Asia shared the same spectacle, each witnessing the crimson glow as the Earth’s shadow engulfed the Moon. What made it striking for Addis Ababa was the timing and visibility: the entire sequence, from the first shading to the deep red totality, unfolded cleanly overhead.

The Science Behind the Glow

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Addis Ababa — Ethiopia’s banking sector has turned the upcoming Enkutatash holiday into a high-stakes currency competition, with banks rolling out headline-grabbing promotions — some offering fixed Birr bonuses per dollar, others floating percentage uplifts — to capture diaspora remittances and festive FX flows.

The Context: Why Enkutatash Triggers an FX Bidding War

• Seasonal spike in inflows: Ethiopia’s New Year (Sept 11) is a peak remittance season as families send gifts home.
• Policy shift: The National Bank of Ethiopia’s gradual liberalization and larger FX auctions have emboldened banks to compete more openly.
• Diaspora target: With an estimated USD 5–6 billion in remittances annually, banks see festive promos as a way to divert flows away from informal hawala channels into the formal system.

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Dr. Arkebe Oqubay, British Academy Global Professor at SOAS University of London and one of Africa’s most influential voices on industrial policy, led a high-level dialogue on Manufacturing and Mobility: Scaling Up Sustainable Industrialisation in Africa during the Ibrahim Governance Weekend 2025. The session, organised by SOAS University of London’s Development Leadership Dialogue (DLD), drew policymakers, business leaders, and academics to debate Africa’s future industrial path.

A Powerful Lineup of Thought Leaders

• Ameenah Gurib-Fakim, former President of Mauritius and the first woman to hold the office (2015–2018).
• Lerato Mataboge, the newly elected Commissioner for Infrastructure and Energy of the African Union, with two decades of policy experience in South Africa’s Department of Trade, Industry, and Competition.
• Ethiopia’s former Senior Minister and Special Adviser to the Prime Minister, who was also the AU’s sole candidate for Director General of UNIDO in 2021.
• The Executive Vice President of Hyundai Motor Group’s Future Strategy Division, representing Korea’s global leadership in mobility and industrial technology.

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ADDIS ABABA / GUBA, BENISHANGUL-GUMUZ — Prime Minister Abiy Ahmed has said the Grand Ethiopian Renaissance Dam (GERD) will be opened for public visits “in the coming weeks,” signaling a new phase for Africa’s largest hydropower project: from nation-building icon to national attraction. The announcement comes as Ethiopia prepares formal inauguration events for September, after the government declared the dam “complete” in early July.

What’s new

• The PM’s on-site remarks—delivered during a visit to the GERD with Social Affairs Adviser Deacon Daniel Kibret—framed public access as both symbolic and economic: allowing Ethiopians (and the diaspora) to see the country’s most ambitious infrastructure up close. Operational specifics (ticketing, security, hours, and routes) have not yet been published at the time of writing.
• The opening dovetails with plans to inaugurate GERD this month, following the July statement that construction is finished.

Why this matters

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Addis Ababa – August 29, 2025 – Ethiopia’s latest Treasury Bill (T-bill) auction has shown booming investor interest, with bids coming in at more than double the amount offered, according to data released by CBE Capital Investment Bank.

What Happened?

Auction Results by Maturity

• 28-day bills: Yield (interest) was 13.88%
• 91-day bills: Yield was 14.39%
• 182-day bills: Yield was 14.93%
• 364-day bills: Yield was 17.45%

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ADDIS ABABA, Ethiopia – August 29, 2025 – Ethiopia is set to lift the long-standing cap on bank lending starting next month, a move that could inject more than 1.3 trillion birr into the economy, according to officials at the Ministry of Finance. The policy shift, scheduled to take effect in September, will allow banks to expand credit supply in line with market demand, easing a restriction that has constrained lending for several years. The new lending volume represents a 500 billion birr increase compared to last year, underscoring the government’s push to expand financial access for businesses and households. Finance Minister Eyob Tekalign (PhD) confirmed the plan, noting that safeguards have been put in place to prevent runaway inflation. “The release of such a large volume of credit must be accompanied by prudent monetary oversight to ensure that it does not overheat the market,” he said in a briefing.

Inflation Risks and Precautions

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ADDIS ABABA, Ethiopia – Ethiopian Investment Holdings (EIH), the government’s sovereign investment arm, has signed a landmark agreement with Nigeria’s Dangote Group to build a multi-billion-dollar fertilizer complex in Gode, Somali Regional State. The project, one of the largest industrial investments in Ethiopia’s history, is designed to transform the country’s agriculture and reduce reliance on imports.

Project Overview

Investment and Timeline

• Total Investment: Up to $2.5 billion
• Ownership: Dangote Group (60%), EIH (40%)
• Timeline: Completion targeted in 40 months
• Jobs: Thousands of direct and indirect roles expected

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Addis Ababa — Ethiopia is preparing to take a major step in aviation connectivity by allowing international flights to operate directly from regional airports instead of routing all traffic through Addis Ababa Bole International Airport.

A New Era for Regional Airports

Planned Flight Routes

• Mizan Tepe – Jimma – Gambella – Asosa route
• Dire Dawa – Harar – Bale Robe route

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Addis Ababa, Aug 13 (Addis Insight) – Enat Bank has been named the winner of the Excellence in Women Empowerment Award at the 23rd Connected Banking Summit – Innovation & Excellence Awards 2025, hosted by the International Center for Strategic Alliances (ICSA). The award recognizes the bank’s pioneering role in advancing women’s access to finance and its leadership in gender-inclusive banking. Mrs. Tenagne Basa received the award on behalf of Enat Bank during the ceremony in Addis Ababa.

Bank Built on Women’s Leadership

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Ethiopia is on the verge of becoming one of Africa’s newest large-scale gold producers with the launch of the Kurmuk Gold Mine Project in Benishangul-Gumuz. Backed by an investment of around $500 million, the project is set to deliver first gold by mid-2026 and could dramatically reshape Ethiopia’s mining landscape.

A Game-Changer for Ethiopia

The Numbers Behind the Project

• Investment: ~$500 million in two phases
• Production: 290,000 oz/year (first five years); >240,000 oz/year life-of-mine
• Cost efficiency: All-in sustaining costs below $950/oz, thanks to a $0.04/kWh hydropower deal
• Mine life: Initially 10 years, with expansion potential

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Despite Ethiopian banks nearly doubling foreign currency allocations compared to last year, businesses continue to face severe U.S. dollar shortages that threaten daily operations and investment plans. Earlier this week, most commercial banks reported stronger allocations. Awash Bank earmarked $110 million for August, while Dashen Bank disbursed $11 million in the first six days. On August 16, the Commercial Bank of Ethiopia cleared pending applications worth $420.4 million. Banks insist that individuals, importers, and service providers can access foreign exchange for legitimate business and travel purposes. Overall, monthly disbursements have doubled from a year ago, reaching roughly $500 million, according to the National Bank of Ethiopia (NBE). Yet businesses say the numbers offer little relief. An auto importer, speaking on condition of anonymity, warned that ongoing scarcity may soon force him to shut down operations. “The lack of hard currency has made the import business extremely tough,” he said. Some business owners accuse banks of prioritizing profit over practical solutions. “They focus more on marketing than on supporting actual business needs,” the importer added, noting that some bank employees are returning to informal brokerage—earning up to 7 birr per U.S. dollar by linking clients with exporters.

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Nairobi, August 20, 2025 – Kenya’s largest lender, KCB Group Plc, is in discussions to purchase as much as 40% of an Ethiopian bank, positioning itself as one of the first foreign lenders to enter Africa’s second most populous nation following recent regulatory reforms. Ethiopia’s parliament passed legislation earlier this year allowing international banks to operate either through branches, special subsidiaries, or minority equity holdings of up to 40% in local institutions. The move is part of the government’s broader economic liberalization agenda. KCB confirmed the talks but declined to specify which institution it is targeting. The Nairobi-based lender said acquiring an existing stake would be a more efficient entry strategy than establishing a new bank from scratch.

Market Potential

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Addis Ababa, August 18, 2025 – The Federal Government has announced additional salary adjustments for civil servants beginning in September, expanding its ongoing effort to ease cost-of-living pressures and align wages with the country’s broader reform agenda.

New Salary Structure

• Minimum salary: raised from Birr 4,760 to Birr 6,000
• Maximum salary: increased from Birr 21,492 to Birr 39,000
• Entry-level salary for degree graduates: revised from Birr 6,940 to Birr 11,500
• Salaries across other public service roles will also be adjusted

Reform Context

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Addis Ababa, August 2025 – Ethiopia’s Ministry of Finance has introduced the country’s first advance income tax payment system, requiring large “Category A” taxpayers to make quarterly payments in addition to their annual tax. The move follows parliament’s approval of the Income Tax (Amendment) Proclamation No. 1395/2025 on July 17, as the government seeks to boost revenue mobilization.

What Changed

• Quarterly cycle: Advance tax is now payable every three months.
• Start date: The three-month period begins from the month following the submission of a financial report.
• Deadline: Payments must be settled within 30 days after each three-month cycle.
• Annual settlement: The month of report submission serves as the final deadline for paying any outstanding annual tax.

Example Timelines

• Companies filing reports in October: advance payments due in February, May, and August; annual tax by October.
• Companies filing in April: advance payments due in August, November, and February; annual tax by April.
• For taxpayers on the Gregorian calendar, the first advance payment is due in August 2025. Others following different fiscal calendars will apply the same principle.

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Addis Ababa — Ethiopia’s tax haul has collapsed to just 7.5% of GDP, the lowest in more than a decade and among the weakest in Sub-Saharan Africa, raising urgent questions over how the government will fund its post-war reconstruction and ambitious growth plans. The figure for the 2022/23 fiscal year puts Ethiopia far behind regional peers like Uganda (13.1%), Kenya (15.2%), and Rwanda (15.7%), and well short of the SSA median of 13.2%, according to a new World Bank–backed analysis.

From Peak to Plunge

• Value-added tax (VAT): −2.0 points
• Customs duties and surtax: −1.1 points
• Corporate income tax: −0.74 points
• Employment income tax: −0.36 points

A Fragile Tax Base

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For years, Ethiopian audiences seeking travel stories online often had to rely on English-language content from Western vloggers. Today, that’s changing. A new wave of local-language creators is taking viewers on journeys across the globe — without the cultural translation gap. Leading this movement are Abel Berhanu and Janny, two YouTubers who have turned their cameras, charisma, and curiosity into full-time careers, and in the process, built loyal communities eager to see the world through an Ethiopian lens.

Abel Berhanu: From “Side Hustle” to Million-Making Media Brand

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Addis Ababa is preparing to phase out its ageing fleet of Code One taxis as part of a sweeping transformation of the city’s public transport system. The move — driven by a new transportation policy prioritising high-capacity buses and metered taxis carrying more than 25 passengers — aims to ease congestion, reduce air pollution, and modernise urban mobility.

Aging Fleet and Compliance Gaps

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In a move signaling increased momentum in foreign currency management, the National Bank of Ethiopia (NBE) has announced plans to hold its ninth foreign exchange (forex) auction, scheduled for Tuesday, August 5, 2025. The central bank has allocated $150 million USD for this round—tripling the amount offered in the previous auction. This decision follows a notable rise in foreign currency inflows at the start of Ethiopia’s new fiscal year, which began on July 8. Officials say the auction aims to stabilize the forex market and address pent-up demand among importers and other dollar-dependent sectors.

Background and Trends

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A Deal that Reshaped a Billionaire’s Empire: How the Sale of Preem Erased $4.5B from Al Amoudi’s Net Worth ADDIS ABABA – A dramatic plunge in the wealth of Saudi-Ethiopian billionaire Mohammed Al Amoudi, which saw his net worth plummet from approximately $10.5 billion to $5.98 billion around April 4, 2025, can be attributed to a single, monumental event: the sale of Preem, his prized asset and Sweden’s largest oil refiner. The sudden drop, which wiped out over 40% of his fortune in a single stroke, was not the result of a market crash but a strategic divestment that has fundamentally altered the composition of his vast industrial portfolio. The timing of the sale announcement, with news breaking in early April that Al Amoudi’s Corral Petroleum Holdings AB had agreed to sell Preem to Swiss-based VARO Energy, directly correlates with the precipitous decline. This move to offload his most significant holding triggered an immediate and substantial revaluation of his overall wealth by financial indexes.

The Crown Jewel: What is Preem and Why Was It So Valuable?

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As Western sanctions continue to isolate Russia’s aviation sector, Moscow is turning its gaze toward Africa—specifically, Ethiopian Airlines—as a potential partner to sustain its crippled fleet operations. Blocked from acquiring Airbus and Boeing jets and their spare parts, Russia has struggled to maintain its commercial aviation industry. In response, Russian officials are exploring alternative global partnerships. In late July, Russia’s Trade Commissioner to Ethiopia, Yaroslav Tarasyuk, held talks with the Ethiopian Civil Aviation Authority (ECAA), proposing a wide-ranging cooperation package that includes a wet-lease of aircraft from Ethiopian Airlines. The discussions also covered the possible supply of aviation communication and surveillance equipment to Russia, and the construction of an aircraft maintenance center in Addis Ababa. The move follows the implementation of the Ethiopia-Russia Air Services Agreement in 2024, which laid the foundation for expanding bilateral aviation ties.

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“Many Foreign Banks Are Applying for Licenses,” Says Governor Mamo Mihret The Governor of the National Bank of Ethiopia (NBE), Mamo Mihret, has called on domestic banks to step up their preparedness as Ethiopia’s banking sector inches closer to opening its doors to foreign competitors. His remarks come at a time when a growing number of international financial institutions are applying for entry into the Ethiopian market—marking a significant shift in the country’s financial landscape. Speaking during the launch event of Bank of Abyssinia’s paperless banking initiative, Governor Mamo warned that the banking sector will soon face unprecedented levels of competition.

“The industry will no longer be the same. We are entering a new era of competitive banking,” he stated. “Many foreign banks have already applied and are actively submitting license applications. Their entry into the market is no longer a question of ‘if,’ but ‘when.’”

A Call for Modernization and Reform

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In a significant move towards building a vibrant and regulated capital market, Ethiopia’s nascent financial sector witnessed a historic milestone as the Ethiopian Capital Market Authority (ECMA) officially authorized a set of capital market service providers. The announcement marks a crucial step in operationalizing the Ethiopia Securities Exchange (ESX), expected to become a key platform for equity and debt trading in the country.

Eight Entities Granted Licenses: A Snapshot of Ethiopia’s New Capital Market Players

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Ethiopia’s parallel forex market continues to spiral upward, with the exchange rate hitting a staggering 174 ETB per USD—a sharp rise from 150 ETB just weeks ago and a significant jump from the official rates. This widening gap highlights the deepening strain on the government’s reform agenda and foreign exchange market liberalization efforts.

Reform Momentum Meets Structural Headwinds

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Addis Ababa – July 25, 2025 — Awash Investment Bank, a newly established subsidiary of Awash Bank, is set to begin operations after securing a business license and initial capital of 200 million birr. The bank, which aims to provide specialized investment banking services, announced that Dr. Andualem Hailu has been appointed as its inaugural Chief Executive Officer. Dr. Andualem brings with him deep experience in the financial sector, positioning the institution for a strong start in Ethiopia’s rapidly evolving capital markets landscape. According to a statement from Awash Bank, the new investment bank will focus on supporting long-term financing, equity investment, and advisory services to help scale businesses across strategic sectors such as infrastructure, manufacturing, and technology. While launching with 200 million birr in capital, the bank has set its sights on doubling that amount to 400 million birr in the near future, signaling its ambition to become a major player in Ethiopia’s investment ecosystem.

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Abyssinia Bank has officially launched its new paperless banking service at its newly established Ras Special Branch. The inauguration was attended by the Governor of the National Bank of Ethiopia, Ato Mamo Mehret, the CEO of Abyssinia Bank, Ato Bekalu Zeleke, along with senior executives, employees, and invited guests. This new system allows customers to transfer funds, deposit and withdraw cash, open accounts, and access other branch services quickly and securely—either independently or with assistance from bank staff. The service utilizes smart kiosks and tablets, along with fingerprint and facial recognition technologies, significantly enhancing the bank’s service delivery by eliminating time-consuming procedures and making operations faster, more reliable, and more transparent. Additionally, cash recyclers and bulk deposit machines have been installed at selected branches to provide customers with quick, queue-free service. These machines will be rolled out to all branches in the near future.

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Addis Ababa – July 24, 2025 – Ethio Telecom has reported a strong financial and operational performance for the 2017 Ethiopian fiscal year (2024/2025), achieving 162 billion birr in revenue, amounting to 99% of its annual target. The announcement was made by CEO Frehiwot Tamiru, who highlighted the company’s multifaceted contribution to advancing Digital Ethiopia 2025, expanding telecom infrastructure, and scaling digital financial services.

Revenue and Subscriber Growth

Telebirr: A Pillar of Digital Finance

• 4.93 trillion birr has been transferred through the platform since its launch, as of the end of the 2017 fiscal year.
• Of this, 2.3 trillion birr was transacted during the just-concluded fiscal year alone.
• The number of Telebirr users grew to 54.84 million, confirming its rapid adoption and impact across Ethiopia.

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ADDIS ABABA, Ethiopia – Ethiopian Airlines has unveiled a major expansion of its Maintenance, Repair, and Overhaul (MRO) complex at Bole International Airport, a $150 million project that positions Ethiopia as the largest aircraft maintenance hub in Africa. The new facilities, constructed by China Communications Construction Company, are set to significantly boost the airline’s maintenance capabilities and generate new revenue streams. The expansion includes a new hangar capable of accommodating wide-body aircraft, a state-of-the-art component maintenance center, and an automated warehouse. These additions will increase the airline’s airframe maintenance capacity by 50%, enabling it to service its growing fleet and meet the increasing demand for MRO services from other carriers across Africa and the Middle East. A key highlight of the project is the advanced technology employed during its construction. The use of 5G remote technologies for lifting heavy steel structures was a first for Ethiopia, underscoring the project’s innovative approach. The MRO complex is certified by both the U.S. Federal Aviation Administration (FAA) and the European Aviation Safety Agency (EASA), ensuring it meets the highest international standards.

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Addis Ababa, July 22, 2025 — In a landmark move to modernize Ethiopia’s public finance framework, the Ministry of Finance has released the country’s first-ever issuance calendar for Treasury bills, signaling a major shift toward a market-based approach to deficit financing. The three-month issuance calendar outlines a schedule for domestic-currency Treasury bill auctions, aiming to bring greater transparency, predictability, and investor confidence to the local debt market. This initiative forms part of the government’s broader “reset, reform, and relaunch” agenda designed to deepen the domestic debt market and improve fiscal discipline. By publishing a forward-looking calendar, the Ministry intends to provide market participants with clear visibility of upcoming auctions. This, in turn, is expected to foster more efficient market participation, reduce borrowing costs, and minimize inflationary pressures associated with ad-hoc public borrowing. “This is a key milestone in Ethiopia’s journey toward more transparent and sustainable debt management,” the Ministry stated. “It supports our commitment to borrow domestically in a responsible manner while safeguarding macroeconomic stability.”

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As Ethiopia’s financial sector modernizes and expands, more Ethiopians are gaining access to a once-unreachable world: stock market investing. With the Ethiopian Securities Exchange (ESX) now operational and CBE Capital acting as a licensed broker, individuals can officially begin buying and selling securities—right from home or through designated channels. If you’re new to this game and wondering how to trade on the Commercial Bank of Ethiopia’s investment arm (CBE Capital), here’s a detailed but digestible guide—plus a clear breakdown of the fees involved so you don’t get caught off guard.

🏦 What Is CBE Capital?

• Equities (stocks)
• Bonds (corporate, treasury, and state-level)
• Mutual Funds & ETFs
• Sukuks (Sharia-compliant investment instruments)
• Commercial Papers

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The ‘Zoorya’ solution facilitates fast business transactions, ensures transparent operations, and enables secure and contactless business transactions that contributes to the creation of a cashless society Ethio telecom, Dashen Bank and ETTA Solutions have jointly launched “Zoorya,” a business automation solution that integrates ERP (Enterprise Resource Planning), POS (Point of Sale), and Cash Register sytems into a single platform. The solution is tailored for enterprises in sectors such as Hospitality, Import/Export, Manufacturing, and Retail, aimed at significantly modernizing their service delivery, streamlining business operations and workflows, empowering data-driven decision-making, and enhancing overall customer experience and satisfaction. The ‘Zoorya’ solution facilitates fast business transactions, ensures transparent operations, and enables secure and contactless business transactions that contributes to the creation of a cashless society. It is a homegrown business solution, developed with local expertise to fit Ethiopia’s business landscape and designed to play a significant role in the growth of the nation’s digital economy. Furthermore, the ‘Zoorya’ business solution is capable of accepting all domestic and international cards and provides a fiscal accounting service certified by the Ethiopian Ministry of Revenues. It also enables merchants to easily manage their resources and obtain a single, consolidated receipt containing all payment information.

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Ethiopia’s long-awaited securities exchange has officially launched trading, introducing a secondary market for government treasury bills (T-bills) in electronic form. The milestone event was held at the Sheraton Addis Hotel, organized in collaboration with the National Bank of Ethiopia (NBE), the Ethiopian Capital Market Authority (ECMA), and the Ethiopian Securities Exchange (ESX). It brought together senior financial policymakers, bankers, and market participants, who marked the launch by ringing the ceremonial opening bell. The new platform enables T-bills—previously issued and settled in physical certificates—to be traded electronically, representing a major step toward modernizing Ethiopia’s financial infrastructure. “This is a historic shift in how Ethiopia mobilizes domestic capital,” Finance Minister Ahmed Shide said at the event. He emphasized that electronic T-bill trading will offer investors better yield opportunities while equipping the government with more efficient tools for managing public finances.

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Awash Bank, Ethiopia’s largest private commercial bank, has entered a strategic partnership with mobile money provider M-Pesa to offer digital microcredit and savings services. The pair launched “errif be MPESA”, a digital overdraft credit service at the Bank’s headquarters early Monday morning to set off the partnership. Currently available to all 90-day MPESA customers, it enables customers to make M-Pesa transactions when they are short on balance. This includes airtime top-ups, bundle purchases, utility payments, and merchant payments, as high as 3,000 Birr, depending on the customer's credit history. Titus Muchai, Product Lead of Savings & Credit at MPESA, says the rollout of such types of products requires a partnering bank. He explained how “errif be MPESA’s” low risk nature enables the gradual build-up of customer credit behavior while also availing quick credit relief in the meantime. “Based on this product, we will start building credit behavior for other, more risky credit products we’ll be giving in the market,” Titus told Shega. He added that they are pursuing an aggressive limit growth strategy, which is predicated on customer behavior on Safaricom and MPESA platforms. Customers who are borrowing and repaying on time will ideally see their credit limits grow, according to the product lead. The overdraft service charges a three percent access fee when funds are drawn, along with a daily maintenance fee capped at 5 Birr. To encourage adoption, M-Pesa is waiving the daily fee for the first two days of each borrowing cycle. While the overdraft service is currently available to 90-day active MPESA customers, a national rollout to all Safaricom customers is planned contingent on regulatory approval. A savings service, more credit products, and potentially investment products are also in the pipeline.

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Ethiopia has achieved an unprecedented milestone in its coffee sector, earning more than $2.6 billion in export revenue—the highest in the nation’s history. According to the Ethiopian Coffee and Tea Authority, during the recently concluded fiscal year, Ethiopia exported 468,967 metric tons of coffee to the international market. This export volume surpassed the government’s target by 144%, while the revenue exceeded projections by 147%, signaling extraordinary performance both in quantity and value. The $2.653 billion generated marks a historic achievement for Ethiopia, whose coffee is renowned globally for its rich flavors, diverse varieties, and unique production regions such as Sidama, Yirgacheffe, and Harar. Officials credit several factors for the record-breaking earnings. These include expanded cultivation areas, improved quality control measures, better post-harvest processing, and strong international marketing campaigns that have elevated Ethiopian coffee’s premium reputation in key markets such as Europe, Asia, and North America.

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China has officially approved the import of Ethiopian soybeans, a strategic move indicating its intent to diversify protein sources amid ongoing trade tensions with the United States. The announcement from China Customs, reported by News Central, confirms that Ethiopian soybeans gained entry into the Chinese market last week. Traditionally reliant on soybean imports from Brazil and the United States, China’s decision to expand its approved suppliers list comes amidst escalating geopolitical and trade disputes with the U.S. In addition to Ethiopia, China recently greenlit soybean imports from Uruguay, adding to its roster of approved countries like Russia, Belarus, Argentina, and Brazil. Ethiopia’s inclusion as an approved supplier underscores the deepening trade and investment relations between the two nations. China stands as Ethiopia’s largest trading partner and investor, with annual bilateral trade exceeding $4 billion. Notably, Ethiopia has seen a 27% annual growth in coffee exports to China over the past three years, alongside shipments of sesame seeds, minerals, and various agricultural and raw materials.

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Ethiopia’s much-anticipated Securities Exchange (ESX) is poised to launch full-scale trading next week, marking a watershed moment in the country’s financial modernization journey. This milestone follows successful pilot transactions conducted just two weeks ago, paving the way for a fully operational, regulated securities market that promises to reshape investment and economic growth in Africa’s second-most-populous nation. From Concept to Reality: The ESX Journey Established in October 2023, the ESX represents Ethiopia’s first organized securities exchange, a critical step in diversifying the country’s economy and deepening its financial sector. Since its inception, the exchange has attracted substantial attention from both domestic and international investors, eager to tap into Ethiopia’s large market potential and dynamic economic reforms. In January 2025, the ESX held its official inauguration, unveiling its electronic trading platform and integrated central securities depository. These modern systems allow for the efficient issuance, trading, clearing, and settlement of diverse financial instruments, including equities, treasury bills, corporate bonds, and Sharia-compliant securities.

Record-Breaking Capital Raising Campaign

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A consortium of five Ethiopian insurance companies, assembled by Pula Advisors, a Kenyan insure-tech firm, aims to provide 10 million farmers with bundled agricultural insurance services. Dubbed Ethiopia’s Agricultural Insurance Consortium (AICE), the ensemble includes Abay Insurance, Africa Insurance, Nyala Insurance, Oromia Insurance, and the state-owned Ethiopian Insurance Corporation (EIC). With Pula as the technical advisor, the Consortium, launched at the Hyatt Regency Hotel on Thursday, looks to tackle “persistent challenges” that have undermined the growth of Agri-insurance in Ethiopia. AICE aims to address low farmer awareness, underutilization of technology, limited technical capacity, and unaffordable premiums through an insurance scheme that starts off with 200 Birr annual premiums embedded within agricultural input purchases. “Our packages are priced with affordability in mind,” said Dagmawi Haileyesus, Pula’s country manager. The insurance package covers 14 perils, including yield losses from adverse weather, while claim settlements are calibrated based on the extent of losses “If one farmer who purchased 20,000 Birr worth of fertilizer sees 10% damage, and another who bought 1,0000 Birr worth suffers an 80% loss, their payouts are adjusted accordingly,” the country manager told Shega.

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Siinqee Bank S.C., a three-year-old institution that evolved from a quarter-century legacy in microfinance, has increased its total deposits by an astounding 897% since its inception, reaching 102.5 billion Birr by the end of the current financial year. The bank, which managed to earn 3.5 billion Birr gross profits at the end of the current financial year, while its total deposit accounts surged to nearly 8 million. The rapid growth has propelled Siinqee into the ranks of Ethiopia’s decades-old banking giants, having already surpassed the National Bank of Ethiopia’s minimum capital requirement of 5 billion Birr ahead of next year’s deadline. At a press briefing held Thursday at the bank’s headquarters, Founding CEO Neway Mergassa reflected on Sinqee’s three-year journey. He credited the sharp rise in capital, deposits, and total assets to the “concerted efforts” of the bank’s staff. “The pace of our growth will accelerate from here,” Neway told reporters. While Siinqee now operates 590 branches across the country, the bank has also invested heavily in expanding its digital services. Its mobile banking app has garnered approximately 1.3 million users, with small and medium businesses favoring it for its higher transfer limit of 100,000 Birr.

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Awash Bank, one of Ethiopia’s largest private banks, has reported a record-breaking annual profit before tax of over 22 billion birr for the 2024/25 financial year, underscoring the bank’s strong resilience and adaptability in an environment of ongoing macroeconomic reforms. The performance marks a milestone not only for the bank but also for Ethiopia’s evolving financial sector, demonstrating the capacity of local institutions to thrive despite inflationary pressures, foreign exchange constraints, and rising competition.

Impressive Income Growth and Profitability

“Our strong performance is the outcome of a clear strategic vision, disciplined execution, and our unwavering commitment to supporting Ethiopia’s economic transformation,” the bank’s leadership said in its statement.

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Safaricom Ethiopia executives were in high spirits this week as the telecom operator marked four years of operations while reaching a 10 million 90-day active subscriber base. CEO Wim Vanhelleputte, who has helmed the private telecom service provider for two years, said they were within their target timeline and plan to break even on investments within the next 12 months. Speaking to the media at Safaricom headquarters, the CEO revealed that they were now averaging 30,000 new subscribers daily. After spending around 300 billion Birr over four years, the telecom operator, majority-owned by Safaricom PLC, has managed to cover a significant part of Ethiopia’s landmass with a tower network of above 3,100 sites. Wim indicated plans to double the company’s network coverage and grow its subscriber base to above 15 million by next year. The telecom operator, which competes with the majority state-owned Ethio telecom for market share, is also gearing up to introduce a slew of new services in the coming months, including device financing. “We have now secured our supply chain to have locally assembled handsets,” Wim told Shega. He explained the importance of locally assembling the devices by noting that the Company’s investments are in foreign currency while their revenue is generated in Birr. The CEO disclosed that Transsion, a Chinese phone maker which opened its first African facility in Ethiopia, would be one of their partners. “We will be able to provide handsets through device financing which will be paid for in Birr, “he noted.

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Addis Ababa – In a significant shift in monetary policy, the Monetary Policy Committee (MPC) of the National Bank of Ethiopia (NBE) has decided to lift the directive that required all commercial banks to purchase long-term government bonds. The decision was announced following the MPC’s third meeting of the fiscal year on June 23, 2017 (Ethiopian Calendar). The directive in question, labeled MFAD/TRBO/001/2022, was introduced in January 2022 as part of the government’s strategy to finance its budget deficit through domestic borrowing. Under this regulation, commercial banks were compelled to allocate 5 percent of their annual loan disbursements to the purchase of five-year treasury bonds. According to the Ministry of Finance’s public debt records, banks have collectively invested 94 billion birr in these bonds between the directive’s inception and June 30, 2024. The National Bank’s official statement explained that the committee’s decision to rescind this mandatory purchase requirement reflects evolving fiscal conditions in the country. Specifically, it cited a substantial improvement in the government’s revenue collection capacity and increased reliance on both external financing and market-based domestic borrowing mechanisms. The committee argued these developments reduce the need for enforced bank participation in funding the budget deficit through long-term bond purchases.

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A new player backed by Kazana Group entered Ethiopia’s digital remittance market, last week. Smilepay officially launched its operations after securing a license from the National Bank of Ethiopia six weeks prior. While over 90 operators are currently licensed to provide remittance services in Ethiopia, the new platform looks to stand out among the few offering digital options. Muluken Bekele, CEO of Smilepay, considers the large number of players to be indicative of Ethiopia’s unmet demand for remittance services. “The demand is real, the more options people have, the more we’re all pushed to build better products,” he told Shega. Smilepay is integrated into 29 local banks and can process remittance inflows from the United States of America, South Africa, Canada, and the United Arab Emirates. Transfers can be made directly to bank accounts or mobile money wallets. Smilepay’s CEO says upcoming features will include bonus offerings, business-to-business (B2B) payments within Africa, and enhanced wallet functionalities. “It is designed to make cross-border payments safer, easier, and more affordable,” Muluken noted. While currently in its piloting phase, Smilepay’s app is set to host features that allow payment of utility bills, airtime top-ups, and the creation of bank QR codes.

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Nigeria-based fintech infrastructure provider Qore Technologies has expanded into Ethiopia, promising to give local banks, micro-finance institutions, and fintech start-ups the same cloud-native core-banking stack that now powers hundreds of African financial players. The fifteen-year-old company announced its plans at a ceremony attended by several bank executives at the Hyatt Regency Hotel late last week. Qore’s flagship product, BankOne, already supports more than 500 financial institutions across seven African markets, including 19 commercial banks and north of 450 micro-finance banks and fintechs. Its clientele includes prominent institutions like Zenith Bank, Access Bank, and the United Bank for Africa. Martin Muchine, Vice President of International Expansion at Qore, says their market entry strategy entails deploying technology first and then receiving feedback to fine-tune their offering. He indicated plans to form long-term partnerships that leverage Qore’s technology expertise and insights from financial institutions. “We have one of the nimblest offerings in the market,” Martin told Shega. Unlike traditional on-premises cores that demand large upfront licences and in-house IT teams, Qore offers a multi-tenant, Azure-hosted service that can go live in as little as 12 weeks. The shared model lowers the total cost of ownership and lets even small MFIs access tier-one functionality.

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Ethiopia’s economy continues to grapple with persistent structural challenges, including high unemployment (27.2%), a poverty headcount ratio of 27%, and a low Human Development Index (HDI) score of 0.497, according to a new report by the African Development Bank (AfDB). Themed "Making Ethiopia’s Capital Work Better for Ethiopia’s Development," the report underscores how economic recovery and growth are being undermined by inefficiencies in converting wealth into sustainable, inclusive development. As frequently highlighted by government officials, economic growth rose to 7.3% in the 2023/24 fiscal year, up from 6.6% the previous year. This was supported by increased exports, relative exchange rate stability, and growing uptake of digital financial services. However, as the continent’s fourth-largest economy in terms of natural resource endowment, Ethiopia will need more than growth alone to overcome long-standing obstacles to development. The country remains off-track in achieving most of the Sustainable Development Goals (SDGs), ranking 145th out of 167 countries in 2024. To meet its development targets by 2030, Ethiopia requires additional annual financing equivalent to 13.2% of GDP. Yet this remains a distant prospect, with the current tax-to-GDP ratio hovering around 6.2%, one of the lowest in Africa and well below the 15% benchmark considered necessary for basic state functionality. A narrow tax base, widespread informality, and institutional weaknesses continue to constrain domestic revenue mobilization.

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ADDIS ABABA — Ethiopia has officially opened its banking sector to foreign investors for the first time, marking a historic shift in the country’s tightly regulated financial landscape. The National Bank of Ethiopia (NBE) released Directive SBB/94/2025 on Tuesday, setting out the regulatory framework for foreign investment in the banking industry. The long-anticipated move follows years of domestic debate and stakeholder consultation, and aligns with the recently ratified Banking Proclamation designed to liberalize the sector. According to the directive, foreign entities—including international banks and strategic financial investors—will now be eligible to establish operations in Ethiopia through wholly owned subsidiaries, branch offices, or representative offices. “The Ethiopian banking sector is now officially open to foreign participation,” the central bank said in a statement. Applications from eligible foreign institutions will be accepted starting immediately. This reform marks a pivotal step in Ethiopia’s broader economic liberalization agenda under Prime Minister Abiy Ahmed’s administration, which has already introduced foreign competition into telecoms, logistics, and finance. Until now, Ethiopia remained one of the last major African economies to bar foreign banks from operating within its borders.

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It’s rare to see a solo founder building a widely adopted developer infrastructure tool. Even more so if the founder happens to be from Africa. Bereket Engida, a self-taught programmer from Ethiopia, is quietly building what some developers say is the best authentication tool they’ve ever used.

Engida’s startup, Better Auth, offers an open source framework that promises to simplify how developers manage user authentication, and it’s caught the attention of some big name investors. It recently raised about $5 million in seed funding from Peak XV (formerly Sequoia India and Southeast Asia), Y Combinator, P1 Ventures, and Chapter One.

But the most interesting part here isn’t who’s on the startup’s cap table: Engida says he built the entire product back home in Ethiopia before he set foot in the U.S.

Engida told TechCrunch that he started programming at 18 after a friend declined to help him build an e-commerce search app, and he started working on the project himself. He went on to land some remote software jobs and eventually built a web analytics platform that lets developers monitor user behavior on their websites.

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The Ministry of Finance has issued a sweeping new directive requiring all federal public institutions to accept payments from any licensed payment service provider. Passed into effect at the end of May, the regulation aims to promote fair competition and ensure consumer protection. The directive compels public bodies, defined as any federal government organ funded in part or whole by the national budget, to receive payments through a broad range of instruments. These include debit and credit cards, prepaid payment instruments (PPIs), mobile wallets, mobile and internet banking, and fund transfers. The law further states that public institutions cannot deny or restrict the use of legitimate payment instruments based solely on the identity of the payment issuer, provided they are duly licensed and compliant. Regardless of the payment method or related transaction costs, the directive mandates government offices to receive the full amount set for the service they provided. This directive comes against a backdrop of systemic challenges related to fair practices in Ethiopia’s digital financial services (DFS) sector. Despite Ethiopia witnessing structural and legislative reforms in the DFS space, including increased participation by non-bank and foreign telecom operators, industry players often voice concerns about the entrenched advantages enjoyed by state-owned giants Ethio telecom and the Commercial Bank of Ethiopia (CBE). It took Safaricom’s M-Pesa mobile money service two years to integrate into the country’s digital fuel payment system, entering the sector after transactions worth 400 billion birr had already been processed by other existing players.

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Ethiopia’s five-month-old securities exchange is preparing to launch trading activities and has welcomed its second bank to the roster of listed companies. At a ceremony held at the Ethiopian Securities Exchange (ESX) headquarters on Monday afternoon, Gada Bank S.C. announced its official listing, following the approval of its prospectus by the Ethiopian Capital Market Authority (ECMA) last week. The bank has registered over 1.23 million shares for its listing by introduction at the country’s maiden exchange, with each share carrying a par value of around 1,000 Birr. The two-year old bank founded by 28,000 shareholders worked with ESX officials over the past four months to ensure compliance, transparency and the finalization of its prospectus document. Wolde Bulto, CEO of Gada Bank, expressed his hopes that the listing will unlock opportunities for capital formation and expand liquidity. He expects the listing to enable the Bank to introduce innovative products that address the diverse needs of their customer base. “We have registered all our shares as of June 17 last week,” Wolde told Shega. Gada managed to turn a profit in its first year of operations and has maintained rapid growth and expansion of its assets. The Bank raised its paid up capital to around 1.07 billion Birr in the last financial year while its assets grew to 5.6 Billion Birr. Board Chairman Hassen Hussien (PhD), said the Bank’s listing further underscores its aspirations of transparency and footing in communal ownership. “Inclusivity and a strong foundation are our ethos like the Warkaa tree,” he said, referring to the iconic symbol of resilience and shelter in Ethiopian culture.

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A subsidiary of the eleven-year-old Faris Technologies has received a Payment Gateway Operator license from the National Bank of Ethiopia. BirrLink Financial Technologies S.C. secured regulatory approval from the central bank two weeks ago and is preparing to launch operations in early next year. The 24-shareholder strong subsidiary becomes the 12^th operator to receive such a license as incumbents eye to diversify their service offerings in an increasingly competitive market. Muluken Alemu, CEO of BirrLink, says the system was fully developed in-house over six months by a team of twelve. He expects their extensive research into market gaps and untapped segments to grant them a competitive advantage over current operators. “We have identified several critical points of entry,” the CEO told Shega. The company entering the sector with 3 million Birr paid-up capital has already set up integration arrangements with 10 financial institutions as it prepares for a broad roll-out. Muluken indicated that one of their first market segments will entail payment functionalities for Addis Ababa’s transport network. “An integrated fare solution will be among our first offerings,” he says. The CEO disclosed the conclusion of preliminary negotiations to create a seamless payment system for the city’s 1082 bus fleet. Addis Ababa’s Light Rail Transit and its blue minibus taxi network are being eyed by the payment operator BirrLink also plans to deliver an integrated revenue collection system for several public agencies in the capital. Preliminary market research revealed significant customer frustration over payment channels amid limited interoperable functionalities.

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While Environmental, Social, and Governance (ESG) principles have become deeply embedded in the business ecosystems of developed economies, its adoption in Ethiopia is still in its infancy. In the Ethiopian banking sector, ESG is gradually emerging as a framework for sustainable growth, albeit with unique challenges and opportunities. The country’s banking sector is in the midst of change, driven by economic reforms, digital innovation, and gradual integration with global markets. Yet, ESG is still largely interpreted through the lens of traditional corporate social responsibility (CSR), with a focus on community development initiatives, environmental awareness efforts, and modest governance improvements. For instance, some banks have initiated tree-planting campaigns, supported education programs, and implemented measures to enhance transparency and accountability. However, formal integration of ESG into core banking strategies remains limited. Key barriers include a general lack of awareness, scarce resources, and limited regulatory pressure. By contrast, the trajectory of ESG in more mature markets presents an interesting divergence. In the United States, ESG has recently become a polarizing concept, with critics questioning whether it prioritizes ideological values over shareholder returns. As a result, some institutions are moving away from the term “ESG” entirely, preferring phrases like “sustainability” or “responsible investing” to avoid controversy. Meanwhile, in Europe, ESG remains a critical part of corporate strategy. Still, the region faces its own challenges. Regulatory requirements, such as the European Union’s Sustainable Finance Disclosure Regulation (SFDR), have placed significant pressure on companies to disclose their ESG performance. However, the complexity of these regulations, coupled with concerns about greenwashing, has made ESG implementation increasingly problematic. Some European banks are now grappling with the costs and complexities of compliance, leading to a more cautious approach.

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Registering unprecedented early adoption rates in less than a year, Enat Bank S.C. reported disbursing 1.4 billion Birr collateral-free loans to nearly 22,000 women entrepreneurs through its Malefiya digital credit platform. Powered by Qena, an artificial intelligence-backed digital credit score assessing tool by Kifiya Financial Technologies, the platform has received quick reception from women-owned small and medium enterprises. The Bank, with a name that translates to mother in Amharic, announced the figures at the Hilton Hotel as it received an award from the National Bank of Ethiopia (NBE) for significant advances in bridging gender gaps in the financial sector. Its focus on gender inclusion, exhibited through a 55% female to male composition in the board of directors, also received props from the central bank. Aster Solomon, Board Chairwoman at Enat Bank, attributed the early success of Malefiya to a general meticulous tendency by mothers in managing their money. She stressed the importance of financial innovation alongside a mass awareness campaign for further gains in financial inclusion. “There are lots of women in the country who still need similar types of loans,” Aster noted. Gender disparities in financial access persist across Ethiopia, as depicted in a World Bank report from last year, which showed that men were 1.5 times more likely to get a loan than women. Martha Hailemariam, advisor at NBE, reinforced the notion by indicating that women had around 150% less access to financial services than men in Ethiopia. She pointed out that Enat Bank managed to secure the central bank’s award by scoring 4.6 out of 5 in its gender scorecard.

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An ambitious, four-year EU-funded project to roll out a robust e-governance infrastructure that reduces the unease of doing business in Ethiopia concluded late this week. The Business Environment and E-Government Project (BEIC), a technical and institutional collaboration, marked its ceremonial close at the Skylight Hotel. Certain components of the €7.2 million program will continue to phase out over the next three months, allowing the beneficiary public institutions to navigate the digital corridors on their own. Implemented by GIZ in collaboration with McKinsey & Company, the Project set out to digitize Ethiopia’s convoluted and paper-intensive business bureaucratic ecosystem. One of the most ambitious undertakings under BEIC was the development of the Integrated Company Creation Journey (ICCJ). Designed to consolidate over ten disparate processes into a unified, paperless workflow, the ICCJ platform promises to collapse Ethiopia’s notoriously bureaucratic business registration procedures into a streamlined digital experience. According to Elie Sawaya, Key E-Government Expert at BEIC, the platform is technically complete and ready for deployment. However, it remains offline, pending security clearance from the Information Network Security Agency (INSA). “Everything is ready,” Sawaya told Shega. “But because this is a core application used by government institutions, INSA must conduct critical security validations. Once cleared, the platform will go live and simplify business creation across the country.”

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ADDIS ABABA, Ethiopia — June 13, 2025 — In a sweeping policy reform aimed at attracting foreign capital and invigorating the country’s trade sector, the Ethiopian Investment Board has issued a landmark directive—Directive No. 1082/2025—lifting long-standing restrictions on foreign participation in export, import, wholesale, and retail trade. The move marks a significant departure from Ethiopia’s traditionally protectionist stance, signaling a bold shift toward liberalizing its domestic markets.

Background: A Policy Rethink

The Ethiopian government is preparing to roll out a new set of fuel and vehicle taxes as part of a broader fiscal reform aimed at boosting domestic revenue and easing pressure on state finances. The plan includes a 15% value-added tax (VAT) on fuel, a 15% excise duty, and a newly proposed vehicle circulation tax for fuel-powered cars. While no formal launch date has been announced, the Ministry of Finance recently briefed members of parliament on the proposal. Officials say the move is essential to modernize Ethiopia’s tax system and reduce the country’s reliance on unsustainable fuel subsidies.

Toward a Post-Subsidy Economy

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Kenya’s KCB Group Limited will be the first foreign banking institution to join the Ethiopian financial sector under the government’s liberalization drive, according to sources at the National Bank of Ethiopia (NBE). KCB executives and NBE regulators are discussing the requirements the bank will need to fulfill before expanding its business to Ethiopia, the sources told The Reporter, adding they expect the Kenyan banking giant to begin laying the foundations for its entry “in the near future.” The Banking Business Proclamation amended by lawmakers in November 2024 permits foreign banks to enter in one of four ways. They can incorporate a subsidiary in Ethiopia, buy stakes in a domestic bank, establish a local branch office, or open a representative or liaison office. The law caps foreign investment in a bank at 40 percent ownership, while a domestic bank cannot sell more than 49 percent of its authorized shares to foreign investors. In an interview with 1st Afrika last month, KCB Group CEO Paul Russo said Ethiopia’s large and financially underserved population make it an appealing prospect despite the limits on foreign ownership in banks.

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Addis Ababa — The Ethiopian federal government has presented a draft national budget of 1.93 trillion birr for the 2018 Ethiopian fiscal year, Finance Minister Ahmed Shide announced during a parliamentary session with the House of People’s Representatives.

• 1.2 trillion birr is allocated for regular (recurrent) expenditures
• 415 billion birr for capital expenditures
• 315 billion birr will support regional states
• 14 billion birr is earmarked for the implementation of sustainable development goals at the regional level

Ethio Telecom held a workshop with microfinance institutions and SACCOs under the theme “Empowering Microfinance Institutions“ to introduce a cloud-powered core banking solution for modernizing financial operations in Ethiopia’s grassroots financial institutions.

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An Ethiopian e-commerce company known for its wide selection of locally made goods has taken a digital step forward by launching a dedicated mobile app. Store 251, a five-year-old startup which operates through both physical and online outlets, debuted a mobile app last week, in a bid to strengthen its position in the country’s increasingly competitive e-commerce sector. The platform, developed with seed funding and support from Venture Meda, a collaborative initiative that looks to supercharge promising e-commerce startups, looks to expand 251 market presence. Madot Assefa, Founder and CEO of Store 251, says the app was designed to cater to the needs of users who are increasingly shopping through their smartphones. She recalled that development took nearly eight months, with updates continuing till now. “Our app was developed to reflect an actual marketplace,” Madot told Shega. A sleek interface fitted with customer reviews, live transaction dashboards, and customizable display formats for stores is available on the platform. Shoppers can also create and share wish lists for special occasions and earn Sheba Miles credit points redeemable for benefit packages when flying with Ethiopian Airlines. The platform’s development has maintained 251’s earthy aesthetics and attention to branding for each product. Started from a shop at Jupiter International Hotel in 2017, Madot spun off the e-commerce wing four years later with 41 registered up-and-coming Ethiopian brands. Most of the featured shops offer locally made products, primarily hosting textile products and fashion accessories. The platform charges a 10% commission fee on sales while hosting all the products at both its online and physical outlets.

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Ethiopian Airlines and Etihad Airways have officially launched a strategic partnership aimed at revolutionizing global connectivity and driving economic growth. This landmark collaboration between the national carriers of Ethiopia and the United Arab Emirates is set to enhance travel opportunities between Africa, the Middle East, and Asia. The partnership is designed to provide passengers with greater access to an expanded network of destinations, improve travel convenience, and foster stronger economic ties between the two regions. By leveraging their combined networks and resources, both airlines are committed to offering seamless travel experiences and boosting the flow of tourism and business across these interconnected continents. In a historic move set to reshape air travel connectivity, the national airlines of the United Arab Emirates and Ethiopia have launched a strategic Joint Venture (JV) that promises to enhance travel between Africa, the Middle East, and Asia. The partnership, formally announced today at Ethiopian Airlines’ headquarters in Addis Ababa, includes a comprehensive codeshare agreement aimed at offering passengers a wider range of travel options across both airlines’ global networks. This landmark collaboration will usher in new flight routes linking Abu Dhabi and Addis Ababa, reinforcing the longstanding ties between the UAE and Ethiopia. Ethiopian Airlines is scheduled to commence flights from Addis Ababa Bole International Airport (ADD) to Zayed International Airport (AUH) starting on July 15, 2025. Etihad Airways, in turn, will introduce daily flights to Addis Ababa beginning October 1, 2025, further enhancing connectivity between the two regions.

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“Jaquar is investing in community upliftment through professional training initiatives and certification programs aimed at building a skilled workforce.” Addis Ababa, Ethiopia –June 5, 2025 – Jaquar Group, a global leader in complete bathroom and lighting solutions, proudly announces the opening of its flagship showroom in Ethiopia. Located on the 1st floor of the Joburg Building near Kazanchis Total, the showroom will serve as a one-stop destination for premium bath and lighting solutions tailored to the Ethiopian market. This launch marks a significant step in Jaquar’s long-term vision for Ethiopia, highlighting its dedication to quality, innovation, and local development. In addition to showcasing its globally recognized product range, Jaquar is also investing in community upliftment through professional training initiatives, including free plumbing certification programs aimed at building a skilled workforce. “Our goal is not only to supply quality products but to become a reliable partner in Ethiopia’s development journey by building skills, setting industry standards, and creating job opportunities,” said Mr. Ricardo Lage, Business Head – Africa and Francophone Countries.

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The Ethiopian House of Peoples’ Representatives, the lower chamber of parliament, on Tuesday approved a bill banning single-use plastic bags.

Under the new law, individuals found using or distributing single-use plastic bags face fines of up to 5,000 Ethiopian birr (about $38.7), while manufacturers, importers, and marketers could face steeper penalties or suspension of licences.

The bill will be forwarded to the president for assent.

“This is a necessary and long-overdue step,” said Gemedo Dalle, Minister for Environment, Forest, and Climate Change, during a press briefing following the parliamentary vote.

“Plastic pollution is choking our rivers, poisoning livestock, and polluting farmlands. Ethiopia must act now before it becomes unmanageable,” Mr Gemedo said.

Ahead of the parliamentary vote, it was noted that a nationwide public awareness campaign would be launched to educate citizens about the details of the new law.

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The Ethiopian government has tabled a comprehensive amendment to its federal income tax proclamation, signaling a major shift in the country’s fiscal framework to align with digital economy realities and bolster domestic revenue mobilization. The newly proposed changes, referenced as the “Income Tax Amendment Proclamation /2017,” were submitted to Parliament late last month. 1. Taxation of Digital Content Creators: For the first time in Ethiopia’s tax history, digital content creators—including YouTubers, podcasters, influencers, and online platform earners—will be required to pay taxes on their earnings. The law defines “income from digital content” as revenue generated from:

• Advertisements and sponsorships
• Brand partnerships and affiliate marketing
• Product sales, both physical and digital
• Donations, crowdfunding, and fan subscriptions

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Three weeks after receiving its trading membership certificate from the Ethiopian Securities Exchange (ESX) and just over two months after securing its investment banking license Wegagen Capital Investment Bank S.C. announced it was starting operations last night at the Hilton Hotel. The launch marks pivotal movement in Ethiopia’s embryonic capital markets, as Wegagen Capital starts operation as one of the country’s first licensed investment banks. It is helmed by Brutawit Dawit, a prominent figure in Ethiopia’s banking industry, known for her role in the formation of Wegagen Bank and as the former president of Zemen Bank. Brutawit congratulated stakeholders and emphasized that Wegagen Capital carries both the honor and responsibility of setting a new standard for investment banking in Ethiopia, rooted in integrity, innovation, and impact. She described the bank’s inception as a response to Ethiopia’s urgent need for specialized capital market services capable of unlocking capital, catalyzing investment, and accelerating national development. The Bank looks to offer a full suite of investment banking services, including capital raising through securities, underwriting for IPOs, strategic advisory for mergers and acquisitions, corporate restructuring, brokerage and trading services, and securities trading guidance. The firm aims to serve a broad spectrum of clients, government institutions, public enterprises, corporations, and high-net-worth individuals, with a focus on long-term value creation.

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A day after Prime Minister Abiy Ahmed (PhD) bestowed Bill Gates with the Special Order, Ethiopia’s highest honor, the American billionaire pledged to give away his wealth for philanthropic works in the coming two decades. During a speech at the African Union headquarters on the backdrop of a quarter century of philanthropic work, Microsoft’s co-founder announced his commitment through the Gates Foundation. “My wealth will be given away over the next twenty years,” he said to an audience at the Mandela Hall in Ethiopia’s capital. “The majority of that funding will be spent on helping you address challenges here in Africa.” Once the richest person in the world, the 69-year-old billionaire has an estimated net worth of around 110 billion dollars. Bill opened his keynote speech by reflecting on his first visit to Africa in 1993, which inspired his philanthropic focus on global health. He cited the reduction of under-five mortality rates from nearly 10 million to under 5 million annually over the past 25 years, attributing these gains to partnerships with African governments and organizations. The billionaire lauded Ethiopia for its health extension program, which expanded from 1,000 to over 15,000 health posts since 2005, contributing to a more than 50% decrease in child mortality rates. “Your work has saved lives,” he said, referencing health extension workers.” I have great respect for the enormous work you do.”

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Hasset Dereje Admassu of Ethiopia has achieved a historic milestone at the 72nd Miss World pageant, securing the position of First Runner-Up in the globally celebrated beauty and purpose competition. The event, held at the HITEX Exhibition Centre in Hyderabad, India, concluded with Thailand’s Opal Suchata Chuangsri being crowned Miss World 2025. Hasset’s second-place finish marks the highest ranking ever attained by an Ethiopian contestant in Miss World history, drawing widespread praise from across Ethiopia and the African continent. A graduate in public health and a passionate advocate for women’s health and education, Hasset represented Ethiopia with distinction both on and off the stage. Her “Beauty With a Purpose” project, which focused on maternal health and girls’ education in rural communities, impressed judges and audiences alike. During the final round, when asked to reflect on the impact of her presence in the competition, Hasset stated:

“There are so many children and mothers behind me that get so many things from me just from standing here.

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An Ethiopian technology startup has launched a power bank rental and sharing service, paving the way for an on-demand mobile charging infrastructure. MyCharge Technology PLC announced the service, available in Amharic, Oromiffa, and English, late Friday afternoon at the Hyatt Regency Hotel. After registering on the app, users can rent a power bank from the above 60 stations in the capital and return it at any convenient location within 72 hours. An initial deposit of 2,000 Birr to the MyCharge wallet is required to access the power banks, which will be refunded upon returning the device. Nahom Solomon, General Manager of MyCharge, says the rapid adoption of technology across Ethiopia complements the introduction of the service into the market. He indicated that the power bank stations, which carry up to 40 power banks, have been placed at strategic locations likely to have demand. “For the time being, we are not requiring fees for the rentals,” Nahom told Shega. The general manager says 20 Birr per hour, capped at 200 Birr per day, will be charged when the service becomes popular in the market. Notifications to return the power banks will start being sent to customers after 48 hours of usage. The four-month-old company plans to avoid the 2,000 Birr initial deposit requirements in the long run by integrating the service with the national ID and financial institutions. “We will have 150 stations by the end of the year,” the general manager noted. The power banks capable of fully charging two smartphones can be accessed by scanning QR codes on the stations, while payments can be made via telebirr and the Chapa payment gateway. Each station is fitted with digital screens of up to 25 inches for advertising opportunities.

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E-mobility startup Dodai is set to roll out its battery swapping network in Ethiopia, beginning with a pilot initiative involving the donation of 40 electric bikes to the Addis Ababa Transport Bureau. The company announced the launch of its latest project during a partnership signing ceremony with the Bureau on Thursday afternoon at its factory fitted with a station in the Haile Garment area. Dodai aims to replace traditional battery charging methods by establishing a network of stations that exchange depleted batteries for fully charged ones, for a fee. The startup plans to set up between 30 and 50 battery swapping stations across the capital within the next six months. “We hope to eliminate lengthy charging periods, reduce maintenance concerns, and eliminate traditional charging practices,” Dodai CEO Yuma Sasaki told Shega. Yuma noted that the bikes donated to the Bureau were the company’s latest models and expressed hope that the initiative would help build wider recognition for the reliability of Dodai’s bikes. According to the CEO, the bikes fitted with GPS devices can travel up to 90 km on a single charge. The battery swapping service reduces bike prices by around 100,000 Birr, though customers can also opt for Dodai models with fixed batteries.

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Wegagen Bank S.C. has received the commercial green light from the National Bank of Ethiopia for its non-collateralized digital lending platform dubbed Efoyta under the revised regulatory framework. Powered by Kifiya Financial Technologies' AI-backed intelligent system Qena, the Platform has disbursed over 2.7 billion Birr to around 185,000 borrowers in its pilot phase over the past nine months. NBE’s official approval, given three weeks ago, will enable Efoyta to roll out operations nationwide as it targets around a million customers. Efotya offers four types of loan products. Mekoya which unlocks around 50,000 Birr monthly loans at 8% interest rate, Ediget which offers around 30,000 Birr at an interest rate of 3.75% another credit product dubbed Melegna with a similar interest rate, for up to 5,000 Birr for 14 days and Wase which entails up to 20,000 Birr for 0.6% interest rate.  Two of the products designed with particular attention to women have received significant traction during the pilot phase. Efoyta also enables fully digital onboarding of customers, a feature distinct from operators in the sector, requiring physical visits to bank branches.

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In a country where digital infrastructure was once nearly nonexistent, Sosena Terefe saw more than a technological gap, she saw an opportunity to create a lasting impact, not just chase hype.  Her mission was seemingly simple but driven by a clear purpose: to empower underserved communities and institutions across Ethiopia through practical, scalable, and locally relevant digital solutions. That vision became reality in 2016 with the founding of ETM Software, a company that has since become a quiet but powerful force in Ethiopia and Africa’s digital transformation. In 2015, just a year before the establishment of ETM software, Ethiopia was one of the least connected countries in the world, with an internet penetration rate of 12%, according to data from the International Telecommunication Union.  Since then, Ethiopia’s tech scene has been marked by a mix of digital scarcity and ambitious innovation. A prime example is Sosena Terefe and her brainchild, ETM Software. When they started ETM Software, co-founders Sosena Terefe and Mikiyas Amdu shared one clear goal: to create a company that doesn’t just build, but builds with context, addressing the unique needs of the country and its institutions. With no outside investment, the duo fully bootstrapped the startup, building it from the ground up. In its early days, ETM focused on building custom software for organizations still reliant on outdated systems or manual processes common reality in Ethiopia at the time. Over time, the team expanded its services to include machine learning and AI-powered tools that automate workflows and support data-driven decision-making. This evolution from bootstrapping to advanced technology work was gradual and deliberate, ensuring each step addressed real, local challenges.

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At a high-profile CEO networking event hosted by the European Chamber in Ethiopia last month, experts dissected the economic fallout of the Horn of Africa’s escalating port rivalry, centered on the Berbera corridor and the Red Sea crisis. Ethiopia, the sixth largest landlocked country in the world, which relies on Djibouti for around 90% of its port needs, looks to wean off its logistical dependence. A move which has sparked a geopolitical chain reaction and emboldened competing port projects in Djibouti, Somalia, and beyond Against a backdrop of shifting alliances and logistical bottlenecks, the discussion underscored how Ethiopia’s quest for sea access, via its pact with Somaliland, could redefine trade flows, regional stability, and supply chain costs across East Africa. The monthly session zeroed in on two decisive trends: Ethiopia’s deep reliance on Djibouti for port access, and its cautious but significant overtures toward alternatives like Berbera in Somaliland. Moses Chrispus Okello, Senior Researcher at the Institute for Security Studies, characterized the recent developments in the Horn as symptoms of deep political pressures. He suggested that countries in the region have begun exhibiting “transactional state behavior” to navigate the confluence of demographic shifts, economic stress, and climatic disruptions. Farhan Adem Haibe, General Manager of Alfa Enterprises and former Civil Aviation Minister of Somaliland, discussed the implications of the Ethiopia-Somaliland Memorandum of Understanding (MoU), the evolving dynamics around the Port of Berbera, and the broader geopolitical situation across the Horn of Africa and the Red Sea Corridor.

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An ambitious new product by Ethio-Life & General Insurance S.C. and Lumina Technologies PLC looks to introduce a first-of-its-kind digital life insurance service onto the market. The seventeen-year-old insurer unveiled a platform named after the technology provider, Lumina, at the Inter-Luxury Hotel on Thursday. It relies on the Fayda national Digital ID for registration and charges premiums starting from 415 Birr, while claims of up to 750,000 Birr may be settled. Shimeles G. Giorgis, CEO of Ethio-life & General Insurance S.C., said the idea for the product came about from Lumina, which had conducted a feasibility study through Fasika Consult to assess the barriers for the adoption of life insurance in Ethiopia. Lack of awareness and inability to access nearby insurance branches were determined to be the leading challenges. Shimeles recalled that while the insurer has been operating for nearly two decades, it has had limited success in attaining deep penetration for life insurance services. The insurer, which managed to collect around 734 million Birr in gross written premiums in the last financial year, relied on general business for 71% of its premium income.

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SantimPay Financial Solutions S.C., one of Ethiopia’s leading payment operators, has partnered with the Bank of Abyssinia to launch a digital remittance service dubbed FrankRemit. Unveiled at the Hilton Hotel on Wednesday, the service enables international transfers from nearly all countries and has been integrated with all banks operating in Ethiopia, as well as mobile money services, M-Pesa, telebirr, and CBE Birr. Santimpay’s new service promises to facilitate remittance transfers within minutes without charging any transaction fees. Users will need a Mastercard or Visa card to access the service available for both webapp and smartphone access. The platform also allows diaspora to send gifts through a Frankcard service launched in partnership with Oromia Bank and Shoa Supermarket. “It took us nearly a year to develop the platform,” Tinsae Desalegn, CEO of SantimPay, told Shega. He said FrankRemit has been rigorously tested over the past two weeks with transfers from several countries to ensure seamless service. Tinsae also noted that FrankRemit will not be working with independent forex bureaus for now. In the 10 months since Ethiopia transitioned into a market-based exchange regime policy, a handful of operators have ventured into the remittance business, including the majority state-owned ethio telecom. Existing operators like CashGo have also updated their features to fit the floated currency, while the other telecom operator in the country, Safaricom Ethiopia, has indicated plans to enter the business.

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Ethiopia and Japan this week reached a $17.4 million worth agreement which the Ministry of Finance of Ethiopia called “a landmark bilateral agreement.” According to the Ministry, it is intended for supporting the government’s infection disease control  in the country. Ahmed Shide, Ethiopia’s Minister for Finance, and Shibata Hironori, Ambassador Extraordinary and Plenipotentiary of Japan to Ethiopia, signed the agreement in the Ethiopian capital Addis Ababa. Ethiopia’s Minister for health, Mekdes Daba, and Mr. Shintaro Takano, Deputy Resident Representative of the Japan International Cooperation Agency (JICA) Ethiopia Office, also attended the signing ceremony, based on information from the Ministry. While Ahmed Shide sees the initiative as a “strategic investment” in the health care system, it is indicated that it will be spent on the construction of “specialized facility at St. Peter [Hospital and equipping it with modern diagnostic and treatment technologies, Ethiopia will be better prepared to manage and contain infectious diseases—both now and in the future.” From what the Ministry of Finance says, improving quality of care, strengthening the prevention of infectious disease and capacity building for long term medical area priority areas for spending the funding. Monitoring and evaluation of projects like these have been raising skepticism. There have been accusations from the opposition quarter that government spending of development funds lacks transparency. Some went even further  to claim that the government is spending aid money to finance the ongoing war in the Amhara and Oromia regions of Ethiopia.

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National Bank of Ethiopia Governor Mamo Mihretu says foreign banks will commence operations in the Ethiopian financial sector before the year is out. Speaking at the Ethiopian Finance Forum held mid week, the governor highlighted the government’s decision to open up the financial sector to foreign banks as one of its key recent policy shifts. ‎Mamo then announced that the necessary groundwork has already been laid for the expected entrance into the Ethiopian financial sector of the foreign banks. Stopping short of naming the banks on their ways to Ethiopian financial turf, Mamo emphasized that integrating foreign financial institutions remains one of the NBE’s top priorities. ‎Discussions at the forum also touched on the potential impact of foreign banks on the local market and the broader economy, including anticipated benefits in terms of competition, efficiency, and ‎During his presentation Mamo has disclosed that certain guidelines previously considered “obstacles” to the entry of foreign banks will be revised sooner than the timeline initially indicated for their entry. ‎Among the policies cited as restrictive are the mandatory bond purchases required of banks and the 18 percent credit cap. The NBE Governor indicated that these policies will be repealed and that a clear deadline has been set for their removal. ‎‎Delivering an opening speech at the event, Ethiopia’s President Taye Atske Selassie, has remarked that although Ethiopia’s financial sector is over a century old, it has not matured into a strong and resilient system due to numerous challenges.

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Danish Ethiopian startup Jamii.one has been awarded the $40,000 grand prize at the 2025 Innovative Insurance Challenge Fund (IICF), organized by the United Nations Development Programme (UNDP) Ethiopia and its Insurance and Risk Finance Facility (IRFF). The challenge aims to support inclusive insurance solutions that enhance the resilience of underserved communities. Jamii.one’s winning solution focuses on digitizing traditional community savings groups, known as idir, to create accessible insurance products for low-income households.  By leveraging community trust and digital tools, the platform enables members to build credit histories and access microinsurance services. Jamii managed to facilitate access to insurance services for nearly 160,000 people by the end of August last year. The IICF culminated in a week-long hackathon of coaching and preparation for the finalists ahead of their final pitch. It brought together innovators to develop scalable insurance solutions aligned with the Sustainable Development Goals (SDGs), targeting areas such as climate risk, digital innovation, SME resilience, and health coverage.  Participants were evaluated on innovation, feasibility, scalability, and inclusivity. Two other Ethiopian Insurtech startups were recognized as runners-up: HuluCares, which offers health insurance solutions tailored for informal workers, and eQUB, a digital platform modernizing traditional rotating savings and credit associations.  While Jamii.one received the top grant, the runners-up will also benefit from technical support and connections to UNDP’s innovation and insurance networks.

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A high-stakes criminal tax case has resulted in the incarceration of an Ethiopian-American tech CEO behind one of the first private internet service provider licenses in the country. Dawit Birhanu, CEO and co-founder of WebSprix IT Solutions Pvt. Ltd has been imprisoned for the past five months after a rejection of his bail plea and subsequent maintenance of the ruling by a series of courts. Websprix, a company with significant shares owned by Ethiopian diaspora, has provided a range of internet and technology services in Ethiopia for the past fourteen years, employing over 400 people. On December 26, 2024, the Ministry of Justice Economic Crime Affairs Directorate General lodged a case at the Federal High Court Lideta Criminal Bench against WebSprix and three of its senior executives: Dawit Birhanu, a former Cisco employee who moved back to Ethiopia in 2011 to co-found the company; Abraham Menwielet, Vice President and Co-founder; and Mekdes Aklilu Temesgen, Board Chairman. The trio were charged with allegedly facilitating contraband, tax evasion, and presenting money obtained through criminal activity as legitimately gained. The charges against WebSprix and its executives were filed just a few weeks after the Company received an Internet Service Provider (ISP) license from the Ethiopian Communication Authority (ECA) with a capital of 100.8 million Birr. This made the company one of only three entities, alongside Ethio telecom and Safaricom Ethiopia, authorized to build and operate telecom infrastructure.

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Ethiopia’s Coffee and Tea Authority (ECTA) said Wednesday that the country earned a record $1.868 billion from coffee exports over the past 10 months. Its director-general, Adugna Debela, said 354,302 thousand tonnes were sold, with Germany, Saudi Arabia, and the United States ranked as its top three destinations. These figures represents an increase of 70 per cent in volume and 87 per cent in revenue compared to the same period in the last fiscal year. Debela described this as an “outstanding achievement” and the outcome of a well-coordinated national effort. He also expressed optimism that the next two months of the fiscal year would build on the same momentum. Coffee production is seen as the backbone of the country’s agriculture-led economy and is the primary source of its export revenue. The brew is one of the world's most widely consumed beverages with an estimated 2 and a quarter billion cups of it is consumed daily. It is also one of the most traded commodities, with the Arabica species representing the majority of global coffee production.

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In a landmark moment for Ethiopia’s financial sector, Wegagen Capital Investment Bank S.C. has become the first institution to receive a Trading Membership Certificate from the Ethiopian Securities Exchange (ESX). This achievement follows the firm’s recent investment banking license from the Ethiopian Capital Market Authority (ECMA), positioning Wegagen Capital at the forefront of the country’s emerging capital markets. As a licensed trading member, Wegagen Capital is now authorized to facilitate investor participation on the ESX, execute trades on behalf of clients, and contribute to the creation of a transparent and liquid trading environment. This development marks a significant step forward in operationalizing Ethiopia’s capital market and building a more inclusive, modern financial system. The membership certificate was awarded during a ceremony attended by H.E. Hana Tehelku, Director General of ECMA, and Sunil Benimadhu, CEO of the Mauritius Stock Exchange.

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The Ministry of Transport and Logistics, in partnership with Ethio Telecom, has unveiled a comprehensive digital transport management system aimed at modernizing Ethiopia’s intercity travel services. The platform, launched Tuesday at the Hyatt Regency hotel in Addis Ababa, is designed to consolidate cross-country bus operations, operator licensing, ticketing, fuel payments, and traffic penalty systems into an integrated digital framework. The system seeks to improve regulatory oversight, reduce inefficiencies, and enhance transparency across the country’s sprawling intercity transport network. Officials say it will cover more than 1,995 intercity buses and serve around 480,000 passengers each month, while digitizing key services such as online ticketing, fare and route management, and operator licensing. Biruk Adane, chief mobile money officer at Telebirr, Ethio Telecom’s mobile financial platform, said the system will integrate 13 cross-country bus associations and 255 registered inter-regional routes. It is expected to facilitate up to 325 million ticket transactions monthly. A key component of the platform crafted by Ethiotelecom is the national traffic penalty management system, which replaces all manual fine payments with digital transactions. The platform supports multiple payment gateways and aims to ensure that 100 percent of traffic-related payments are processed electronically within a unified digital system. Ethiopia’s transport ministry managed to collect more half a billion birr from traffic penalties across nine months in 2023.

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Ethiopia concluded the Invest in Ethiopia High-Level Business Forum with the signing of five investment agreements totaling over $1.6 billion. The event, held over two days in Addis Ababa and co-organized by the Ethiopian Investment Commission and, Ministry of finance and Development Partners Group, brought together investors from China, the Middle East, and Europe alongside Ethiopian officials and private sector representatives. The largest investment was a $600 million commitment by Sequa Mining and Processing PLC, a joint venture between Chinese and Ethiopian companies, to develop coal mining projects. Huawei Mining Processing Company Limited signed an agreement for a $500 million investment in mineral exploration, processing, and the development of a special economic zone dedicated to the mining sector. Hanergy New Energy Technology Company Limited, in partnership with Jandu, committed $360 million to build a solar cell manufacturing plant. Sesar Energy Advancing Solutions signed a two-phase deal amounting to $250 million to support solar energy infrastructure, with $100 million allocated for the first phase and $150 million for the second. Toyo Solar Manufacturing Development PLC committed $14 million to expand its solar cell production capacity. The investments span the energy and mining sectors, which have been prioritized under Ethiopia’s Homegrown Economic Reform Agenda. Ethiopia has been revising its investment laws, expanding public-private partnerships, and opening formerly state-controlled sectors to foreign investment. These reforms follow earlier large-scale investments in sectors such as industrial parks, agriculture, and telecommunications.

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Dashen Bank has become the latest financial institution to join the digital fuel payment ecosystem through a new service integrated into its super app. The Bank unveiled its latest digital product at a ceremony held at the Sheraton Addis Hotel late Monday afternoon. Dashen became the third financial institution to announce integration into the national fuel aggregator portal in the past three weeks, preceded by Oromia International Bank's Milkii and Safaricom’s MPESA mobile money service. Dashen’s latest service allows customers to scan QR codes and process fuel payments, leveraging codes generated through the national fuel aggregator. Through a dashboard accessible on the super app and communication with fuel station attendants, the service looks to facilitate payments in three simple steps, according to Lidya Bezabih, Director of Digital Banking at Dashen. Dashen launched its super app three months ago and has bolstered it with a series of mini-app integrations. Airlines tickets, DSTV payments, utility payments, and an e-commerce portal targeting the holiday rush were amongst the introductions until the fuel payment system. Ethiopia’s government has been attempting to attain end-to-end digitization across the fuel supply chain for the past two years with mixed success. While the value of digital payments has surpassed 400 billion Birr, strict implementation outside of major cities has remained relatively limited. Speaking to Shega last week, Berho Hassen, state minister for transport and logistics, underscored the importance of ensuring that each liter of fuel in the country is sold in a digital format. He reiterated similar remarks during Dashen’s digital fuel payment launch and called for financial technology firms to join the fold.

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The Ethiopian Capital Market Authority (ECMA) has initiated an investigation into unauthorized public fundraising activities involving Ermias Amelga and Genesis Investment Services.

In an official statement released this week, the Authority revealed that it has received multiple complaints regarding unauthorized public fundraising through the sale of securities. The probe targets various individuals and organizations suspected of operating without proper licenses and bypassing regulatory oversight.

Specifically, the Authority confirmed that both Ermias Amelga and Genesis Investment Services are subjects of the investigation. ECMA emphasized that all inquiries will be conducted in accordance with constitutional safeguards, including the right to a fair hearing and legal defense.

The Authority urged the public to remain vigilant when engaging in capital market activities, particularly when investing in or establishing commercial entities. Citizens are strongly advised to verify business registration documents with the appropriate government offices and consult only with investment advisors licensed by the Authority before committing any funds.

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Starting today at 6:00 p.m., the Ethiopian Ministry of Trade and Regional Integration has implemented a 10 Birr per litre increase in retail petroleum prices. The adjustment reflects global fuel price trends and applies to all fuel stations nationwide.

According Updated Fuel Prices list:

• Gasoline will now sell 122.53 birr per liter

• Kerosene is set 116.49 birr per liter

• White Naphtha also at 116.49 birr per liter

• Light Black Naphtha at 106.77 birr per liter

• Heavy Black Naphtha at 104.08 birr per liter

• Aviation Fuel will be sold 100.56 birr per liter

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Addis Ababa, May 7, 2025 — Ethiopia’s banking landscape is undergoing a major transformation as the National Bank of Ethiopia (NBE) unveils its most comprehensive regulatory reform yet. In a decisive move to modernize and fortify the financial sector, the NBE has issued Directive No. SBB/XX/2025, establishing Risk-Based Capital Adequacy Requirements for all banks operating within the country.

This reform marks Ethiopia’s full-scale shift toward Basel II and Basel III international banking standards, putting the nation’s regulatory environment on par with those of global financial centers. It signals the government’s commitment to Long-term economic stability, Financial inclusion, Responsible credit expansion.

 Stronger Capital Foundation: What the Directive Requires

The directive introduces a three-tier capital framework designed to ensure that banks have sufficient buffers to absorb losses, support ongoing operations, and safeguard depositors:

• Common Equity Tier 1 (CET1): Minimum of 7.5% of Risk-Weighted Assets (RWAs). This represents the highest quality capital — mainly common shares, retained earnings, and disclosed reserves.

• Tier 1 Capital: CET1 plus Additional Tier 1 capital must amount to 9.5% of RWAs. AT1 includes instruments that can absorb losses but are not common equity.

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Nearly four years after Safaricom Ethiopia rolled out its commercial operations, it has registered an operating loss of 42 billion birr in the financial year that ended March. The losses occurred despite the company's increasing revenue by 270% from the last financial year to reach 7.2 billion birr. Safaricom Ethiopia attributed part of the losses to the foreign exchange reforms Ethiopia implemented since July, alongside it still being in the investment stage. Ethiopia transitioned from a managed currency regime to a market-based policy at the end of July, resulting in the Birr sliding by 30% against the US dollar on the first day, with a progressive descent over the past eight months. The Birr's value against the US dollar has plummeted from around 57 birr in late July to around 134 since the currency float. Companies that collect funds in Birr while having to settle payments in foreign currency were severely impacted by the initial depreciation of the currency. “This loss is largely in line with our expectations at this heavy investment stage of the company’s growth, but it also includes the impact of foreign exchange reforms, that we expect to normalize going forward,” Safaricom Ethiopia said in its statement.

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Addis Ababa, Ethiopia – In a groundbreaking move for Ethiopia’s music scene, Boiler Room, the globally renowned underground music platform, has announced its first-ever event in Addis Ababa. The event, scheduled for later this year, is set to showcase Ethiopia’s vibrant and diverse electronic and alternative music culture to a worldwide audience.

Why Boiler Room’s Arrival is Significant

Boiler Room has built a reputation for spotlighting underground music movements, from London’s grime scene to South Africa’s amapiano explosion. Its arrival in Addis Ababa signals a major moment for Ethiopian artists, who have long been crafting unique sounds blending traditional Ethio-jazz, folk, and electronic music.

• Global Exposure: Boiler Room’s live streams and documentaries reach millions, offering Ethiopian musicians a chance to connect with international audiences and industry players.

• Cultural Exchange: The event will likely feature collaborations between local artists and global acts, fostering cross-cultural creativity.

• Validation of Ethiopia’s Scene: By choosing Addis, Boiler Room acknowledges Ethiopia’s growing influence in Africa’s alternative music landscape.

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Nearly two years after digital fuel payments became mandatory in Ethiopia, Safaricom’s M-Pesa mobile money service has been integrated into the country’s digital fuel payment system. A Total Energies fuel station on Airport Rd was the first outlet to utilize the service on Wednesday, with around 500 other stations ready to roll out in the coming months. Biniyam Alemayehu, Merchant Product Manager at MPESA, says the new functionalities will be integrated into the national fuel aggregator portal launched a few weeks back by the Ministry of Transport & Logistics, with EagleLion Systems providing the technology. Oromia International Bank, which debuted its ‘Milkii’ service last week, was the first to integrate into the national fuel aggregator portal. Until now, digital fuel payments have been dominated by Ethio telecoms’ telebirr service, while E-birr and the Commercial Bank of Ethiopia’s Nedaj app offered alternatives. Digital fuel payments have seen over 176 billion birr transactions in the past nine months. “M-Pesa just became the first mobile money operator to integrate into the portal,” Binyam told Shega. M-Pesa customers can make fuel payments by giving out their phone numbers and the amount of purchase to fuel station attendants, who fill out license plates and relevant details to enable a USSD push message to the user's phone. Customers will fill out their MPESA PINs to make the payment and receive an automatic receipt. A merchant function in the national fuel aggregator allows fuel station owners to track sales, attendance, and volume, which can be broken down further into the payment services.

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A recent study by researchers Dr. Dorota Dzierzbicka and Dr. Daria Elagina re-examined and translated a rare first-hand account of a 16th-century Ethiopian monk visiting old Dongola, Sudan. The work is published in the journal Azania: Archaeological Research in Africa. The colophon was first transcribed and translated into Latin in the 1930s after being housed in the Vatican Library for centuries. However, it did not come to the public's attention until the 1990s when Ceccarelli-Morolli brought it to the attention of scholars of Nubian studies, showing that Dongola had already become a Muslim-dominated community by the 16th century. The true extent of the information the colophon contained, however, was far greater, but it was not realized until recently. This was likely due to the difficulty in accessing and understanding the document, explained Dr. Dzierzbicka and Dr. Elagina. "It is no surprise that the colophon's significance for economic and social history has largely gone unnoticed until now. The 1930s edition and Latin translation of the colophon were difficult to access, and the commentary was very limited. "What is more, since the text is in Ethiopic, it was easily overlooked by researchers in Nubian studies, who typically work with sources in Greek, Coptic, Old Nubian, and Arabic.

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Purchasing software is often financially burdensome for businesses just starting out, and most Small and Medium Enterprises in Ethiopia. One homegrown tech company is looking to reduce the high upfront costs for software tools with a subscription-based software on a “rent-to-use” model. Yonet Systems, a three-year-old startup founded by two friends, seeks to provide software for as little as 5,000 birr a month. “We wanted to make software accessible,” says Natnael Assegid, co-founder and Chief Operating Officer of the startup. “A lot of businesses want digital tools but can’t justify the high investment costs. We’re trying to solve that”. Together with co-founder Yonathan G/Eyesus, the two Addis Ababa University graduates built Yonet on the principle of affordability. The product offerings came after surveying over 1,200 businesses. The research revealed a high demand for inventory management, customer relationship tools, and e-commerce platforms, services that many small firms couldn’t afford in a traditional format. “After two months of brainstorming, we developed a Software-as-a-Service (SaaS) model,” Natnael told Shega. Yonet’s SaaS platform aims to provide customizable apps in multiple tiers, ranging from entry-level tools for small shops to enterprise-grade AI-enhanced solutions for large organizations. These include inventory trackers, HR tools, and CRM systems. Depending on a client’s scale, Yonet looks to offer cloud-hosted apps, 24/7 support, workflow automation, and even AI-driven insights for enterprise clients.

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Bitcoin mining firm Phoenix Group announced the addition of 52 megawatts (MW) worth of mining capacity to its capabilities in Ethiopia. According to an April 29 announcement, with this latest addition, Phoenix’s Bitcoin mining capacity in Ethiopia reaches 132 MW. The firm’s global capacity now reportedly exceeds 500 MW. Phoenix’s co-founder and CEO, Munaf Ali, said the firm’s strategy relies on “securing prime locations with abundant, low-cost energy.” “Initiatives like our latest expansion in Ethiopia are pivotal steps, not only creating significant value today but also solidifying our position,” he said.

Building on previous agreements

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Ethio telecom, in partnership with Siinqee Bank, has launched a new range of mobile financial services and smartphone financing solutions aimed at accelerating Ethiopia’s journey toward financial and digital inclusion. Leveraging the success of telebirr, Ethio telecom’s digital payment platform with over 52.5 million subscribers, the new services will offer rural and urban citizens access to savings, microloans, salary-based loans, and device financing options directly via their mobile phones. Key offerings under the partnership include:

• Mobile Savings Accounts: Accessible via telebirr, allowing users to save remotely with both interest-free and interest-bearing options.
• Microcredit and Salary Loans: Individuals and Micro and Small Enterprises (MSEs) can access microloans of up to 30,000 Birr and salary-based loans of up to one million Birr without traditional collateral requirements.
• Device Financing: Ethio telecom and Siinqee Bank aim to distribute up to two million smartphones annually to underserved populations, bridging the digital divide and enhancing access to telecom services and digital finance.

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A new partnership between the Documents Authentication and Registration Service (DARS) and Ethio Post is raising concerns among businesses that depend on offering drafting services to DARS customers. Under the new system, customers can either access the DARS portal directly or draft contracts and submit them through the postal service, bypassing traditional intermediaries. In Addis Ababa alone, the 18 DARS branch offices are typically surrounded by internet cafes and stationery shops that have long relied on their proximity to DARS locations to attract and serve customers. Hamid Kenneso, Director General of DARS, says customers often faced excessive costs for the simple drafting of contracts, articles of association, and documents. He pointed to the free templates available on their website, which provide the standard outline for almost all types of documents. “Customers used to pay as much as 500 birr for a few pages,” Hamid told Shega. Through the new arrangement, customers might soon be able to access DARS services through one of nearly 700 Ethio Post branch offices for standardized fees. While templates for contracts have been available for some time at the DARS website, adoption has remained minimal with many still opting to go to intermediaries. The Director believes that the intuitive design of the DARS platform allows even digitally inexperienced individuals to navigate it with ease.

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Ethiopia raised 3.2 billion birr ($24 million) after selling 10% of the shares on offer in its maiden initial public offering that was open for more than four months.

The nation sold 10.7 million shares in state-run Ethio Telecom for 300 birr each, the company said in a statement Friday. Ethiopia Investment Holdings, which controls 40 state-run companies including the telecom firm, planned to sell 100 million shares in a bid to raise 30 billion birr from the sale.

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Addis Ababa, Ethiopia – April 23, 2025 In a move underscoring its long-term commitment to the African aviation industry, Boeing has officially opened a new administrative office in Addis Ababa, Ethiopia. This marks the company’s second office on the continent and reinforces its strategic efforts to support airline partners and aviation stakeholders across Africa.

•  H.E. Dr. Alemu Serne, Minister of Transport & Logistics, Federal Democratic Republic of Ethiopia
• H.E. Ervin Massinga, United States Ambassador to Ethiopia
• Getachew Mengiste, Director General, Ethiopian Civil Aviation Authority

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In an exciting initiative to unlock new opportunities for young Ethiopians, Safaricom Ethiopia joins forces with Amref Health Africa and the Vodafone Foundation, has launched the Safaricom Talent Cloud Scholarship—a transformative initiative that aims to empower 1,000 Ethiopian youth with essential digital skills useful for the fast growing tech. The year-long scholarship programme is designed for youth aged 18 to 35 with a passion for technology and innovation. Through the Talent Cloud platform, participants will receive free and unlimited access to online training in high-demand areas such as software development, data science, artificial intelligence, and more. In addition to world-class digital training, the scholarship package includes free monthly data for a full year to ensure seamless learning access to course materials and online learning resources, alongside mentorship and coaching sessions led by experienced professionals. The initiative will also facilitate internship and job placement opportunities with leading tech employers, effectively bridging the gap between skills development and the job market.

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Fourteen Ethiopian creative ventures have been selected for the first cohort of the Habesha Creative Lab, a newly launched incubation and acceleration program designed to support the country’s growing digital creative industries. Chosen from a competitive pool of over 100 applicants, the selected ventures span sectors such as animation, video games, virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). Launched under the Ethio-French Touch initiative, the program is a collaborative effort between the French Embassy in Ethiopia and local partners, including Alliance Ethio-Française, iceaddis, Diversion, 3DNetInfo, and Rubika.  The program offers two tracks lasting 3-12 months, tailored to different stages of development. The Incubation Track, designed for early-stage projects, includes 20 weeks of foundational training in soft and hard skills, three weeks of intensive technical workshops, continuous mentorship, connections with international experts, and grants ranging from €3,000 to €5,000. Incubation applicants must commit 10-20 hours per week during the first 16 weeks. The Acceleration Track, designed for more advanced ventures, emphasizes business growth and investment readiness, offering participants three weeks of intensive technical training, nine months of ongoing mentorship, access to global training opportunities, and grant funding ranging from €5,000 to €10,000.

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Kenya and Ethiopia have signed a landmark agreement to ease cross-border trade, setting a $1,000 threshold for goods moving through the Moyale border under the African Continental Free Trade Area (AfCFTA) framework.

• The Memorandum of Understanding (MoU), concluded after two years of negotiations, aims to simplify customs procedures and foster economic integration between the two neighbors.
• It was finalized in Mombasa and is poised to invigorate commercial activity in one of East Africa’s key frontier zones.
• Kenya’s Cabinet Secretary for Investments, Trade, and Industry, Lee Kinyanjui, called the MoU a stepping stone toward broader regional trade liberalization.

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Terahash , a German Bitcoin mining firm spun off from the family-owned Klager Group, is preparing to launch operations at its first facility in Ethiopia. The company is raising $5 million to build a 10-megawatt (MW) site near Addis Ababa, set to begin operations within two to three months. The mining facility, being developed with two local partners, marks Terahsh’s entry into Ethiopia’s budding bitcoin mining industry. If all things proceed as planned, the Company plans to scale operations to 60 MW, which could require additional investment between $ 40 and 60 million. “This initial 10 MW facility represents a cautious but significant entry point. Hardware is en route, and operations are expected next quarter, pending smooth logistics.” Says Fabian Weber, Terahash's Head of Hashrate, a role that involves leading initiatives in Bitcoin mining and energy infrastructure. “Success could justify expansion, necessitating substantial further investment,” he told Shega. Founded as an offshoot of the Klager Group, a 75-year-old, family-owned German manufacturing company, Terahash’s approach to Bitcoin mining combines the use of renewable energy with structured investment models. A direction influenced by Klager’s longstanding focus on industrial efficiency and energy management. The pivot to Bitcoin mining was prompted in part by Europe’s energy crisis that followed the Russo-Ukraine war. When electricity prices in Germany rose by as much as 400%, the Klager Group adopted renewable energy and alternative energy uses, including the integration of Bitcoin miners into its operations.

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A tripartite agreement between Nib Bank, its independent offshoot Nib Insurance, and ride-hailing company Yango allows drivers to access insurance services with premiums settled through weekly trip bonuses. Drivers can make monthly premium payments themselves or have Yango settle the amount with the insurer based on their earned trip bonuses. Announced at Nib’s headquarters on Wednesday, the partnership also lays the groundwork for potential credit services set to be provided by the Bank for drivers. Tewodros Mehari, Deputy Manager at G2g IT solutions (Yango’s partner in Ethiopia), says they want to minimize the trouble their drivers face when dealing with the fallout after an accident occurs. He indicated plans to introduce a courtesy car arrangement allowing drivers to access a vehicle if their own becomes immobilized in an accident. “Car repair could take several months,” Tewodros told Shega.” We don’t want our drivers to lose their livelihood in the meantime.” Courtesy car provisions are part of the insurance package offered by some companies primarily based in Europe. Tewodros also relayed Yango’s intentions to provide drivers with financial assistance equal to what they would earn had their car not been damaged.

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Ethiopian Airlines announced a partnership with Bucher, a leader in lightweight aircraft interior solutions, during Aircraft Interiors Expo (AIX) in Hamburg. This agreement marks an important step in equipping Ethiopian Airlines’ new Boeing 777-9 fleet with cutting-edge Galleys. This partnership with Bucher underscores Ethiopian Airlines’ strategic importance not only as an aviation leader in Africa but also as a pivotal contributor to the country’s economic growth and connectivity. Known for its rapid expansion and commitment to service excellence, Ethiopian Airlines continues to set benchmarks in passenger travel across the continent. “Collaborating with Bucher to outfit our new 777-9 fleet demonstrates our commitment to passenger comfort and innovation,” stated Mr. Mesfin Tasew, Ethiopian Airlines Group CEO. “As a strategically vital airline for our country, we continually seek partners who align with our vision for expansive growth and enhanced service quality.” Bucher will supply Ethiopian Airlines with advanced Galleys that optimize space and functionality, thereby enhancing the in-flight experience for passengers and crew efficiency. This collaboration empowers Ethiopian Airlines to maintain its leadership role in African aviation through ongoing investment in technology and passenger amenities. “We are delighted to partner with Ethiopian Airlines in this significant project,” said Beat Burlet, CEO of Bucher. “Our team is committed to delivering bespoke Galleys that meet the expansive needs of this strategically important airline.”

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A dozen Ethiopian startups cracked the top 40 in the first manufacturing technologies (Manutech) cohort of the $1 billion timbuktoo initiative. Out of 640 applications from 52 countries, 40 startups from 13 African nations were selected to participate in the program's Manutech-themed iteration last week. The Addis-Ababa hub launched in November is one of ten sector-specific hubs under the ambitious Pan-African drive backed by the United Nations Development Program and the timbuktoo Africa Innovation Foundation. MedFab Ethiopia, Herbal/Anti-microbial spa manufacturing, Plant AgriBusiness, Debo Engineering, Robox Robotic & AI Center, Bina Products, Machinoval Manufacturing company, Handmade pro, Selfmade cloud Solutions, Selale Electrical and Solar Recycle Motorcycle company, Desalegn Dibaba General Purpose Machine producer, and Bambo Labs Plc are the Ethiopian startups which got accepted to the manufacturing Acceleration Program. The remaining startups hail from 12 other African countries. The selected startups will receive a three-month hybrid acceleration experience, including mentorship, a chance at equity-free funding of up to $20,000, and access to networks within the African Continental Free Trade Area (AfCFTA) and the broader UN system. The ManuTech Hub is part of the broader timbuktoo initiative, which seeks to establish thematic innovation hubs across Africa. Other hubs include the FinTech Hub in Lagos, Nigeria (focusing on financial technology solutions); the HealthTech Hub in Kigali, Rwanda; the GreenTech Hub in Nairobi, Kenya; the E-commerce Hub in Cairo, Egypt; and the AgriTech Hub in Accra, Ghana, among others. The ManuTech Hub call for applications was announced during a public consultation on Ethiopia’s startup proclamation a few months back. Addis Ababa’s selection as a Manutech Hub is closely aligned with the country’s ambition to become a light manufacturing hub in Africa.

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Africa to Silicon Valley (A2SV), a nonprofit tech academy that upskills university students and connects them with global opportunities at top tech companies, plans to close its offices in the Ethiopian capital and relocate to Kigali, Rwanda. The decision to terminate the six-year-long stay follows a protracted financial dispute with Abrehot Library over unpaid rent and a reported lack of “support”, according to founder Emre Varol. The nonprofit, which focuses on nurturing tech talent, expanded to Ghana after receiving funding from Google in 2023. Established in 2019 by a former Google engineer, A2SV has been providing a mix of software engineering courses, boot camps, hackathons, and project incubations for African youth aspiring to have careers in tech. In partnership with institutions such as Addis Ababa University (AAU), the Addis Ababa Science and Technology Institute, and Adama Science and Technology University, A2SV has trained over 600 students, with approximately 60 securing positions at major tech companies, including Google, Bloomberg, Databricks, LinkedIn, and Amazon. Initially launched at AAU’s compounds, A2SV relocated its training center to Abrehot Library in September 2022. Located in the Arat Kilo (4 Kilo) area, the library, one of the largest public libraries in Africa, was officially launched on January 2022, and can accommodate up to 2,000 users at a time. The expansive 19,000 sqm facility, built for close to a billion birr and inaugurated by Prime Minister Abiy Ahmed (PhD), was designed to be a state-of-the-art center for academic pursuits. A2SV moved into the four-story library administered by the Addis Ababa City Mayor’s office and continued to train students, reportedly paying $5,000 a month in rent.

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A couple of months ago, we reported that Ethio Telecom launched its newly built ultra-fast EV charging station on both sides of the Bole to Megenagna road in Addis Ababa. Ethio Telecom is a telecoms provider in Ethiopia with over 81 million subscribers, including over 78 million mobile voice subscribers and over 44 million data and internet users. Ethio Telecom has a vision to be the leading digital solutions provider, with its slogan being “Bringing New Possibilities.” The company says introducing the charging network “aligns” with this vision.

1. That first charging hub has Eight Ultra-Fast Chargers (up to 600 kW each) — the chargers are capable of fully charging compatible vehicles within 15 minutes, enabling rapid recharges for drivers on the go.
2. Twelve Super-Fast Chargers (up to 500 kW each) — delivering high-speed charging with optimal accessibility, and ensuring drivers get back on the road quickly.
3. Smart Pole Chargers — integrated into smart city infrastructure, these Level II chargers provide emergency charging options for drivers in need and are located along various routes.

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Amid mounting calls for increased doctors’ salaries, a new telemedicine platform launched last week, allowing physicians to keep 80% of fees earned from video consultations. Tenadoc kicked off its operations featuring 50 medical doctors who sub-specialize in over 12 areas of expertise. The platform blends video medical consultations, digital prescriptions, medical record and hospital appointment services through a mobile application. Gynecologist Emebet Eshetu (M.D) and her telecom engineer husband Mulugeta Eshetu began working on the platform looking to improve healthcare access in Ethiopia. The co-founders decided to launch a telemedicine platform after noticing its potential a few years back. In 2021, after finishing her OB-GYN residency, Emebet began offering free medical consultations through phone calls and Telegram chats. Around 6,000 people used the services within a year. Leveraging this experience, a year of development by an India-based company, customization, and testing followed before Tenadoc finally became Play Store-ready. The couple opted for local talent to finalize the payment integration functionalities.

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A five-year collaboration between FSD Africa, FSD Ethiopia, and the Ethiopian Securities Exchange outlines plans for 50 listings in the country's nascent capital market. The Exchange aims to list the companies across both its main and growth market over a five-year period. According to a joint statement issued today, the parties agreed to provide technical expertise, financial resources, supporting issuers, investor education, product development and enhancing institutional excellence. Notably, ESX is also set to work on a platform for the listing and trading of government and corporate bonds, including Sharia-compliant products such as Sukuks. These financial instruments, often referred to as Sharia-compliant bonds, are structured to comply with Islamic law, offering an alternative to conventional bonds by avoiding interest payments and instead sharing profits derived from tangible assets. The three parties will also collaborate through the ESX Market Development Committee to align efforts and drive sustainable market growth. “This collaboration is instrumental in expanding opportunities for issuers, enhancing investor education, and driving product development and innovation.” Said Tilahun Esmael Kassahun (PhD), CEO of ESX. Mark Napier, CEO of FSD Africa, highlighted that the partnership benefits extend beyond market development.

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Capping off a week marked by stellar announcements of forex allocation by Ethiopia’s banks, the Bank of Abyssinia (BoA) reported yesterday that it has disbursed nearly 350 million dollars to its customers in the budget year. Notably, more than half of this amount, $189 million, was disbursed in the third quarter of the budget year to a little over 1,000 customers. A focus on supporting importers with the provision of essential commodities was reported by BoA. Earlier in the week, Awash Bank, the biggest private bank in Ethiopia, had announced that it allocated nearly half a billion dollars to 2,200 customers since January. The Bank echoed the prioritized allocation for strategic commodities like fuel, edible oil, and sugar. The Commercial Bank of Ethiopia (CBE), the state-owned bank with nearly half of the banking industry, also reported later in the week that it allocated a little over 122 million dollars to 698 customers. Awash’s disbursements of 79 million dollars for fuel reflect an adoption of a recent central bank ordinance that requires commercial banks to share in its long-standing sole burden of settling fuel-related letters of credit. Back in October, the National Bank of Ethiopia (NBE) injected $175 million to ease pressures in fuel import payments.

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Ethiopia's horticulture sector has generated USD 366 million in revenue over the past eight months, Minister of Agriculture Girma Amente (PhD) announced during the opening of the International Floriculture and Horticulture Trade Fair at Millennium Hall. The three-day event, which was opened yesterday, is being held under the theme "Horticulture for Sustainable Ethiopia." Dr. Girma emphasized the sector's growing significance in Ethiopia's economy and the government's commitment to improving the business climate for horticulture investors. He noted that horticulture was a priority area for the country and has seen encouraging achievements in recent months. To further capitalize on these successes, the minister called for stronger collaboration among stakeholders to address bottlenecks in the supply chain and create synergy. Nega Mekuanint, Chairman of the Ethiopian Horticulture Producers and Exporters Association (EHPEA), described the trade fair as more than just an exhibition - calling it a strategic platform to promote investment and growth. He attributed the sector's recent success to government policy support, industry collaboration, and the dedication of horticulture businesses.

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April 3, 2025 — The Commercial Bank of Ethiopia (CBE), the nation’s largest state-owned bank, has reported a staggering 32.6 billion birr profit in just the past eight months, marking a 170.5% surge compared to the same period last year, according to the bank’s president, Abe Sano. The announcement came during the presentation of CBE’s eight-month performance report to the House of Representatives’ Standing Committee on Government Enterprises Affairs. “This exceptional profit growth reflects our strong performance in revenue expansion and effective cost control,” said Abe. “We’ve seen encouraging results across all income-generating segments of the bank.” CBE’s total income for the period reached 109.32 billion birr, representing a 26% increase year-on-year. The strong financials are being attributed not only to higher revenues but also to improved credit quality. Abe noted that the bank’s non-performing loan (NPL) ratio has declined, and provisions for bad loans have significantly decreased—further boosting the bottom line.

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Addis Ababa, March 31, 2025 – The National Bank of Ethiopia (NBE) has announced the launch of a bi-weekly foreign exchange auction system aimed at strengthening the country’s foreign exchange market and supporting macroeconomic stability. Starting April 1, 2025, the central bank will conduct foreign exchange (FX) auctions every two weeks, providing the private sector with greater access to hard currency. The initial auction will offer $50 million, with subsequent auctions expected to continue over the coming months. This strategic move comes in the wake of significant improvements in Ethiopia’s balance of payments position, following a comprehensive macroeconomic reform program launched in July 2024. The NBE highlighted rising exports, increased remittances, and higher capital inflows as key contributors to the stronger FX reserves now held by the central bank. Of particular note is the record delivery of high-quality gold to the NBE, the sole authorized gold exporter in the country. This has substantially boosted the central bank’s gold holdings and increased foreign exchange reserves beyond expectations.

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Foreign Banks Welcome, But on Strict Terms: Ethiopia’s Central Bank Issues Landmark Directive Reshaping Banking Sector

Three Doors to Entry: Subsidiaries, Branches, and Representative Offices

• Foreign Bank Subsidiaries – locally incorporated entities under full Ethiopian laws.
• Foreign Bank Branches – extensions of international banks without separate legal identity.
• Representative Offices – non-transactional liaison offices limited to market research and promotion.

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In a significant step toward enhancing the country’s digital financial infrastructure, the Commercial Bank of Ethiopia (CBE) has officially launched a MasterCard payment system in collaboration with the global payments giant, MasterCard. According to the bank, the newly introduced system is expected to play a pivotal role in advancing digital payment services across Ethiopia. It will provide CBE customers with broader access to secure, convenient, and globally recognized electronic payment solutions, including international transactions—an area that has traditionally been limited in the Ethiopian banking landscape. Speaking at the launch event, CBE President Abe Sano emphasized the importance of this partnership in modernizing the bank’s service offerings and aligning them with international standards. He highlighted that the integration of MasterCard’s technology will facilitate seamless transactions for both domestic and international users, ultimately supporting Ethiopia’s transition toward a cashless economy. Mark Elliot, President of MasterCard Africa, echoed this sentiment, noting that the collaboration reflects MasterCard’s ongoing commitment to financial inclusion in Africa. He added that the company is proud to support Ethiopia’s growing demand for modern, secure payment infrastructure.

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Ethiopian Investment Holdings (EIH) was ranked as the 34^th biggest sovereign wealth fund in the world, with nearly 45 billion dollars of assets. The Sovereign Wealth Fund Institute’s (SWFI) latest ranking places EIH as the biggest sovereign wealth fund in Africa, beating out the Libyan Investment Authority for the top spot on the continent. The Norway Government Pension Fund Global is by far the biggest sovereign wealth fund in the world, with over 1.7 trillion dollars in assets EIH has a portfolio of 40 state-owned enterprises that span everything from aviation to financial services, telecom, and hospitality. The Fund was established nearly four years ago with 28 SOEs under its portfolio and 100 billion birr capital. Its founding CEO was the current governor of the National Bank of Ethiopia, Mamo Mihretu. EIH absorbed around eight SOEs last December into its portfolio, formerly managed by the Public Enterprise Holdings & Administration (PEHA). Under Brook Taye (PhD), the former Director General of the Ethiopian Capital Market Authority (ECMA) and EIH’s current CEO, a series of reforms have been kick-started to sharpen the Fund’s competitive edge and reverse years of precarious management. Several executive positions have been replaced by new talent while contemporary accounting standards have been rolled out across the board.

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Ethiopia’s bold push toward energy self-sufficiency and regional power exportation continues with major progress on the Koysha Hydropower Dam, now 65% complete as of March 2025. Located in South West Ethiopia on the Omo River, the Koysha project is one of the country’s largest and most ambitious energy undertakings to date, with an expected capacity of 1,800 megawatts (MW).

A Game-Changing Project for Ethiopia

Overcoming Financial Hurdles

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On March 25, 2025, the Monetary Policy Committee (MPC) of the National Bank of Ethiopia (NBE) convened for its second meeting of the year. The meeting, in line with the NBE’s primary objective of maintaining price stability while supporting economic growth, focused on reviewing inflation dynamics, the financial sector, and global economic conditions. Key Developments and Economic Outlook Inflation, a major focus of the MPC, showed signs of improvement. The inflation rate for February 2025 stood at 15%, marking a decrease from the previous period. This positive trend was attributed to tight monetary policies, improved agricultural production, and controlled adjustments in administered prices. Notably, food inflation decreased significantly from 31% a year ago to 14.6%, while non-food inflation also declined to 15.6%. The month-on-month inflation rate of 0.5% in February signals an easing of price pressures. Economic activity, as measured by the Composite Index of Economic Activity (CIEA), remains strong. Indicators from key sectors, including agriculture, industry, and services, point to sustained growth. A favorable rainy season has bolstered agricultural output, while easing foreign exchange constraints have supported industrial activity. The export sector, particularly in coffee and gold, continues to perform well, and services such as air transport and tourism have seen strong performance.

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Addis Ababa, March 23, 2025 — The Ministry of Trade and Regional Integration has revised fuel prices across the country, effective March 21, 2025 (Megabit 12, 2017 E.C.), citing global oil market volatility and the need to stabilize local fuel supply chains. The adjustments reflect Ethiopia’s continued efforts to reconcile international energy costs with domestic economic priorities as fuel remains one of the country’s largest import expenses. According to the Ministry’s official announcement, the new prices are as follows:

• Benzene (Petrol): 112.67 ETB/liter
• Diesel: 107.93 ETB/liter
• Kerosene: 107.93 ETB/liter
• Light Black Diesel Oil: 109.22 ETB/liter
• Heavy Black Diesel Oil: 106.75 ETB/liter
• Jet Fuel: 109.20 ETB/liter

A Balancing Act: Inflation, Subsidies, and Supply Security

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An Ethiopian delegation is participating in the BRICS Senior Energy Officials meeting which is being held in Brasilia, Brazil. Addressing the meeting, Ethiopia’s Ambassador to Brazil, Ambassador Leulseged Tadese, underscored the importance of strengthening cooperation in the BRICS platform to enhance energy security and energy efficiency to secure a more sustainable and prosperous future for the planet. He pointed out that access to affordable, reliable, sustainable and modern energy is critical to achieve the 2030 Sustainable Development Agenda. In this regard, he outlined the energy initiatives that Ethiopia’s government has been implementing based on national plans and strategies, including its Long-Term Low Emission Development Strategy. He emphasized Ethiopia’s continued national endeavors to ensure and sustain clean and sustainable energy, expansion of energy infrastructures to meet the energy demands of the country and promote regional cooperation and integration. The Ambassador further called for concrete actions such as sharing best practices and experience and technology transfer to strengthen energy cooperation in the BRICS platform.

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Addis Ababa, March 12, 2017 (FMC) – Ethiopia has officially entered a new chapter in its financial history. The Ethiopian Capital Market Authority (ECMA) has announced the launch of investment banking services — a monumental step towards modernizing the nation’s financial infrastructure and boosting economic growth. This landmark development comes with the licensing of two pioneering institutions: CBE Capital Stock Company and Wegagen Capital Investment Bank Stock Company. These firms now have the green light to operate as Ethiopia’s first official investment banks, ushering in an era of diversified financial services, broader investment options, and enhanced capital mobilization. Additionally, the ECMA has granted licenses to key market players including:

• Ethio-Fidelity Securities Stock Company as a Securities Market Operator,
• HST Investment Advisory Services Private Limited and
• Equus Securities Investment Advisor Private Limited as Securities Investment Advisors.

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A fintech, a commercial bank, and an insurance company have joined forces to launch an integrated digital credit and insurance service. Kacha, the first private mobile money service provider, Lucy Insurance, and Global Bank announced the partnership yesterday morning at the Skylight Hotel. The new service, dubbed Agar, which roughly translates to a supporter in Amharic, allows customers to access insurance without the need for any physical paperwork. The finance trio also debuted a digital credit service for taxi-hailing drivers and a digital salary advance microloan function accessible through Kacha’s mobile application. Adeferes Wesene, CEO of Lucy Insurance, said the new services align with the company’s growing portfolio of services, which increasingly include non-life and general insurance products. The insurance product incorporated in Agar is a third-party motor insurance policy. Car ownership is rising in Ethiopia, with over 1.4 million vehicles on the road, and third-party motor insurance is mandatory. In August of last year, authorities began enforcing a new proclamation that increased third-party car insurance premiums by up to five times, with rates reaching as high as 4,360 birr for private vehicles. Agar collects premiums starting from 5,000 birr while offering standard insurance services through an online portal. To activate the insurance, users must upload details such as their plate number, ownership certificate (Libre), chassis number, and photos of the car via the app.

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Betting on technology, community structures, and strategic partnerships, FSD Ethiopia is investing $1.24 million in grants to support five local projects. The funding, aimed at improving financial access and supporting underserved communities, brings together a diverse range of organizations, from startups to state-owned enterprises, while addressing various challenges and opportunities. The program also backed by the Gates Foundation, will run for two years. The recipients include Ethiopost, Lersha, Pula, Elebat Solutions, and Birrama. Each will leverage digital innovation, agent networks, and community-based strategies with the goal of developing a more inclusive financial ecosystem and driving sustainable economic growth. “We are thrilled to support these projects that align with our mission to create an inclusive financial ecosystem in Ethiopia,” said Hikmet Abdella, CEO of FSD Ethiopia. Through its partnership with Elebat Solutions, a company working on expanding digital financial services, FSD plans to expand a robust network of agents, many of them women, to bring digital payment and savings solutions to remote and underserved areas, boosting financial literacy among SMEs, cooperatives, and village savings groups.

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ADDIS ABABA- Etihad (EY) and Ethiopian Airlines (ET) have established a Joint Venture that transforms connectivity between Africa, the Middle East, and Asia. The partnership was finalized at Ethiopian Airlines’ headquarters in Addis Ababa (ADD). This included a codeshare arrangement to expand travel opportunities for passengers across both networks. Ethiopia’s capital, Addis Ababa (ADD), has numerous cultural attractions. It includes the National Museum of Ethiopia, home to the famous fossil “Lucy,” and the vibrant Merkato market. All this will add appeal for tourists and business travellers.

Etihad-Ethiopia New Direct Flights

The partnership will start new direct flights between the capitals of Ethiopia and the UAE. Starting July 15, travelers can fly with Ethiopian Airlines from Addis Ababa (ADD) to Abu Dhabi’s Zayed International Airport (AUH). Etihad will follow with its own daily service to Addis Ababa (ADD) beginning October 1.

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A 5.5-magnitude earthquake struck Ethiopia’s Afar region on Sunday, March 7, according to the U.S. Geological Survey (USGS). The earthquake’s epicenter was located approximately 45 kilometers north of Awash city, a region known for its geological activity. The tremor, which occurred at a relatively shallow depth of 10 kilometers, was strong enough to be felt across several parts of the country, including Addis Ababa.

Series of Seismic Activities in Ethiopia

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Nearly seven years after the African Continental Free Trade Area (AfCFTA) agreement was adopted, intracontinental trade in the continent remains sluggish, at around 14.6%. Progress in the free movement of people protocol, which looks to reduce mobility between African countries, is also dragging, with just four countries having ratified it. Representatives and experts from several African countries gathered in Addis Ababa last week for the Conference of African Ministers of Finance, Planning and Economic Development to advance agreements for the establishment of AfCFTA. Antonio Pedro, Deputy Executive Secretary at the Economic Commission for Africa (ECA), underscored the importance of leveraging the AfCFTA to minimize the fallout from the increasingly undermined multilateral global trading system. He questioned the feasibility of importing fertilizer and petroleum products when locally manufactured alternatives are available. “Are there self-imposed barriers?” Antonio enquired. The Deputy referred to trade relations between the Democratic Republic of Congo (DRC) and Cameroon, highlighting how the two countries were more trade-distant to one another than they were to China or the United States of America. While the AfCFTA would cap continental efforts stretching back nearly six decades, it faces considerable challenges in a rapidly multipolar global setting. A whopping 410 billion dollars would be required by the AfCTA just to meet demands in transport infrastructure, according to a study conducted in 2022. In an ideal scenario, the AfCTA could grow into one of the most powerful free trade areas, encompassing 54 countries and over 1.2 billion people.

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Ethiopian Airlines, one of Africa’s top airlines, situated primarily in Ethiopia, recently signed a deal with the African Development Bank to work on an airport project.

• Ethiopian Airlines signed a deal with the African Development Bank to work on the Bishoftu International Airport Development Project.
• The $7.8 billion project aims to increase Ethiopia's airport capacity to handle 60 million passengers annually by 2040.
• Ethiopian Finance Minister highlighted the support from the AfDB, which included $1.2 billion in investments.

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Amid shifting policies and persistent instability, investors in Ethiopia are grappling with significant challenges in managing their businesses, with many opting to migrate abroad in search of more favorable opportunities. In response, the Addis Ababa Investors Forum recently brought together key stakeholders, offering a platform for them to share their struggles and call for a united approach to overcome these obstacles.

Ethiopia’s shift to a market-based foreign exchange system in July 2024, which saw the Ethiopian birr devalued by 30% against the US dollar, has further complicated the investment climate, particularly for those looking to enter the country’s industrial parks. “It is not profitable to buy the land with USD,” said Ashenafi Mussie, President of the Addis Ababa Investors Forum. “Because most of our customers are domestic.”

He further noted that many investors are reconsidering their plans to join the industrial parks, as other sectors have become more profitable. “For instance, if an investor wants 10,000 square meters of empty land, it will cost around ETB 400 million. With this investment, the investor could instead start an alternate, more profitable business,” he emphasized.

In addition to these challenges, the Addis Ababa Investors Forum, which represents over 65,000 investors, highlighted several key issues that are hindering investment. The president pointed to a limited land supply, restricted access to credit, higher taxes, and ongoing political instability and insecurity. As a result, many investors are now migrating abroad in search of more favorable opportunities.

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In a move to safeguard Ethiopia’s cultural heritage and bolster its creative economy, the Ethiopian Ministry of Culture and Sport (MOCS), the Ethiopian Intellectual Property Authority (EIPA), and MultiChoice Africa Holdings B.V. (MAH) announced the signing of a landmark Memorandum of Understanding (MoU). This agreement aims to collaboratively combat piracy and enhance the protection of intellectual property rights in Ethiopia. The MOCS is dedicated to promoting and preserving Ethiopia’s rich cultural wealth, history, language, art, and sports. EIPA, established in 2003, is responsible for administering and implementing state policies on intellectual property to strengthen IP protection in Ethiopia. As Africa’s leading entertainment company, MultiChoice Africa has been providing high-quality entertainment to Ethiopian subscribers for nearly three decades, fostering a strong connection with its audience and contributing significantly to the local media landscape. The MoU builds upon previous collaborations under the Partners Against Piracy (PAP) program, MAH’s Pan-African initiative to combat piracy. It further solidifies the strategic partnership among the three entities, underscoring their shared commitment to address the escalating threat of piracy, which impacts creators, the economy, and cultural heritage.

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Ethiopia is making significant strides in space technology with plans to launch its third Earth observation satellite (EOS) in 2026. This project is spearheaded by the Ethiopian Space Science and Geospatial Institute (ESSGI), in partnership with China. The new satellite is expected to provide higher resolution images and enhanced monitoring capabilities compared to its predecessors. According to Mr. Tesfaye Fufa, the Executive Director of Satellite Monitoring at ESSGI, preparations for the launch are already underway. However, he did not disclose the financial details of the collaboration between Ethiopia and China.

Ethiopia’s Progress in Space Technology

• First Satellite (ETRSS-1, 2019): Launched in December 2019 with assistance from China, the Ethiopian Remote Sensing Satellite-1 (ETRSS-1) was designed for agricultural monitoring, environmental management, and climate observation.
• Second Satellite (ET-SMART-RSS, 2020): The ET-SMART-RSS was launched in December 2020 and had enhanced capabilities for remote sensing and scientific research.
• Third Satellite (Planned for 2026): The upcoming satellite will feature improved imaging technology, allowing for more precise data collection and disaster prediction.

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Ethiopian Electric Service has announced that from April to June, electricity tariffs will increase for both consumption and service fees.

According to the statement, starting in April, residential customers consuming up to 0.50 kWh will see their tariff increase to 0.60 cents per kWh. Additionally, service fees will also rise, with postpaid customers paying 10 ETB and 95 cents, while prepaid customers will pay 4 ETB and 18 cents.

For residential customers:

• Those consuming between 51 and 100 kWh will now pay 1 ETB and 49 cents per kWh.
• Those using between 101 and 200 kWh will pay 2 ETB and 67 cents.
• Customers consuming between 201 and 300 kWh will be charged 3 ETB and 84 cents per kWh.

Service fees will also vary based on consumption. The maximum charge for postpaid users will be 45 ETB and 80 cents, while prepaid users will pay 15 ETB and 97 cents.

Bahiru Olijira, Executive Director of Energy Supply and Distribution Regulation at the Ministry of Petroleum and Energy, confirmed that these tariff adjustments will take place every three months, beginning in April.

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As banks compete for scarce dollars, concerns grow over the transparency and effectiveness of Ethiopia’s forex auctions.

Ethiopia’s commercial banks are facing a severe liquidity crisis, worsened by recent policy changes and financial sector inefficiencies. The National Bank of Ethiopia’s (NBE) strict credit cap and high demand for cash have left banks struggling to meet withdrawals and sustain lending. The shift to a market-based foreign exchange system has further drained liquidity, making it harder for banks to issue loans and increasing financial distress.

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The Addis International Convention Center (AICC), a state-of-the-art facility in Addis Ababa, Ethiopia, has been completed with an investment surpassing 28 billion ETB. This mega project aims to position Ethiopia as a premier destination for global conferences, trade fairs, and high-profile events.

According to AICC Chief Executive Officer Sisay Gemechu, more than 22 billion ETB of the total investment came from shareholders’ capital. The convention center is expected to drive economic growth by boosting tourism, attracting international business, and creating employment opportunities in Ethiopia’s event management, hospitality, and service industries.

A Hub for International Events and Business

The AICC is designed to meet international standards for event hosting, offering a highly modernized infrastructure that can accommodate a diverse range of gatherings, from diplomatic summits and corporate meetings to cultural exhibitions and trade fairs.

The facility is one of the largest of its kind in East Africa and provides comprehensive services to event organizers and attendees.

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Addis Ababa, February 27, 2017– Ethiopia is set to strengthen its maritime transport capacity with the acquisition of six new cargo ships, the Ethiopian Maritime Transport and Logistics (EMTL) has announced. The move is part of the country’s broader strategy to expand its logistics infrastructure and enhance trade efficiency.

According to EMTL, two of the six ships have already been purchased and are currently being prepared for commissioning. These vessels are Ultramax dry bulk carriers, each with a carrying capacity of 62,000 tons, and are expected to significantly improve the country’s ability to transport bulk goods such as grain, minerals, and industrial raw materials.

Additionally, an ETU container ship with a capacity of 3,000 to 4,000 containers is included in the new fleet. This container ship will enhance Ethiopia’s ability to manage imports and exports, particularly for manufactured goods and agricultural products, which are key drivers of the nation’s economy. The acquisition aligns with the government’s ongoing efforts to modernize Ethiopia’s logistics and transportation sector, a crucial element in improving international trade competitiveness.

A Boost for Ethiopia’s Maritime Transport Sector

Ethiopia, a landlocked country, relies heavily on maritime trade through the Port of Djibouti, which serves as its primary gateway for international shipments. Strengthening the national fleet is expected to reduce dependency on foreign shipping lines, lower transportation costs, and improve the efficiency of import and export logistics. The additional ships will also enhance the country’s ability to transport essential commodities and facilitate faster delivery of goods.

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A landmark partnership between ride-hailing company Little Ethiopia and Lion Insurance introduces insurance coverage for passengers and drivers covering up to one million birr in claims. The digital insurance product, unveiled at the Skylight Hotel on Tuesday, charges passengers an additional 15 birr per trip as a premium. Abraham Mersha, CEO of Lion Insurance, lauded their product a game-changer for the ride hailing industry. He pointed out that Little was an ideal partner for the digital insurance service in consideration of its high corporate clientele. Passengers are assigned a unique ID number that codifies details of the trip and sends it out to the insurer, the ride-hailing company, and the customer. “We will use the ID to settle claims after an accident,” Abraham told Shega. The CEO further noted that a maximum insurance payout of one million birr would be provided in the event of death during the trip. In Kenya, where Little also operates and offers similar coverage, the insurance protects riders against total and permanent disability, hospitalization expenses, and death due to an accident during a trip. It also includes ambulance service reimbursements and provides a lump-sum cash payout (hospital cash) for hospital admission resulting from an accident. While Ethiopia has experienced marked growth in the financial industry over the past few years, most of the gains have been concentrated in banks and microfinance institutions. Less than 1% of Ethiopians are currently insured, with nearly three-quarters of the coverage being for motor and maritime insurance. Ethiopia’s insurance industry lags in terms of diversity and penetration. Little’s new service is supplementary to the existing third-party insurance required of ride-hailing company drivers.

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A healthcare startup looks to digitize the management of medical prescriptions through an e-prescription system that allows patients to directly link with pharmacies. MedRafa entices pharmacies with a free-to-use inventory management system while offering patients an easy-to-use tool to check on available medicines. The startup is a recent graduate of WeVenture Hub, a venture capital-backed incubator formed last year. Ben Tesfaye, Co-founder and CEO of Medrafa, expects the free inventory management system to serve as a stepping stone towards the digitization of retail pharmaceutical sales. He says the ability to easily track expiration dates with alerts, purchase order management, and sales history tracking will significantly enhance the efficiency of pharmacies. “Every dataset is seamlessly interoperable,” Ben told Shega. The platform is built on Fast Health Care Interoperability Resources (FHIR) standards, an international framework for exchanging health care information electronically to ensure interoperability with Electronic Medical Records (EMRs). Precise prescription management, automated links to pharmacies, and easy accessibility for patients are being targeted by the founders. Ben says pharmacies waste significant time and resources due to the manual registration of data. By showcasing the benefits of the inventory management portal, he hopes to bring about a seamless transition into their automated prescription system.

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Addis Ababa, Ethiopia – March 4, 2025 – The Commercial Bank of Ethiopia (CBE) has announced adjustments to its loan interest rates, effective March 7, 2025. The changes are part of broader financial sector reforms aimed at aligning lending practices with market conditions, improving financial inclusion, and ensuring the long-term sustainability of Ethiopia’s banking industry.

Overview of the Adjustments

The revised interest rates apply to a range of loan categories, including commercial, agricultural, residential, and personal loans. The bank states that these adjustments are designed to maintain competitiveness while supporting borrowers across different sectors. The new rates aim to reflect market trends, enhance accessibility, and provide businesses and individuals with more flexible financing options.

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Addis Ababa, Ethiopia – The grand opening of the New International Convention Center today marks a major milestone in Ethiopia’s efforts to establish itself as a premier destination for global business events, conferences, and exhibitions. Situated on 40 hectares of prime land, the center is designed to accommodate a diverse range of events, from corporate gatherings to cultural festivals, significantly enhancing the country’s hospitality and tourism sectors.

With cutting-edge infrastructure, the center aims to foster both local and international collaboration, offering world-class facilities for those attending major events. It is positioned to become the largest conference facility in Ethiopia and one of the most expansive in East Africa, bolstering the country’s standing in the international events and conventions industry.

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Every year on March 8, the world celebrates International Women’s Day, a global recognition of the social, economic, cultural, and political achievements of women. While the day highlights women’s contributions across the world, it also serves as a call to action for gender equality. However, it is important to remember that Ethiopian women have been leading and fighting for their rights long before the global recognition of this day in 1911. One of the most powerful examples of Ethiopian women’s leadership and resistance is their participation in the Battle of Adwa in 1896.

The Battle of Adwa: A Historical Victory

The Battle of Adwa, fought on March 1, 1896, was a defining moment in Ethiopia’s resistance against Italian colonialism. Under the leadership of Emperor Menelik II, the Ethiopian army successfully defeated the Italian forces who had come to colonize the country. The victory at Adwa not only preserved Ethiopia’s sovereignty but also marked the first major defeat of a European colonial power by an African nation, making it a symbol of resistance for all of Africa.

While the battle is often remembered for the military prowess of Ethiopian men, it is essential to recognize the significant contributions of Ethiopian women—both on the battlefield and in the background—that were integral to this victory. In a country where women’s leadership was often overlooked, the participation of Ethiopian women during the Battle of Adwa showcased their bravery, resilience, and strategic acumen long before the world officially began commemorating International Women’s Day.

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In a drastic move to curb mounting fraud, the Commercial Bank of Ethiopia (CBE) has significantly restricted access to customer account balances, a policy shift that threatens to complicate the bank’s service delivery. As of February 24, 2025, tellers across the country no longer have access to account balances, leaving this privilege solely to senior officials, including Branch Managers and Business Managers. The change, outlined in a memo from CBE’s Acting Director of Retail Business Development, Kidus Minyishu, aims to address the growing concerns over widespread fraud affecting the bank, which holds a commanding share of Ethiopia’s financial market. The bank, responsible for more than 60% of the nation’s bank deposits, has been a prime target in a wave of financial crime that has put both CBE and Ethiopia’s broader banking infrastructure under increasing strain.

A Rising Tide of Financial Crimes

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Addis Ababa, Ethiopia – The National Bank of Ethiopia (NBE) has announced that the average exchange rate for the US dollar reached 135.6185 Birr following a special foreign exchange auction. This latest round of bidding saw the participation of 27 commercial banks, reflecting significant market engagement in the central bank’s ongoing efforts to regulate the forex market.

High Demand and Market Participation

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Ethio-Nippon Technical Company (ENITCO), the authorized distributor of JCB products in Ethiopia, has officially launched the JCB 345LC HD hydraulic excavator, a robust machine designed to meet the increasing demands of the country’s burgeoning construction and mining industries. Since establishing a partnership with JCB Global in 2011, ENITCO has positioned itself as a key player in Ethiopia’s construction sector. The introduction of the 345LC HD excavator, known for its reliability and durability, is expected to significantly impact the industry, complementing ENITCO’s existing lineup that includes the popular JCB Backhoe Loader. The JCB 345LC HD is engineered as a heavy-duty excavator tailored for high productivity and reliability. It is particularly well-suited for the challenging conditions often encountered in quarries and mining operations. Equipped with a powerful JCB DIESELMAX engine and an advanced hydraulic recovery system, this excavator is designed to minimize downtime and reduce maintenance costs, translating into enhanced efficiency and cost savings for businesses operating in these sectors. ENITCO representatives have emphasized that the launch of the JCB 345LC HD marks a turning point for Ethiopia’s construction and mining industries. “This machine is built to tackle demanding tasks while being supported by ENITCO’s commitment to delivering exceptional service and support to our customers,” said an ENITCO spokesperson.

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Addis Ababa, Ethiopia – Ethiopia is set to engage in a critical round of negotiations by the end of February or early March as it moves closer to securing membership in the World Trade Organization (WTO). This marks a significant step in the country’s long-standing aspiration to join the global trade body, a process that has spanned over two decades. Ethiopia first applied for WTO membership in 2003, initiating a process that required extensive economic and trade policy reforms to align with the organization’s stringent accession criteria. Over the years, the country has undertaken substantial legislative changes, including revising investment laws, modernizing customs procedures, and reducing state control over key economic sectors to foster a more competitive market environment. The upcoming round of discussions in Geneva will focus on finalizing key agreements, including Ethiopia’s commitments on market access, regulatory compliance, and domestic policy adjustments. The negotiations will cover critical aspects such as tariff structures, the liberalization of service sectors, agricultural subsidies, intellectual property protections, and adherence to global trade standards. A crucial element of these negotiations is Ethiopia’s commitment to ensuring fair competition while protecting local industries from potential external market shocks.

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Addis Ababa, February 21, 2025 – Ethiopia has taken a significant step in specialized pediatric care with the inauguration of the country’s first dedicated Pediatric Neurosurgery Center at Zewditu Memorial Hospital. Equipped with cutting-edge medical technology, the center aims to transform the treatment of children in need of life-saving neurosurgical interventions. The center features state-of-the-art equipment, including a Leica operating microscope, neuroendoscopy, an Intensive Care Unit (ICU), a Neonatal Intensive Care Unit (NICU), an Emergency Unit, and advanced diagnostic tools such as CT scans and Ultrasound. This marks a groundbreaking moment for the country’s healthcare sector, as it enhances the accessibility of specialized neurosurgical care for children. The inauguration ceremony was attended by key government officials, including Addis Ababa Mayor Adanech Abebe, Minister of Health Dr. Mekdes Daba, and Addis Ababa Health Bureau Head Dr. Yohannes Chala, among other dignitaries. In her remarks, Mayor Adanech emphasized the importance of this facility in addressing the critical health challenges faced by children suffering from neurological disorders. She highlighted the administration’s commitment to improving pediatric healthcare services and making Addis Ababa a model city for child-friendly medical infrastructure.

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As Africa’s health sector reels from the potential blowout of a freeze on USAID funding, the African Union Development Agency (AUDA-NEPAD) has launched an 18.2-million-dollar five-year roadmap targeting pharmaceutical autonomy. Looking to boost pharmaceutical self-sufficiency to around 50%, the Plan has identified 24 medical products for local manufacturing. The ambitious initiative was launched on the sidelines of the African Union summit last week with several senior officials attending the ceremony at the Radisson Blu Hotel. While Africa shoulders 25% of the world's global burden of disease, the continent manufactures just around 3% of its medicine supply. Speaking during the launch ceremony, Senait Fisseha (Prof), Vice President of Global Programs at the Susan T. Buffet Foundation underscored the need to manage reliance on imports. She referred to the vulnerabilities of the pharmaceutical supply chain on a continent that faces a serious funding gap in the health sector. “It is exacerbated by the recent cuts in global health funding by USAID which c ould amount to 60 billion dollars,” Senait noted. She also noted the need to reform the approach towards the health sector as funding dries up globally. “I’m disappointed about the global budget cuts, but I’m also hoping they will force us to reimagine a different way of doing things. We cannot make progress by continuing the same approaches of the last 20 or 30 years,” the Professor noted. The roadmap also aims to address the structural, regulatory, and financial challenges impeding pharmaceutical manufacturing on the continent. According to NEPAD’s 2024 annual report, improving the African health system faces a $66 billion annual funding gap.

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Addis Ababa, Ethiopia – February , 2024 – Yango Ride, a ride-hailing service under the global tech company Yango Group, has introduced its new Comfort Class in Ethiopia. With a starting fare of just 100 birr, the new tariff offers passengers a premium travel experience designed to meet the evolving needs of local passengers. By providing newer vehicles, higher-rated drivers, and the option to turn on air conditioning, the Comfort Class ensures a more refined and enjoyable journey for passengers while maintaining affordability. The launch of the Comfort Class is a direct response to feedback from Yango Ride users, who expressed a desire for access to newer, more comfortable vehicles at a reasonable price. Yango has carefully designed the service to address this demand, offering passengers a small premium upgrade from the Economy tariff, which starts at 92 birr. With two tariffs available in Ethiopia — Economy and Comfort — the service continues to provide simple, user-focused options that cater to different customer needs without compromising on quality.

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Ethiopia’s second-biggest private bank Dashen, has partnered with global nonprofit Accion and the Mastercard Center for Inclusive Growth to build an innovation hub that focuses on women-owned micro, small, and medium enterprises (MSME). The Hub locks in on bridging the financing gap for MSMEs by expanding access to digital financial services. An artificial intelligence-powered interface will be integrated into the Hub that provides an alternative credit scoring model to determine the creditworthiness of the MSMEs. The Hub will also pilot embedded finance products, allowing MSMEs to secure credit directly through supply-chain partnerships. The initiative seeks to address Ethiopia’s $4.2 billion MSME financing gap and improve financial inclusion in a country where only 6% of microenterprises and 1.9% of small businesses currently access formal credit. Asfaw Alemu, CEO of Dashen Bank, pointed to the possibilities of leveraging technology to address challenges in attaining financial inclusivity across Ethiopia. “Women-led businesses often lack formal financial records or assets for collateral. By leveraging technology, we aim to create inclusive systems that empower these entrepreneurs to grow sustainably,” he said. Accion’s involvement builds on its work in Ethiopia since 2022, initially supporting refugees in regions like Gambella and Addis Ababa. Its formal partnership with Dashen Bank began in March 2024, with a focus on designing financial products tailored to women-owned businesses.

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Addis Ababa, Ethiopia, February 13 2025:  Visa (NYSE: V), a global leader in payments, today announced the launch of a new report, ‘Value of Acceptance: Understanding the Digital Payment Landscape in Ethiopia.’ The report reveals rapid digital payment adoption among small and medium-sized enterprises (SMEs), with the vast majority recognizing the benefits for consumers. The report presents an encouraging outlook for Ethiopia with over 80% of the surveyed SMEs having started to accept digital payments in the last two years, citing increased convenience, reduced fraud risk, and improved efficiency. Furthermore, 66% agree that investing in digital payment technologies will support future business growth. Digital Payments Momentum This positive momentum is expected to continue with a high level of preference by SMEs – 92% using digital payments reported satisfactory support from the government and major institutions and quicker payment processing. This satisfaction, the report states, is encouraging 64% of the SMEs already using digital payments to consider investment in additional payment technologies, boosting an already thriving digital payment landscape. “The research findings paint a promising picture of Ethiopia’s growing digital payments landscape,” commented Yared Endale, Country Manager, Visa Ethiopia “The increasing preference for digital transactions, coupled with the recognized benefits for businesses and the broader economy, creates a powerful opportunity for growth. Visa is committed to working with our partners across the ecosystem to unlock the full potential of digital payments for all in Ethiopia – for individuals and businesses alike.”

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A comprehensive dataset on five Ethiopian languages poised for use in training artificial intelligence systems like Large Language Models (LLMs) has been developed by iCog. The Company formerly known as ICog Anyone Can Code has debuted Leyu Ai, an open-source voice dataset that includes Amharic, Afaan Oromo, Tigrinya, Af-Somali, and Sidama languages. Leyu, which means ‘to identify’ in Amharic, incorporates refined dialects in its dataset to ensure the accommodation of linguistic nuances. “This approach incorporates local linguistic nuances into AI and Natural Language Processing (NLP) applications, helping businesses and organizations develop more inclusive and effective digital solutions for Ethiopia and beyond.” Says Betelhem Dessie, CEO of iCog. The data collected through crowdsourcing goes through a comprehensive validation process, where experts review it to ensure accuracy, contextual relevance, and cultural propriety. Established linguistic standards are weighed against the collected data to incorporate variations in language use and context sensitivity. Data quality is further assessed to make certain that coherence, consistency, and overall suitability for the intended use. “The multi-layered review process is essential to guarantee the integrity and reliability of the dataset, positioning it as a valuable resource in comparison to other benchmark datasets,” Betelhem told Shega.

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Ethiopia is caught in a financial dispute between international investors and the International Monetary Fund (IMF). At the center of this issue is Ethiopia’s $1 billion bond—a loan it took from private investors but stopped repaying in 2023 due to economic struggles and a civil war. Now, Ethiopia is trying to renegotiate its debt, but the process is turning into a battle over how much relief the country really needs.

Why is Ethiopia in Debt Trouble?

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Ethiopia’s economic landscape is undergoing significant changes, with inflation rates reaching a five-year low, exports witnessing record growth, and foreign exchange availability improving. The latest data from the National Bank of Ethiopia (NBE) and the Ethiopian Statistical Service indicate a shift in key economic indicators, reflecting ongoing policy adjustments and market responses.

Inflation Declines to 15.5%, Lowest in Five Years

• Food inflation, which has historically been a major contributor to overall inflation, fell significantly from 32.3% in January 2024 to 15.7% in January 2025—a decline of 16.6 percentage points.
• Non-food inflation also saw a 10.2 percentage point reduction, dropping from 25.3% to 15.1% over the same period.

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Hawassa is set to welcome a new era of luxury and hospitality as MIDROC Investment Group officially begins construction on its latest landmark project—a 2.6 billion birr resort that promises to redefine tourism in the city.

A Grand Vision Takes Shape

“This luxury resort is designed to host major national and international events efficiently, boosting Hawassa’s appeal as a premier destination for business and leisure travelers alike.”

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African leaders meeting at the African Union (AU) summit in Ethiopia are renewing calls for slavery and colonial reparations, despite resistance from former colonial powers. While the reparations movement is gaining momentum, leaders in the U.S. and Europe have largely dismissed the idea. At the summit in Addis Ababa, AU leaders aim to define a unified approach, including financial compensation, formal acknowledgments, and policy reforms.

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A four-month-old platform developed by coffee industry insiders looks to automate Ethiopia’s agricultural export supply chain through a unified market interface. Ethiopia-exports.com is piloting a portal where industry players can access a long list of commodities, trace their source, and verify their quality before conducting a transaction. Biruk Asegid, Founder of Ethiopia-exports, says Ethiopia’s agricultural export supply chain is rife with middlemen who add little value and only serve to distort genuine free market operations. He believes that equipping industry players with real-time information on prices and supply of commodities will foster competition and enhance exports. “The platform was birthed from our own frustrations,” Biruk told Shega. Just a few months back the founder recalls getting into a fierce price-cutting battle on a shipment of coffee as middlemen fueled speculation about the size of the delivery. He recalls being amazed at how another exporter was ready to sell at a loss all because of misinformation in the market. While in its early stages, the Platform is averaging 2,000 weekly visits and has conducted 10 successful transactions, according to Biruk. “We expect visitors to increase to 20,000 when we start sharing live price updates,” he says.

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Ethio Telecom reported revenues of 61.9 billion birr in the first half of the year which is a surge of 43.3% year on year as its customer base rose to 80.5 million. Frehiwot Tamiru, CEO of Ethiotel outlined the Company’s half-year performance at the Skylight Hotel late Wednesday as it winds down a three-year growth strategy set to conclude in June 2025. While refraining from disclosing exact expenditure, the CEO revealed that nearly 235 million dollars in investments had been mobilized and invested so far. Frehiwot also disclosed that around 23.7 billion birr had been paid in taxes which was 4 billion short of what the Operator paid the whole of last year. An EBITDA of around 34 billion birr was also reported by the CEO as she suggested a high level of efficiency. Ethiotel had plans to mobilize around 1.29 billion dollars during the start of the year to cover expansion and rehabilitation efforts. “We have a significant appetite for foreign currency,” Frehiwot noted. “Continuous replacement of aged infrastructure is critical.” Back in October, a 10% stake in the telecom operator was made offered to the public by Ethiopian Investment Holding (EIH), the country’s sovereign wealth fund. The share run initially slated to end by January was pushed back to mid-February due to undisclosed reasons. The CEO noted that the relevant stakeholder would provide a comprehensive account of the share sale in due time. Another notable development over the past six months has been fee revisions on around half of its 304 product and service offerings. Frehiwot pointed to ongoing macroeconomic reforms which included a shift towards a market-based exchange regime as the main cause. Prudent budget management, project prioritization and negotiations with suppliers and vendors has also been necessitated due to the reforms which led to the depreciation of the local currency by over 100%.

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M-Pesa has announced a partnership with Dashen Bank and CashGo to provide remittance services. This collaboration aims to provide Ethiopians living abroad with a digital solution for sending money to M-PESA mobile wallets. Dashen and M-Pesa are offering a 10% additional markup on average exchange buying rates for a limited time to entice new customers. Users can utilize their M-Pesa balance for various transactions, including sending money, making merchant and bill payments, purchasing airtime and data, or withdrawing cash from authorized agents. Speaking on the partnership, Elsa Muzollini, CEO of M-Pesa Safaricom, highlighted the importance of the collaboration, stating, "We are partnering with Dashen Bank and CashGo to enhance remittance services for our customers. This aligns with our mission to drive financial inclusion and provide innovative digital financial solutions.” Under this agreement, Dashen Bank will serve as the exclusive settlement and acquiring bank, handling remittance transactions received via CashGo. CashGo will provide the digital remittance platform that facilitates fund transfers, while M-Pesa Safaricom ensures that customers can access their funds instantly through their M-Pesa mobile money accounts.

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February 4, 2025 — The Ethiopian Capital Market Authority (ECMA) has issued a public notice requiring all publicly held companies in Ethiopia to submit detailed information about their existing shares. This move follows the enactment of the Public Offer and Trading of Securities Directive No. 1030/2024, which took effect on November 13, 2024. The new directive is aimed at enhancing investor protection, improving market transparency, and ensuring the orderly operation of Ethiopia’s emerging capital market. The directive applies to all companies with more than fifty shareholders, regardless of sector or industry, and mandates them to provide relevant data by March 10, 2025. Key Submission Requirements Publicly held companies must submit the following information to the ECMA:

• Total number of shares, including subscribed and paid-up shares.
• A complete list of shareholders, including their contact details and share ownership.
• The value of the securities as of the issuance date.
• The timeline of past share offerings.
• Copies of offer documents used for share solicitations.
• Advertisements and media used for previous share sales.
• Details of ongoing public offerings, including shareholder resolutions authorizing such issuances.

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Ethiopia’s central bank and its nascent capital market authority are preparing tools to allow foreign investment into the country’s exchange, says Brook Taye (PhD), CEO of Ethiopian Investment Holding (EIH). The former Director General of the capital market authority disclosed the development during a networking event organized by the European Chamber in Ethiopia. Brook, who now heads one of Africa's largest sovereign wealth funds, indicated that foreign investors will be permitted to participate in the exchange market, with a quota of up to 30%. “We aim to be a reliable de-risking partner for investors entering the Ethiopian market. This involves taking full responsibility for managing the regulatory aspects of business operations, including land-related matters. Our goal is to allow investors to focus entirely on the business side of their ventures,” the CEO said of EIH’s strategy. EIH has 40 state-owned enterprises under its portfolio, including Africa’s biggest national carrier, Ethiopian Airlines, and one of the continent’s largest telecom operators in the form of Ethio Telecom. According to the CEO, in the first half of the Ethiopian fiscal year, EIH’s portfolio of companies generated around 901 billion birr.

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Bank Abyssinia inaugurated its state-of-the-art banking service center at its headquarters yesterday, January 22, 2017, in collaboration with Chaka Buna. The event was celebrated with great enthusiasm in the presence of the bank’s CEO, Ato Bekalu Zeleke, Chaka Buna owner, Ato Bisrat Belay, and other invited guests. Bank Abyssinia has always been at the forefront of modern banking services, recognized as a preferred choice for customers. With over 930 branches, more than 1,600 ATMs, and 3,000 POS machines, the bank also offers cutting-edge mobile and internet banking services. Additionally, the bank has introduced Virtual Banking Centers, e-commerce services, contactless cards, and various digital payment solutions to enhance user experience. Taking inspiration from global trends, the bank is now integrating additional value-added services at its branches, transforming them into multi-functional service centers in collaboration with strategic partners.

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In a bold move to reshape education for underserved communities in Ethiopia, the Mastercard Foundation, in collaboration with Reach for Change, has announced the selection of 13 groundbreaking EdTech enterprises for its prestigious EdTech Fellowship. These startups have been chosen for their innovative approaches to addressing some of the country’s most pressing educational challenges, including access for girls, out-of-school learners, young people with disabilities, and internally displaced populations. The Mastercard Foundation EdTech Fellowship aims to catalyze solutions that leverage technology to bridge educational gaps and provide high-quality, scalable learning opportunities. The selected startups represent the cutting edge of Ethiopia’s rapidly growing EdTech ecosystem, each offering unique solutions tailored to local needs.

The 13 EdTech Trailblazers Leading the Charge

• Kelem Tutors – Empowering students with personalized, on-demand tutoring to improve academic outcomes.
• Liq Tutors – Providing AI-driven educational support to enhance learning experiences for students across Ethiopia.
• A+ Online Tutors – Bridging the digital divide by making quality online education accessible to all learners.
• Ethiopian College Prep (ECP) – Offering targeted college entrance exam preparation to boost student success rates.
• Ethio IQ – A next-gen learning platform using adaptive learning techniques for personalized education.

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