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BusinessEthiotelecom is set to amplify its focus on digital financial inclusion through its mobile money service, Telebirr, in the 2024/25 fiscal year. With a goal of connecting 55 million customers, a 15.7% rise from the previous year, Telebirr will expand its services nationwide, providing secure and accessible financial solutions to millions. Key objectives for this
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BusinessEthiopia has broadened the scope of import payments permitted under the franco valuta system, allowing more goods to be imported using foreign currency as the nation grapples with the effects of a sharp depreciation of the birr over the past two weeks. In a recent letter, the Ministry of Finance instructed customs authorities to permit
BusinessAliExpress, a major online retail service owned by Alibaba Group, is set to enter the Ethiopian market, according to Abiyot Bayu (PhD), a Senior Advisor to the Minister of Innovation and Technology. In an interview with Shega, Dr. Abiyot confirmed that an agreement has been reached, and an official announcement will be made soon. This
BusinessEthio Telecom has reported its fastest growth in years, driven by a strong digital progress and a significant increase in financial technology services. The state-owned telecommunications company saw its net profit rise by 21% to 21.8 billion birr for the fiscal year, while revenue surged 21.7% to a record 93.7 billion birr. Ethio Telecom’s net
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BusinessEthiopia’s cabinet has approved a 25% increase in the national budget for 2024/2025, raising it to approximately one trillion birr ($17.51 billion), according to the Prime Minister’s office. The new budget, which covers the fiscal year from July 8 to July 7, awaits parliamentary approval. If approved, it will be the largest budget in Ethiopia’s
BusinessIn a groundbreaking event at the Capital B Hotel, Kacha Digital Financial Services and Dire Microfinance Institution launched an innovative suite of digital savings and lending products, marking a first in Ethiopia’s microfinance sector. This historic unveiling promises to enhance financial inclusion and accessibility nationwide. The inauguration ceremony, attended by city officials, CEOs of microfinance
BusinessChief Commissioner of the Ethiopian Investment Commission, Hanna Arayaselassie, announced on Tuesday that the commission aims to attract $3.5 billion in FDI for the current fiscal year, ending on July 7, 2024. The figure is slightly below the target for the first 10 months of the Fiscal Year 2023/2024 but exceeds the inflow during the
BusinessTotalEnergies, a global leader in petroleum product distribution, has announced a new initiative to support startup entrepreneurs in Ethiopia. The company will award over 431,000 ETB to 100 African entrepreneurs through its Startup Entrepreneurship Competition. The competition, which covers 32 African countries, aims to recognize and reward innovative startups that drive socio-economic development across the
BusinessThe Mastercard Foundation, in collaboration with Kifiya Financial Technology (Kifiya), has unveiled an ambitious initiative aimed at revolutionizing financial access for micro, small, and medium enterprises (MSMEs) in Ethiopia. The Sustainable Access to Finance to Enable Entrepreneurship (SAFEE) program is set to mobilize $100 million, with the goal of unlocking $300 million from six participating
BusinessThe International Finance Corporation (IFC) plans to lend Safaricom Ethiopia an additional $350 million to support its expansion of telecommunications and mobile money services in the country. This follows IFC’s recent disclosure of its intent to augment the $157.4 million debt and $100 million equity investment (for a 7.25 percent stake) it provided to the
BusinessEthiopian Electric Power (#EEP) has reported revenue of $10.1 million over the past 9 months from providing energy to data mining companies operating in the country. This income is part of EEP’s initiatives to diversify its revenue streams for the current fiscal year, contributing to a total revenue surpassing 756 million ETB. According to Menilik
BusinessThe Board of Directors of the African Development Fund, the concessional financing arm of the African Development Bank Group (www.AfDB.org), approved a grant of $42.86 million to Ethiopia on May 22, 2024, to support the Agri-MSMEs Development for Jobs Program. This initiative aims to enhance the growth and productivity of youth and women-led micro, small,
