Wegagen Bank has secured a $85 million international trade finance guarantee facility through agreements with the Eastern and Southern African Trade and Development Bank (TDB) and the African Export‑Import Bank (Afreximbank). Strategic Expansion of Trade Finance Capacity The newly obtained facility empowers Wegagen to enhance its capabilities in underwriting and confirming Letters of Credit (L/Cs),
Despite navigating a year of regional conflicts, operational bottlenecks, and global aviation headwinds, Ethiopian Airlines has managed to extend its lead in Africa’s skies, adding new jets, new routes, and nearly two million more passengers. The airline reported $7.6 billion in revenue for the 2024/25 fiscal year, an 8% increase from the previous period, marking
Ethiopia is quietly charging up its role as East Africa’s power bank. In the just-ended 2024/25 fiscal year, Ethiopian Electric Power (EEP) raked in a solid $118.1 million by exporting electricity to its neighbors — Kenya, Djibouti, Sudan, and for the first time, Tanzania. The numbers reveal a bigger story: Ethiopia isn’t just keeping the
Ethiopian businesses were living in a silent world, hiding their secrets behind closed doors. That was, and still is to some extent, the culture of doing business in Ethiopia. Many companies are family-owned, strong centralized administration is persistent, and one’s close-knit networks dictate the trajectory of the company, but now everything is about to change.
In a major step for Ethiopia’s digital payments industry, Premier Switch Solutions S.C. (PSS) has become the first company in the country to be officially approved by Visa for card personalization services. This means PSS can now securely prepare and personalize Visa-branded payment cards for banks and financial institutions, placing Ethiopia on the global map
In a historic move to transform the country’s agricultural financing landscape, Ethiopia has officially launched the National Agri-Finance Implementation Roadmap (NAFIR) 2025–2030. The roadmap, a joint initiative by the National Bank of Ethiopia (NBE) and the Ministry of Agriculture (MoA), is set to unlock access to credit for smallholder farmers and strengthen financial inclusion in
In a landmark move that sets a new precedent in Ethiopia’s financial sector, the Bank of Abyssinia has launched a fully paperless banking system across all its branches. The official unveiling took place at the bank’s state-of-the-art Ras Leyu Branch, with prominent figures in attendance, including the Governor of the National Bank of Ethiopia, Ato
Awash Bank and M-PESA have signed a strategic partnership aimed at expanding access to digital credit and savings services in Ethiopia. The agreement kicks off with the launch of “Errif be M-PESA / እርፍ በኤም-ፔሳ,” an overdraft feature that allows customers to complete mobile transactions even when their M-PESA wallet is out of funds. At
Three major Ethiopian institutions—Dashen Bank, Ethio telecom, and ETTA Solutions—have jointly launched Zoorya, a new digital platform that integrates core business tools into a single system. The platform brings together Enterprise Resource Planning (ERP), Point of Sale (POS), and Cash Register functionalities, aimed at modernizing business processes across multiple sectors. What Is Zoorya? Zoorya is
A new amendment to Ethiopia’s Income Tax Proclamation proposes a 15 percent tax on earnings generated from digital content creation on platforms such as YouTube, TikTok, Facebook, Instagram, and others. The draft legislation, currently under discussion in the House of People’s Representatives, aims to bring digital economy participants into the tax net by classifying regular
Hijra Bank has reported a 740% surge in annual profit, earning over 840 million birr during the 2024/25 fiscal year. The bank’s total income exceeded 1.8 billion birr — up 148.85% from the previous year — marking one of the strongest performances in Ethiopia’s growing interest-free banking sector. According to the bank’s annual performance disclosure,
The African Development Bank (AfDB) has approved a $50 million trade finance guarantee for Awash Bank, Ethiopia’s largest private bank by paid-up capital. The facility aims to ease the strain of foreign currency shortages by covering up to 100% of the non-payment risk on letters of credit issued by the Bank. This backstop reduces the
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