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BusinessEthiopian Federal Police said it has completed an investigation into the founders of Fintech Investment plc accused of defrauding more than 1,200 citizens of 1.7 billion birr, in one of the country’s largest alleged financial scams. Police said suspects Daniel Yohannes and Girmay Gebremichael, founders and owners of the Fintech Investment Private Company, have been
BusinessEthiopian Airlines will open four new domestic airports within the next two months, accelerating efforts to deepen connectivity across underserved regions while positioning air transport as a driver of economic growth. Chief Executive Mesfin Tasew said the airports, located in Negele Borena, Gore Mettu, Mizan Aman, and Debre Markos, are nearing completion and will increase
BusinessNigerian industrialist Aliko Dangote has secured a $4.2 billion long-term gas supply agreement with GCL Group to power a major fertiliser production facility in Ethiopia, marking one of the largest industrial energy deals in East Africa. The agreement, structured over 25 years, will ensure a steady supply of natural gas for a planned large-scale fertiliser
BusinessEthiopian Airlines says it is losing up to $13.5 million in revenue per week after suspending flights to multiple destinations in the Middle East following the recent conflict involving the United States, Israel, and Iran. The disruption has forced Africa’s largest airline to cancel flights to ten destinations across the region, significantly affecting both passenger
BusinessEthio telecom has signed a major network expansion and modernization agreement with Ericsson during the global telecom industry gathering, Mobile World Congress Barcelona, marking a significant step in strengthening Ethiopia’s digital infrastructure. The agreement forms part of Ethio telecom’s three-year “Next Horizon Strategy”, which aims to expand network capacity, improve service quality, and accelerate the
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BusinessEthiopian Investment Holdings (EIH) has unveiled a new Business Process Outsourcing (BPO) project valued at USD 25.56 million, marking a significant step in Ethiopia’s push to position itself as a competitive hub for global services. The announcement was made during Elevate Africa 2026 in Addis Ababa, where EIH’s CEO, Brook Taye, participated in a fireside
BusinessEthiopia has generated USD 288.48 million from horticulture exports during the first seven months of the current Ethiopian fiscal year, according to the Ministry of Agriculture. The revenue was earned from the export of 160,317.79 tons of horticultural products, including flowers, fruits, and vegetables. The performance accounts for 70.9 percent of the planned export target
BusinessIn a move that signals a new chapter for Ethiopia’s digital economy, M-PESA Ethiopia and Gebeya Inc. have unveiled the Dala AI Bundle, a subscription-based service that enables users to access and pay for advanced AI creation tools directly through their M-PESA wallets. The initiative eliminates one of the biggest barriers to digital tool adoption
BusinessEthio telecom has inaugurated teleStream, a new internet-based content streaming platform, alongside a fully digital “Zero-Touch” system aimed at modernizing fixed broadband service delivery across Ethiopia. The launch forms part of the company’s broader “Next Horizon: Digital & Beyond 2028” strategy, which focuses on digital inclusion, job creation, and expanding Ethiopia’s footprint in the continental
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BusinessEthiopia has fully replaced imported coal previously used by cement, steel, ceramic and other factories with domestically produced supply, according to the Ministry of Mines. The announcement was made during the inauguration of the Arjo Coal Processing Factory by Prime Minister Abiy Ahmed on Thursday. Speaking at the event, Minister of Mines Habtamu Tegegn said
Banking & FinanceDashen Bank has entered into a new partnership with the International Finance Corporation (IFC) to expand access to finance for small and medium-sized enterprises (SMEs) in Ethiopia, with a strong focus on agribusinesses and women-led enterprises. Under the agreement, IFC will provide a $10 million unfunded risk-sharing facility, enabling Dashen Bank to extend up to
Banking & FinanceTsedey Bank has officially appointed Yohannes Ayalew (PhD) as its new president, marking a major leadership change for the fast-growing commercial bank. Yohannes previously served as Chief Executive Officer of Amhara Bank S.C., where he led a major restructuring program. Under his leadership, the bank moved from losses to a pre-tax profit of 655 million
