Business

CBE Soars to 1.1 Trillion Birr in Deposits, Surpasses Target by 18.3%

Commercial Bank of Ethiopia (CBE) has announced that it has made a remarkable achievement in the 2015 Ethiopian fiscal year, with its deposits soaring to an astounding 1.1 trillion birr. This groundbreaking milestone accounted for half of all deposits mobilized within the banking industry. Over the course of the fiscal year, a staggering 163.2 billion

July 26, 2023 • By Addis Insight

Business

Telebirr Transactions Soar 22.6 Folds to 679.2 Billion Birr

Ethio Telecom’s mobile money platform, Telebirr, has seen its transactions soar 22.6 folds to 679.2 billion birr ($2.8 billion) in the latest year. This growth was driven by a number of factors, including the expansion of the platform’s acceptance at merchants and the increasing use of Telebirr for bill payments and money transfers. Telebirr now

July 24, 2023 • By Addis Insight

Business

M-Pesa to Launch in Ethiopia in September, Boosting Financial Inclusion

Safaricom, the Kenyan mobile network operator, is set to launch its M-Pesa mobile money service in Ethiopia in September 2023. The launch of M-Pesa in Ethiopia is a major milestone for Safaricom, as it will give the company a significant foothold in the country’s rapidly growing mobile money market. M-Pesa is a mobile-based money transfer

July 24, 2023 • By Addis Insight

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New Director General Appointed to Ethiopian Immigration Service Amid Passport Shortage

Prime Minister Abiy Ahmed Removes Three Senior Leaders Prime Minister Abiy Ahmed has removed three senior leaders of the Immigration and Citizenship Service, including the deputy director, Fraol Tafa, and Tamru Gembato. The resignations come amid complaints from citizens who have been struggling to get new passports or renew their existing ones. Selamawit Dawit has

July 24, 2023 • By Addis Insight

Business

Ethiopia Seeks Port Access Through Negotiations and Force

Addis Ababa, Ethiopia – Prime Minister Abiy Ahmed has announced that the Ethiopian government is exploring all options to secure a port for the country, including negotiation, “give and take,” and force. In a meeting with investors and businessmen on Thursday, Abiy said that Ethiopia’s current port costs are unsustainable, and that the country must

July 21, 2023 • By Addis Insight

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Gambella Regional Government Impose Curfew After Violence

The Gambella Regional Government has announced the imposition of an indefinite curfew in the region, effective July 20, 2023. The curfew prohibits movement from 7:00 PM to 06:00 AM, with the exception of security forces on duty. The curfew was imposed following reports of violence and loss of life in the region. The regional government

July 20, 2023 • By Addis Insight

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Ethiopian Higher Education Entrance Exam Results 2023: Which Universities Have the Highest Pass Rates?

How many students passed the entrance exam of public higher education institutions? The Ethiopian Higher Education Entrance Exam (EHEE) results for 2023 have been released, and the pass rates for the various universities have been announced. The highest pass rate was at Gondar University, where 89.35% of students passed the exam. Adama Science and Technology

July 20, 2023 • By Addis Insight

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Ethiopia Passes New Law to Protect Classified Government Information

Ethiopia’s Council of Ministers Approves 4 Draft Bills The Council of Ministers of Ethiopia has approved four draft bills, including a bill to regulate the management and use of classified government information, a security and information technology products certification and control bill, a draft bill on the Ethiopian Capital Market Authority Staff Management Draft Regulation,

July 19, 2023 • By Addis Insight

Business

Enkopa Summit to Disrupt the Perception of Entrepreneurship in Ethiopia

On October 12 and 13, 2023, tech experts, policymakers, entrepreneurs, corporate leaders, investors, and legal experts from more than 25 countries will converge at the Science Museum in Addis Ababa, the capital of Africa.   Their common objective: collaborate on ventures transforming Ethiopia, and Africa at large during the Enkopa  Summit. The Summit has an objective

July 19, 2023 • By Addis Insight

Business

Ethio Telecom Earns 75.8 Billion Birr in 2022/2023

Ethio Telecom, the state-owned telecom provider in Ethiopia, announced on Tuesday that it earned 75.8 billion birr in the fiscal year 2023. The company’s net profit for the year was 18.78 billion birr. The CEO of Ethio Telecom, Frehiwot Tamru, said that the company’s performance in 2023 was “effective” and that 116 new services were

July 18, 2023 • By Addis Insight