Business

EthSwitch Plans to Launch Credit Scoring and Digital Lending System

EthSwitch S.C., Ethiopia’s national switch operator, has announced plans to launch a credit scoring and digital lending system. The announcement was made during the launch event of Arifpay 3.0. Tsedale G/Egziabher, Director of Business Analysis and Digital Transformation at EthSwitch, shared the update during a panel discussion at the event. Tsedale stated that the initiative

December 12, 2024 • By Addis Insight

Business

Ethiopian Transit Clearinghouse Launches at Berbera Port, Enhancing Somaliland-Ethiopia Trade Relations

Today, the Ministry of Finance and Development of Somaliland announced the inauguration of the Ethiopian Transit Clearinghouse at Berbera Port, marking a significant milestone in the economic partnership between Somaliland and Ethiopia. Abdiresheed Ibrahim, Director General of the Somaliland Ministry of Trade and Tourism, emphasized the importance of this development. “This is a big milestone

December 11, 2024 • By Addis Insight

Business

Amhara Bank Reports Total Assets Surpassing 35 Billion Birr at General Meeting

Amhara Bank held its 3rd regular general meeting of shareholders today, announcing that its total assets have reached 35.2 billion birr. The bank revealed a 33% increase in loan advancements, amounting to nearly 20 billion birr, and reported a 26% growth in total deposits, with regular and interest-free banking services reaching a combined total of

December 10, 2024 • By Addis Insight

Business

Ethiopia’s Banking Reform Bill: Set to Be Ratified in Weeks, Opening Doors to Foreign Banks

Ethiopia is preparing to open its banking sector to foreign competition for the first time in its history, marking a significant shift in the country’s economic landscape. A new law, currently under review by the Ethiopian Parliament, is expected to be approved next month, ushering in this landmark change. This decision is part of the

December 7, 2024 • By Addis Insight

Business

Ethiopia’s Capital Market Hits a Milestone with the Launch of the First Securities Exchange

Addis Ababa, Ethiopia – December 7, 2024 – The Ethiopian Capital Market Authority (ECMA) has officially licensed the Ethiopian Securities Exchange S.C. (ESX), marking a historic milestone in Ethiopia’s economic transformation. This move is a key component of the country’s ongoing efforts to modernize its financial systems and support sustainable economic growth. The ESX, which

December 7, 2024 • By Addis Insight

Business

Petroleum Prices Unchanged for December, Ministry Confirms

The Ministry of Trade and Regional Cooperation has announced that retail prices for petroleum products will remain unchanged for December, maintaining the same rates as November. The ministry emphasized the importance of compliance, urging gas stations and petroleum companies to avoid unnecessary stockpiling or price hikes. It called on all stakeholders to adhere to the

December 6, 2024 • By Addis Insight

Business

Ethiopian Parliament Approves Real Estate Development and Property Valuation

November 26, 2017 (Ahadu Radio) – During its 9th regular meeting of the 6th House of People’s Representatives in its 4th year of office, the Ethiopian Parliament approved three significant proclamations. These include the Real Estate Development and Immovable Property Marketing and Valuation Proclamation. Real Estate Development and Property Valuation Proclamation The Ethiopian Buildings Proclamation,

December 5, 2024 • By Addis Insight

Business

Ethiopian Investment Holdings Expands Its Portfolio with Eight Key Additions

Addis Ababa, Ethiopia – December 4, 2024 – Ethiopian Investment Holdings (EIH), the strategic investment arm of the Ethiopian government, has announced a major portfolio expansion with the addition of eight state-owned enterprises (SOEs). This move underscores EIH’s commitment to enhancing economic productivity and positioning itself as a pivotal driver of growth across key sectors

December 4, 2024 • By Addis Insight

Business

BIT Mining to Acquire 51-Megawatt Ethiopian Crypto Mining Centers for $14.28 Million

BIT Mining Limited (NYSE: BTCM), a leading technology-driven cryptocurrency mining company, has announced a landmark acquisition aimed at expanding its operations into Ethiopia, one of the world’s emerging Bitcoin mining hubs. The company will acquire 51-megawatt crypto mining data centers and 17,869 high-performance Bitcoin mining machines in Ethiopia for a total of US$14.28 million, marking

December 4, 2024 • By Addis Insight

Business

Ethiopia, Djibouti, and Sudan Forge Groundbreaking Telecom Partnership to Boost Africa’s Digital Future

In a significant step toward advancing Africa’s digital transformation, telecom giants Ethio Telecom, Djibouti Telecom, and Sudatel have announced a strategic partnership aimed at revolutionizing the region’s digital infrastructure. The partnership, dubbed the “Horizon Fiber Initiative,” was officially unveiled on November 24, 2017, and promises to bridge Africa’s connectivity gaps while establishing a cutting-edge fiber

December 4, 2024 • By Addis Insight