Business

Bank Abyssinia Inaugurates Modern Banking Service Center in Collaboration with Chaka Buna

Bank Abyssinia inaugurated its state-of-the-art banking service center at its headquarters yesterday, January 22, 2017, in collaboration with Chaka Buna. The event was celebrated with great enthusiasm in the presence of the bank’s CEO, Ato Bekalu Zeleke, Chaka Buna owner, Ato Bisrat Belay, and other invited guests. Bank Abyssinia has always been at the forefront

January 31, 2025 • By Addis Insight

Business

Mastercard Foundation and Reach for Change Select 13 Game-Changing EdTech Startups to Transform Learning in Ethiopia

In a bold move to reshape education for underserved communities in Ethiopia, the Mastercard Foundation, in collaboration with Reach for Change, has announced the selection of 13 groundbreaking EdTech enterprises for its prestigious EdTech Fellowship. These startups have been chosen for their innovative approaches to addressing some of the country’s most pressing educational challenges, including

January 31, 2025 • By Addis Insight

Business

Ethiopian Electricity Service Introduces Mobile Recharge System for Prepaid Users

The Ethiopian Electricity Service (EES) has announced the implementation of STS smart single-phase meters under the Unified Prepayment Project, aimed at simplifying electricity payments and energy sales for prepaid meter users. According to EES, this project will address common complaints related to utility payments and enhance customer convenience by enabling users to purchase electricity anytime,

January 30, 2025 • By Addis Insight

Business

Ethiopian Banks Charge Hidden Fees, Driving Dollar Rate Up to 160 Birr

According to Wazema Radio, certain commercial banks in Ethiopia are charging additional fees beyond the legally mandated costs for foreign currency sales. Several import traders reported to Wazema Radio that when they request foreign currency from commercial banks, they are often told, “We don’t have it.” Instead, banks direct them to customers who already have

January 30, 2025 • By Addis Insight

Business

IMF Managing Director Kristalina Georgieva to Visit Ethiopia for High-Level Engagements

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, will undertake a two-day official visit to Ethiopia on February 8 and 9, 2025. This visit marks her first trip to the country since assuming the role of Managing Director in 2019 and highlights the IMF’s ongoing commitment to supporting Ethiopia’s economic development and

January 30, 2025 • By Addis Insight

Business

Commercial Bank of Ethiopia to Launch Salary-Based Loans via CBE Birr Plus App

The Commercial Bank of Ethiopia (CBE) has announced that it will soon begin offering salary-based loans to employees of government-owned development institutions through the CBE Birr Plus app. As part of Customer Service Month, CBE held a discussion with executives from various government-owned development institutions at its headquarters on January 28, 2025, in the afternoon.

January 29, 2025 • By Addis Insight

Business

Ethiopian Investment Holdings Plans Global Stock Market Return, Eyes Multinational Investments

Ethiopian Investment Holdings (EIH), the East African nation’s sovereign wealth fund, is poised to make a historic return to the global stock market with plans to invest in multinational corporations. This move marks Ethiopia’s reentry into international equity markets after more than a century, following Emperor Menelik II’s pioneering investments in New York stocks in

January 29, 2025 • By Addis Insight

Business

Ahaz Platforms: Bridging the Digital Divide in Ethiopia

Founded in September 2021, Ahaz Platforms PLC is a mission-driven company determined to close the digital literacy gap in Ethiopia. With a focus on making education accessible, consistent, and transformative, Ahaz has become a beacon of innovation through its flagship project, Ahazawi—a digital learning platform designed to revolutionize how education is delivered and experienced. Tackling

January 28, 2025 • By Addis Insight

Business

Why Ethiopia’s Forex Bureaus Are Offering Rates Banks Can’t Match

Since the launch of Ethiopia’s foreign exchange bureaus in October 2024, the country has seen a transformative shift in its currency exchange landscape. The shift to a market-based foreign exchange system, coupled with opening of new forex bureaus, is significantly improving access to foreign currency. This transition is helping streamline transactions, reduce reliance on the

January 27, 2025 • By Addis Insight

Business

A Letter to the Ministry of Finance: Harnessing Bitcoin Mining for Ethiopia’s Economic Future

Dear Ministers and Directors, We write to you on behalf of Project Mano, an Ethiopian-led Bitcoin-focused nonprofit initiative. We respectfully submit this detailed proposal to underscore why Ethiopia must urgently embrace state-powered Bitcoin mining and establish its own national Bitcoin reserve. We also respectfully submit this thorough proposal to address Ethiopia’s persistent trade deficit, surging

January 27, 2025 • By Addis Insight