Business

Amhara Bank Sets Sights on Investment Banking, Poised to Transform Ethiopia’s Financial Landscape

Amhara Bank is taking a bold step forward by venturing into investment banking services, signaling its ambition to play a pivotal role in Ethiopia’s emerging capital markets. This strategic move positions the bank as a key player in the nation’s financial evolution, aiming to provide tailored solutions for both businesses and individual investors. The announcement

December 25, 2024 • By Addis Insight

Business

Ethiopia Excluded from AGOA for Third Consecutive Year

The United States has announced that Ethiopia will remain ineligible for the African Growth and Opportunity Act (AGOA) benefits in 2025, marking the third consecutive year the country has been excluded from the program. The decision was confirmed in a statement released on December 21, 2024, by USTR Spokesperson Sam Michel, following the annual AGOA

December 25, 2024 • By Addis Insight

Business

World Bank Approves $700 Million Boost for Ethiopia’s Financial Sector

WASHINGTON, December 19, 2024 – Ethiopia’s financial system is set to receive a transformative boost following the World Bank’s approval of a $700 million credit for the Financial Sector Strengthening Project (FSSP). This ambitious initiative, funded through the International Development Association (IDA), aims to fortify the stability and resilience of Ethiopia’s financial sector, laying the

December 21, 2024 • By Addis Insight

Business

Amhara Bank Urges Local Banks to Merge Amid Foreign Banks’ Entry

On December 18, 2024, Ethiopia’s parliament ratified a landmark banking proclamation allowing foreign banks to operate within the country. This move represents a pivotal step in Ethiopia’s ongoing economic reforms, enabling foreign banks to establish subsidiaries, open branches, and acquire up to 40% ownership in local banks. The decision to open the banking sector to

December 20, 2024 • By Addis Insight

Business

National Bank of Ethiopia Launches Platform for Customer Complaints

Addis Ababa, Ethiopia The National Bank of Ethiopia (NBE) has introduced an online platform and a dedicated hotline (7230) to assist customers in lodging complaints against financial institutions. This initiative reflects NBE’s commitment to addressing common issues in the financial sector, such as aggressive sales practices, deceptive advertising, and inadequate transparency, as detailed in a

December 20, 2024 • By Addis Insight

Business

Behind the Fintech Boom: Ethiopian Fintech’s Untold Challenges

Ethiopia’s Financial Technology (fintech) sector is on a promising upward trajectory, driven by innovative products and a growing appetite for digital solutions. Mobile wallets, online banking, and digital payment platforms are transforming the way people transact, making financial services more accessible than ever before. From peer-to-peer transfers to bill payments, fintech is reshaping how individuals

December 19, 2024 • By Addis Insight

Africa News

Ethiopian Cargo Expands Fleet with Two Boeing 767 Freighters to Meet Growing Demand

Addis Ababa, — Ethiopian Cargo and Logistics Services has announced the addition of two Boeing 767 freighters, ET-BBE and ET-BBF, to its growing fleet. This move marks a significant enhancement in the airline’s capacity to meet the surging global demand for air cargo services. With the addition of the two aircraft, Ethiopian Cargo now

December 17, 2024 • By Addis Insight

Business

Digital Money Transfers Surpass Cash Transactions in Ethiopia, Says National Bank Governor

On December 17, 2024, the Governor of the National Bank of Ethiopia (NBE), Mamo Miheret, addressed the House of People’s Representatives, highlighting the increasing digitization of the country’s financial system. According to his statement, digital money transfers facilitated by banks have now exceeded cash transactions this year. Governor Mamo noted that Ethiopia’s banking activities are

December 17, 2024 • By Addis Insight

Business

NBE’s Landmark Proclamation Ushers in Bold Reforms for Monetary and Financial Stability

In a major stride toward modernizing Ethiopia’s financial landscape, the National Bank of Ethiopia (NBE) has secured approval for its draft proclamation, introducing transformative reforms aimed at ensuring economic stability, innovation, and stronger governance. At the heart of the proclamation is a recalibrated monetary policy framework, empowering the NBE to prioritize its objectives and deploy

December 17, 2024 • By Addis Insight

Business

Ethiopian Airlines Celebrates Air Congo’s Launch Tomorrow as Second Boeing 737 Lands in Kinshasa

Kinshasa, DR Congo – Ethiopian Airlines, Africa’s largest carrier, is ushering in a new era of aviation with the launch of Air Congo, a joint venture with the Democratic Republic of Congo (DRC). The airline’s second Boeing 737-800 touched down at Kinshasa International Airport yesterday, signaling the final preparations for Air Congo’s official debut. The

December 15, 2024 • By Addis Insight