Business

Ethiopia’s Economic Outlook: Prime Minister’s Optimism Contrasts with Fitch Ratings’ Downgrade

Ethiopia’s GDP Growth and Fitch Ratings’ Concerns While Ethiopian Prime Minister Abiy Ahmed (Dr.) projected a rosy picture of the nation’s economic growth in his recent parliamentary address, citing a doubling of the GDP to approximately $164 billion, a contrasting perspective emerges from Fitch Ratings. On November 2, 2023, Fitch Ratings downgraded Ethiopia’s Long-Term Foreign-Currency

November 14, 2023 • By Addis Insight

Business

EthSwitch Unveils Game-Changing National Payment Gateway in Ethiopia

Today marked a significant advancement in Ethiopia’s digital payment sector with the inauguration of the National Payment Gateway (NPG), developed by EthSwitch. The launch event, held in Addis Ababa, was attended by EthSwitch CEO Yilebes Addis, who introduced the NPG platform. This new development promises to transform the processing of online transactions nationwide. At the

November 13, 2023 • By Addis Insight

Business

Djibouti’s Space Milestone: First Satellite Launched with SpaceX

In a significant advancement for Djibouti’s space ambitions, the Republic of Djibouti successfully launched its first satellite, Djibouti 1A, as part of SpaceX’s Transporter-9 dedicated SSO rideshare mission from Vandenberg Space Force Base. This launch aligns with SpaceX’s recent Falcon 9 rocket launch for the 29th resupply mission to the International Space Station (ISS), showcasing

November 12, 2023 • By Addis Insight

Business

CBE Birr Enhances its Mobile App: A Strategic Move in Ethiopia’s Digital Payment Space

The Commercial Bank of Ethiopia (CBE) has recently upgraded its mobile payment application, CBE Birr, marking a significant development in Ethiopia’s digital payment landscape. This enhancement is seen as a strategic response to the growing competition in the sector, particularly with TeleBirr. The updated version of CBE Birr introduces a more user-friendly interface and an

November 11, 2023 • By Addis Insight

Business

Mobile Money Titans Clash: Safaricom’s M-PESA Hits 1.2 Million Users in Ethiopia, Challenging Telebirr’s Dominance

In the competitive landscape of Ethiopia’s mobile money market, a significant development unfolded with Safaricom’s announcement during its 2023/2024 Half Year Results. The Kenyan telecom giant has successfully registered 1.2 million customers for its M-PESA service in Ethiopia since its inception in August. M-PESA’s rollout was a strategic move by Safaricom, positioning it against Ethio

November 9, 2023 • By Addis Insight

Business

The Benefits of the Ethiopian Stock Exchange for Small and Medium-sized Enterprises (SMEs)

By- Henok Gidey Small and Medium-sized Enterprises (SMEs) are the backbone of many economies, including Ethiopia. They play a pivotal role in job creation, innovation, and overall economic growth. To support and empower these SMEs, the Ethiopian government has taken significant steps to encourage their participation in the Ethiopian stock exchange. This move is expected

November 6, 2023 • By Addis Insight

Business

Impact vs. Number-Driven Startups: Striking the Balance in Ethiopia’s Startup Ecosystem

By- Fikir Belete  The startup ecosystem in Ethiopia is a dynamic and vibrant space, bustling with innovation, creativity, and ambition. It is now getting the recognition it deserves for having the potential to serve as a catalyst for economic growth, job creation, and technological advancements. The key stakeholders are doing a self-assessment and realizing the

November 2, 2023 • By Addis Insight

Business

Dashen Bank Achieves Record Profit of 5 Billion Birr in 2015 Fiscal Year

Dashen Bank announced that it made a profit of 5 billion birr before tax in the 2015 fiscal year, an increase of 31.9 percent compared to the same period of the previous year. The bank’s 30th regular meeting of shareholders was held on that day. At the meeting, Dashen Bank board chairman Dula Mekonon and

October 27, 2023 • By Addis Insight

Business

NBE’s New Circular: A Threat to Access to Finance and Investment

By Tsegamlak Solomon  The National Bank of Ethiopia (NBE) recently issued a circular on the legality of interest-bearing private loans, which will have a significant implication on access to finance and investment in Ethiopia. In the circular dated October 08, 2023, the NBE, in a far-fetched argument, equated “lending with interest” with “providing banking business

October 25, 2023 • By Addis Insight

Business

Ethiopia Hosts Enkopa Summit, a Celebration of Innovation

On October 12 and 13, 2023, the Enkopa Summit was held in Addis Ababa, Ethiopia. The summit was a two-day event that brought together entrepreneurs, investors, policymakers, and other stakeholders from across the country and around the world to celebrate and promote entrepreneurship, innovation, and technology in Ethiopia. The summit featured a variety of speakers

October 21, 2023 • By Addis Insight