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Category: Business

Telebirr Transactions Soar 22.6 Folds to 679.2 Billion Birr
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
M-Pesa to Launch in Ethiopia in September, Boosting Financial Inclusion
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
Ethiopia Seeks Port Access Through Negotiations and Force
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
Enkopa Summit to Disrupt the Perception of Entrepreneurship in Ethiopia
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
Ethio Telecom Earns 75.8 Billion Birr in 2022/2023
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
Purpose Black Makes 1 Billion Birr Advance Payment for BGI Ethiopia’s Headquarters
Business

Purpose Black Makes 1 Billion Birr Advance Payment for BGI Ethiopia’s Headquarters

Purpose Black claims that it has won the bid to purchase the main office building of BGI Ethiopia in order to construct ‘Farmer’s Tower’. According to the firm, an advance payment of 1 billion birr was made. Purpose Black Ethiopia announced that it won the BGI Ethiopia head office building in a competition to develop

July 15, 2023 • By Addis Insight
Addis Ababa City Council Approves 140.2 Billion Birr Budget
Business

Addis Ababa City Council Approves 140.2 Billion Birr Budget

On Sunday, July 9, 2023, the Addis Ababa City Council approved a budget of 140.2 billion birr for the city in its second regular meeting. This budget is for the 2023/2024 fiscal year, which started on July 9, 2023. The budget was approved by a majority vote of 87 in favor and two abstentions after

July 11, 2023 • By Addis Insight
Foreign Companies to Receive Foreign Currency Guarantees for Key Projects in Ethiopia
Business

Foreign Companies to Receive Foreign Currency Guarantees for Key Projects in Ethiopia

The National Bank of Ethiopia has made a decision to allow foreign currency guarantees for foreign companies engaged in joint ventures with government or private companies on key or strategic projects. This will enable these companies to repatriate their profits in foreign currency and easily pay off loans taken from foreign financial institutions for their

July 5, 2023 • By Addis Insight