Business

Addis Insight Unveils Advanced Ethiopia Birr Currency Exchange Platform

Addis Ababa, Ethiopia – Addis Insight is excited to announce the launch of its innovative Ethiopia Birr (ETB) currency exchange platform, designed to provide users with accurate and real-time exchange rates against major global currencies. The platform features a powerful currency converter and delivers daily forex updates sourced from Ethiopia’s leading banks. The currency exchange

August 23, 2024 • By Addis Insight

Tech

Why Ethiopia’s Tech Startups Should Pay Attention to the New Personal Data Protection Proclamation

Ethiopia’s tech ecosystem is rapidly expanding, with startups playing a pivotal role in driving innovation and digital transformation across the country. As these startups continue to grow and handle increasing amounts of personal data, the recently enacted Personal Data Protection Proclamation No. 1321/2024 has become a critical piece of legislation that tech entrepreneurs must understand

August 23, 2024 • By Addis Insight

Business

Third-Party Insurance Premiums Surge by 500%: Major Coverage Boost Announced

New Third-Party Insurance Policy Increases Coverage and Premiums A significant change has been made to third-party insurance in Ethiopia, with coverage limits and premium prices seeing substantial increases. The new policy, which takes effect today, raises the maximum coverage for third-party insurance from 500 birr to 3,000 birr. This adjustment is part of a broader

August 22, 2024 • By Addis Insight

Business

Somalia Threatens to Suspend Ethiopian Airlines Over Sovereignty Violations

The Somali Civil Aviation Authority (SCAA) has raised significant concerns regarding Ethiopian Airlines and its flight operations within Somalia, particularly highlighting issues related to the violation of Somalia’s sovereignty. On August 14, 2024, the SCAA sent a formal letter to Ethiopian Airlines outlining their concerns about the airline’s approach to operating flights to Somali destinations.

August 21, 2024 • By Addis Insight

Business

News: Ethiopian Bondholders and Debt Distribution Unveiled by Debt Justice

Debt Justice has recently identified Capital Group, BlackRock, and Franklin Advisors as the three largest known holders of Ethiopian bonds. These institutions represent a significant portion of Ethiopia’s international debt landscape, underscoring the critical role of private creditors in the country’s economic stability. According to the latest report from Debt Justice, ten major bondholders collectively

August 21, 2024 • By Addis Insight

Business

Wegagen Bank Launches International Prepaid Visa Card Service at Diaspora Day Event

Mekelle, August 15, 2016During the Diaspora Day celebration held at Planet Hotel in Mekele City, Wegagen Bank announced the launch of its new international prepaid Visa card service. This service, developed in collaboration with Visa Incorporated, enables customers of the bank, as well as embassies and international organizations, to make global payments without the need

August 21, 2024 • By Addis Insight

Business

Ethiopian Airlines and AliExpress to Launch Cutting-Edge E-Commerce Facility on August 22, 2024

Ethiopian Airlines Group, the largest airline conglomerate in Africa and one of the fastest-growing airline brands globally, has launched a new e-commerce logistics facility in Addis Ababa. This facility is part of a broader strategy to position Addis Ababa as a key cross-border e-commerce logistics hub for Africa. The facility is located within the Ethiopian

August 21, 2024 • By Addis Insight

Business

Ethiopian Ministry of Foreign Affairs Imposes New Restrictions on Vehicle Imports for Diplomatic Missions

Addis Ababa, Ethiopia – August 19, 2024: The Ministry of Foreign Affairs of the Federal Democratic Republic of Ethiopia has introduced new regulations affecting the importation of vehicles by Diplomatic and Consular Missions, as well as Regional and International Organizations operating within Addis Ababa. The Ministry has officially informed these entities that, effective immediately, the

August 20, 2024 • By Addis Insight

Business

Amhara Bank Reports 377.2 Million Birr Profit, Showcasing Growth in Deposits and Digital Services

Amhara Bank has announced its financial results for the previous fiscal year, reporting a pre-tax profit of 377.2 million birr. The results reflect the bank’s ongoing efforts to strengthen its financial position and expand its presence in Ethiopia’s banking sector. According to a press release issued by the bank, the total deposits at Amhara Bank

August 20, 2024 • By Addis Insight

Tech

Ethio Telecom and VISA Partner to Launch Ethiopia’s First Virtual Visa Card, Enhancing Digital Financial Services

Ethio Telecom has announced a strategic partnership with VISA Inc. to introduce the first wallet-based Virtual Visa Card in Ethiopia, marking a significant step in the company’s efforts to expand digital financial services across the country. The partnership also aims to enhance international money transfer services through the telebirr Remit App and Visa Direct, offering

August 20, 2024 • By Addis Insight