News & Events

Ethio Telecom, the Largest and Only Mobile Network in Ethiopia, To Finally Launch Mobile Money

After a series of negotiations and deliberations, Ethio Telecom has finally been given a greenlight by the National Bank of Ethiopia (NBE) to start mobile money services.Since 2019; Ethio Telecom has been in talks with NBE, which is the Central Bank of Ethiopia, to get a license to launch a mobile banking service. The marathon negotiations have finally bore fruit. Some of the directives prior to launching the mobile money service include: Transactions are only performed through mobile phones after customers deposit funds with an agent

A bank to act as trust account for deposited funds

SEE ALSO: Ethio Telecom, the Only Telecom in Ethiopia, Hits a Record 46.2 Million Subscriber Base, According to the July 2020 Report

Speaking about the new strategic business unit that will manage the mobile money service, Frehiwot Tamiru, CEO, Ethio Telecom, said: “The new business wing will be regulated by the NBE not by the Ethiopian Communication Authority (ECA).” Currently, foreign firms are not allowed to engage in mobile money services in Ethiopia. According to an NBE directive, only Ethiopian nationals and Ethiopian diaspora can engage in mobile financial transaction services.


Ethiopia inaugurates 13th industry park in Bahir Dar

The Government of Ethiopia on Wednesday inaugurated its 13th industrial park in the capital of Amhara region, Bahir Dar City.

Built on 75 hectares of land Bahir Dar Industrial Park is inaugurated in the presence of Prime Minister Abiy Ahmed of Ethiopia. It is indicated that eight sheds are already built within the Park, and second phase of the construction will be done on 125 hectares.

World Bank approves $400 million grant to Ethiopia

The World Bank approved a grant of $400 million to support Ethiopia Urban Productive Safety Nets and Jobs Project of which $50 million is from the window for host communities and refugees to Ethiopia. In a letter to Anne N. Kabagambe, Executive Director of the World Bank Group wrote to the Finance Minister of Ethiopia, Ahmed Shide, it is stated that the Board of Executive Directors of the International Development Association on September 30, 2020, approved on “an absence-of objection basis an IDA grant of $400 million, of which $50 million is from the Window for Host Communities and Refugees, to the Federal Democratic Republic of Ethiopia for the Urban Productive Safety Nets and Jobs Project.” The project’s development objective focuses on supplementing the government’s efforts to improve the incomes of the urban poor and the labor market inclusion of disadvantaged urban youth. In so doing, the project will help:

State companies in Ethiopia generate $8.2 billion revenue

The state enterprises in Ethiopia have generated total revenue of over 300.5 billion birr (about $8.2 billion) during the budget year of the country concluded July 7, 2020.

The companies have made total profit of 55.6 billion Birr before tax, according to Beyene Gebremeskel, Director General of Public Enterprises Holding and Administration Agency (PEHAA). Out of the 21 state owned enterprises included in the report, only one has reported loss, according to the Director, who recalled that the number of companies reported loss the previous year were four.

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