𝐍𝐞𝐠𝐚𝐫𝐢𝐭 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐑𝐞𝐯𝐢𝐞𝐰

Arifpay Financial Technologies S.C. has launched Arifpay 3.0, a groundbreaking suite of products tailored to address the changing requirements of businesses and consumers in Ethiopia. During the launch event, Samuel Alemu, the Board Chairperson of the company, remarked online that this new solution would play a crucial role in the country's efforts to transform digital transactions throughout Ethiopia. Amanuel Yohannes, Senior Manager of Growth and Operations at Arifpay Financial Technologies, emphasized the company's substantial role in broadening access to efficient payment systems in Ethiopia since its founding in 2022. He noted that Arifpay has improved current payment systems by integrating advanced technology, allowing merchants to accept international payment options like Google Pay and MasterCard. This advancement has offered foreign visitors and members of the Ethiopian diaspora a convenient payment method Arifpay’s latest offering, Arif incorporates three groundbreaking tools: Arif QR, Arif Merchant App, and TMS. Bethel Kassahun, Technological Team Leader at Arifpay, noted that these solutions aim to empower businesses, improve customer experiences, and streamline transactions. Arif QR revolutionizes payment experiences with its ease of use, speed, and security, enabling customers to make payments through QR code scanning while offering contactless convenience in a post-pandemic environment. The Arif Terminal Management System (TMS) functions as a digital command center for businesses, granting complete oversight of payment devices. Features such as real-time monitoring, geofencing, and automatic reconciliation ensure efficient operations and secure transactions, making TMS an indispensable tool for businesses operating multiple terminals, as highlighted during the launch event.

Ethiopia, Morocco force alliance for stock synergy, #African integration The Ethiopian Securities Exchange (ESX) has entered into a strategic cooperation agreement with Morocco’s Casablanca Stock Exchange to strengthen Ethiopia’s capital market #infrastructure. The agreement, announced on December 12, 2024, during the Africa Financial Summit in Casablanca, focuses on knowledge-sharing and operational support. According to a joint statement, the partnership will "strengthen the Ethiopian exchange’s technological framework, operational capabilities, and risk management to ensure a smooth and secure trading platform." Ethiopia’s exchange, established in October 2023, aims to drive #economic growth by developing its financial markets with support from Morocco’s well-established exchange. The Casablanca Stock Exchange, Africa’s second-largest bourse with a market capitalization of $76 #billion, will contribute its expertise in market reforms and financial innovations. “The two exchanges share a common objective: to expand access to stock market financing, enhance market liquidity, contribute to the economic development of their respective countries, and promote financial integration across the continent,” the statement explained. The collaboration will also prioritize #Environmental, #Social, and #Governance (ESG) practices to encourage responsible investment and sustainable growth. Both exchanges plan to jointly advocate for #African financial interests on #regional and #global platforms while exploring shared initiatives such as dual listings and #financial education programs. https://lnkd.in/et2hTiAw

BIT Mining Limited expands operations in #Ethiopia BIT Mining Limited, a New York Stock Exchange-listed cryptocurrency mining firm, has announced the completion of the first phase of its expansion in Ethiopia. On December 9, 2024, the company disclosed its acquisition of Bitcoin mining equipment and data centers as part of a planned $14.2 million investment. The first phase involved acquiring a 35 MW data center and 17,869 Bitcoin mining machines through a combination of $2.265 #million in cash and 369,031,800 Class A ordinary shares. BIT Mining plans to expand its total capacity to 51 MW as part of this initiative, enhancing its operations in the region. The second phase of the project is set to conclude in early 2025, with the company focusing on additional data center acquisitions. BIT Mining has indicated that up to 45,278,600 BTCM shares may be issued to complete the expansion, with the new centers expected to become operational by the end of the first quarter. crypto.news (https://lnkd.in/ddZYA4uD)

#Ethiopia shifts ownership of 10 firms to sovereign wealth fund Ethiopia has transferred ownership of 10 state-owned companies to Ethiopian Investment Holdings (#EIH), the government’s sovereign wealth fund. The firms include Ethiopian Electric Power, Ethiopian Railway Corporation, and the Development Bank of Ethiopia, which oversee major infrastructure projects such as the Ethio-#Djibouti railway and the Great Ethiopian Renaissance Dam. EIH, which already manages 27 government-owned enterprises, now adds these companies to its portfolio. “EIH will focus on ensuring that these enterprises maintain a stronger balance sheet with assets exceeding liabilities,” said CEO Brook Taye. “This will automatically enhance their financial capacity to borrow both locally and internationally.” The Commercial Bank of Ethiopia is owed 846 billion birr ($6.78 billion) by state-owned companies. The government plans to securitize this debt into 10-year bonds as part of efforts to ease financial pressures on the enterprises. This transfer is part of Ethiopia’s broader economic reforms, including attracting foreign investment, floating the currency, and strengthening the management of indebted state enterprises through EIH. These measures aim to boost efficiency and financial sustainability. https://lnkd.in/ejsy7kw5

ethio telecom, Djibouti Telecom, and Sudatel Telecom Group, Ltd Join Forces for Horizon Fiber Initiative In a groundbreaking move to transform digital connectivity across Africa, ethio telecom, Djibouti Telecom, and Sudatel Telecom Group, Ltd have signed a Memorandum of Understanding (MoU) for the Horizon Fiber Initiative. This ambitious project aims to establish a multi-terabit, redundant #terrestrial fiber optic network, linking the Horn of #Africa with Europe and #Asia. The Horizon Fiber Initiative promises faster, more reliable communication infrastructure, addressing long-standing connectivity challenges in the region. By focusing on building a resilient terrestrial fiber network, the project offers a sustainable alternative to submarine cables, which are prone to disruptions from environmental and human factors. Under discussion since June 2024, the initiative has involved collaborative efforts by technical teams from the three telecom operators. Following an extensive feasibility study, the partnership plans to finalize the contract by January 2024 and begin offering services by April 2025. The #network will optimize data transmission, reduce latency, and expand access to high-speed #internet for #businesses and individuals alike. Leaders from the telecom companies underscored the project’s alignment with the Africa Digital Transformation Strategy 2030, emphasizing its critical role in driving economic development and innovation across the continent. By connecting Djibouti, Sudan, and Ethiopia through a robust terrestrial #fiber link, the Horizon Fiber Initiative addresses persistent issues with submarine cables, offering a cost-effective and maintainable solution. This development is expected to enhance communication capabilities, fostering regional collaboration and opening new opportunities for businesses. ethio telecom described the initiative as a major step toward bridging Africa’s digital divide, while Djibouti Telecom’s Director General, Mohamed ASSOWEH , highlighted its potential to unite the region through enhanced connectivity. Sudatel Telecom Group praised the project for leveraging Sudan’s strategic position to boost regional digital infrastructure. The Horizon Fiber Initiative is set to redefine #telecommunications in Africa, propelling the continent toward a more inclusive, connected, and competitive digital future. By integrating advanced technology and regional collaboration, the project reinforces Africa’s position as a key player in the global digital landscape.

Safaricom Ethiopia Decries ‘Unfair Competition’ Top executives of Safaricom Telecommunications Ethiopia PLC Ethiopia told Ethiopian law makers over a week ago that they were unhappy about ‘monopolistic’ practices of their competitor, ethio telecom; requesting the government to equalize access to open platforms. According to an The Reporter, executives of the Kenya-affiliated telco lamented that Ethio telecom users experienced higher tariffs and extra costs when making phone calls to subscribers of the Safaricom network. This is in contrast to Safaricom’s fixed charge for all networks, a reality that makes it immensely harder for new customers to onboard their network. The CEO of Safaricom Ethiopia, Wim Vanhelleputte, also raised concerns about Ethio telecom #monopolisation of the telecommunications networks and advocated for equal access for al market players. “We want the country to benefit and to grow digital connectivity and financial inclusion; those are priorities for the country as a whole,” Vanhelleputte said. “We are asking if there is an opportunity to get both networks to give equal access to the customer so that they can use both networks and not get excluded from calling our network,” the CEO added. During the visit at the Safaricom’s headquarters in Addis Ababa, the law makers aligned to the Parliamentary Committee of Democracy Affairs were also requested to expedite inter-platform money transfer between M-Pesa and Ethio telecom ‘telebirr’. The executives said that the lack of interoperability between the financial platforms made it difficult to scale up digital financial inclusion in a country seeking to liberalize its economy. Safaricom itself reportedly pays #taxes using telebirr as opposed to M-Pesa, an issue that the telco wants resolved. “Monopoly is a contradiction to liberalization. We have 32 banks; we have multiple fintech financial institutions; all of them should be able to offer digital payments. So we ask policymakers if we really want to accelerate digital Ethiopia, we should try to gate all the financial institutions to give them equal access to offer digital payments,” Vanhelleputte said. The lawmakers promised to relay these prevailing concerns to the National Bank of Ethiopia (NBE). Ethiopia’s Ministry of Transport is set to allow its citizens to pay for fuel using mobile money platforms including M-Pesa. https://lnkd.in/eEkDSpsf

NBE Imposes One-Month Deadline for Digital ID Requirement to Open Bank Accounts in Addis Ababa The National Bank of Ethiopia has mandated that a national ID (Fayda) card will be necessary to open bank accounts throughout the country. This decision, outlined in a letter dated November 26, will be implemented in phases, starting in January 2025 in Addis Ababa and then expanding nationwide by 2026. Existing accounts must also comply by the end of 2026. Banks are required to strictly follow the new timeline and requirements.

Made in #Ethiopia review – knotty study unpicks #China’s industrial influence in #Africa Three women – a manager, a worker and a farmer – tell their stories in this nuanced exploration of Ethiopia’s booming Chinese-led manufacturing sector. It’s win-win, says a Chinese businesswoman talking to a group of Ethiopian farmers protesting against the forced sale of their land to make way for new factories. She tells the farmers that their government will compensate them with new land – but months later, half of them are still waiting. This quiet, sobering documentary explores the complexities of Chinese influence in Africa through the lives of three hard-working women. There’s Chinese factory boss Motto; Ethiopian worker Beti, who sews jeans with the “Made in Ethiopia” label; and Workinesh, a farmer and mother of five. https://lnkd.in/ejCFardc

#Kenya less open to visitors despite visa-free policy - report Kenya has dropped 17 places in the 2024 Africa Visa Openness Index (AVOI), ranking 46th out of 54 African nations despite introducing a "visa-free policy" earlier this year. The policy replaced traditional visas with an Electronic Travel Authorisation (ETA) system, which some critics have called “a visa under another name.” The ETA requires travelers to apply online, submit documents such as flight details and hotel bookings, and pay a $30 fee before travel. Mohamed Hersi, a hotelier, said, “The ETA was ‘not the same as visa-free,’ and could make it more difficult for potential visitors to come to the country.” The African Development Bank Group (#AfDB), which supports the AVOI, noted that Kenya’s ETA requirement lowered its accessibility score. AfDB director Joy Kategekwa said, “Africans continue to require visas for the most part to enter other African countries,” calling it a contradiction to regional integration goals. https://lnkd.in/ejicvnKf

#Ethiopia Aims to Implement 500,000 Electric Vehicles in the Next Decade Ethiopia is targeting the introduction of 95% electric vehicles over the next decade, according to the Ministry of Transport and Logistics. The recent "Ethio-Green Mobility" International Symposium and Exhibition has successfully concluded. Deputy Minister of Transport and Logistics, Bara’oo Hasan, highlighted that Ethiopia is pursuing a comprehensive strategy focused on renewable energy utilization. Efforts are underway in the transportation sector to enhance the production of electric vehicles, which will help lower fuel expenses and foster a sustainable environment, he noted. The ministry envisions deploying between 432,000 and 500,000 electric vehicles within the next ten years.