Issue 164: ESX & Climate Cash
ESX Licensed as Ethiopia's First Securities Exchange
The Ethiopian Capital Market Authority has granted a license to the Ethiopian Securities Exchange (ESX), paving the way for a regulated securities market in Ethiopia. ESX has also received a license to operate an over-the-counter (OTC) market. Read more.
Two-Year-Old Fintech Startup SantimPay Posts 86 Million Birr Profit
SantimPay Financial Solutions, a prominent player in Ethiopia's emerging fintech scene, reported gross profits of 86 million birr in a year marked by significant product milestones. Read more.
$500 Million Investment to Reverse Ethiopia’s Land Degradation
Climate Investment Funds will back a $500 million plan to help drought-prone Ethiopia restore degraded land and bolster food security. CIF has approved a $37 million investment & expects to mobilize $492 million in co-financing from other investors, including the World Bank and African Development Bank. Read more.
Somaliland Startup Brings Digital Bookkeeping Platform to Ethiopia
Hafide, a digital bookkeeping platform based in Somaliland, has expanded to Ethiopia. By launching in Ethiopia, the company aims to streamline financial management and empower SMEs with tools to drive economic growth, tapping into a market where traditional bookkeeping remains prevalent. Read more.
Ethiopia, Djibouti, and Sudan Join Forces for Major Fiber Optic Project
Ethio Telecom, Djibouti Telecom, and Sudatel Telecom have signed a Memorandum of Understanding (MoU) to launch the Horizon Fiber Initiative that aims to establish a terrestrial fiber-optic network connecting Djibouti, Ethiopia, and Sudan. Read more.
European Investors Voice Concerns Over Birr Crunch
Members of the European business lobby representing nearly 185 investors in Ethiopia said a crunch for local currency has transpired following Ethiopia’s transition into a market-based exchange regime. Read more.
BIT Mining Acquires 51MW of Mining Capacity in Ethiopia
BIT Mining Limited has announced an agreement to acquire cryptocurrency mining assets in Ethiopia, valued at $14.28 million. The company will acquire 51 megawatts of mining data centers and 17,869 Bitcoin mining machines, expanding its global operations and increasing its mining capacity. Read more.
Audit Review Uncovers Crosscutting Inefficiencies in Ethiopia's Passport Services
Delays in passport issuance, unauthorized penalties, and even poor sanitation at bathrooms were highlighted in a post-audit parliamentary review of Ethiopia's Immigration & Citizenship Services. Read more.
Nib Bank, Mastercard Unveil Prepaid International Card
Nib bank has joined forces with the US-based technology giant Mastercard to unveil a virtual pre-paid payment card. Dubbed "Nib Mastercard," the digital offering responds to the growing demand for flexible payment solutions. Read more.
Headless Chicken or Emergent Nation: Ethiopia’s AI Prospects
A recent report by Boston Consulting Group classified Ethiopia as an "AI emergent" nation in its AI Maturity Index 2024, highlighting the country's challenges and prospects. Read more.