$2.7 Million Digital Boost for Youth


$2.7 Million Digital Boost for Youth

Safaricom Ethiopia partnered with Vodafone Foundation, United States Agency for International Development (USAID) and Amref Health Africa to support the Kefeta (USAID Integrated Youth Activity) Project with 2.7 million dollars in a two-year commitment to empower youth through technology and digitized youth services. The announcement was made at the Clinton Global Initiative (CGI) 2024 Annual Meeting. Kefeta project was originally established in 2021 by USAID to advance economic, social, and civic opportunities for young Ethiopians aged 15-29. The initiative will benefit youth in Mekele, Debre Berhan, Bahir Dar, Hawassa, Addis Abeba and Adama. The project empowers 2 million youth across 18 urban centers in Ethiopia, establishing a successful network of 48 corporate partners. The initiative also set up youth-owned and managed Savings and Credit Co-operative Organisations (SACCOs) with 8,000 youth stakeholders or members in 18 cities. The funding will augment the USAID Kefeta Integrated Youth Project, enhancing its youth centers with advanced technology infrastructure, improving primary and secondary education for internally displaced people, digitizing youth services, establishing youth-friendly digital incubation hubs to promote innovation and self-employment, and increasing youth employability by improving digital literacy and innovation. Wim Vanhelleputte, CEO of Safaricom Ethiopia, said: “We are excited for the opportunity to partner for a such a transformative cause, Youth Development, by availing our Fast-Data Connectivity in the youth centres and incubation hubs building the next generation talent base to meet the demands of Digital Ethiopia.”


Radar

Ethiopian Airlines Fined $425,000 for Non-compliance

The United States Department of Transportation (DOT) has imposed significant fines on Ethiopian Airlines and Etihad Airways, totaling 425,000 dollars and 400,000 dollars, respectively. Ethiopian Airlines operated flights under United Airlines' code, while Etihad Airways used JetBlue's code in regions where U.S. flights were prohibited. An investigation by the Department's Office of Aviation Consumer Protection (OACP) uncovered that from February 2020 to December 2022, Ethiopian Airlines conduct...


Radar

Enat Holds Steady as Revenue, Expense Soar

Enat Bank held its 11th Annual General Meeting of Shareholders last week at the Millennium Hall on Africa Avenue, where it announced a profit after tax of 555.2 million Br, exhibiting an incremental 2pc growth from the previous year. The Bank registered stronger growth with a 29pc increase in revenue, reaching 4.3 billion Br. The bank's focus on strategic branch expansion and enhancements to digital banking resulted in a 18.4pc deposit growth, bringing total deposits to 21 billion Br. Preside...


Radar

Addis Surges, Minimum Threshold Out of Reach

Addis International Bank reported an 85pc growth in net profit to come in at 413.87 million Br. The bank's total assets as of the 2023/2024 fiscal year were 15.4 billion Br, representing a 22.2pc rise of 2.8 billion Br over the previous year. The Bank also posted a substantial 13.8pc rise in paid-up capital from the previous year to sit at 2.1 billion Br. It was noted at the general assembly that “the Bank is far away to reach the required minimum capital after two years.” Addis Internation...