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Central Bank Nods to Telebirr Credit Services

May 28 , 2022

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Regulators at the National Bank of Ethiopia (NBE) have given the go-ahead to Ethio telecom to launch a proposed micro-loan and credit scheme through its Telebirr mobile money platform. The state-owned operator has been launching a slew of products and services in recent months, ahead of pending competition from Safaricom Ethiopia Plc, which won an operators' license after bidding 850 million dollars last year. Earlier this month, Ethio telecom began piloting pre-commercial 5G network services. It also recently launched an online retail platform. Telebirr has facilitated transactions valued at close to 10 billion since it was launched last May. Safaricom Ethiopia was expected to begin commercial operations last month, but has yet to do so.

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Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...

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NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...

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Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...

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