Addis Credit Nets Half a Billion Birr in Profits

Jan 7 , 2022

Addis Credit & Saving Institution S.C. netted 490 million Birr in profits during the last fiscal year. The figure represents a 64pc increase from its performance in the preceding year. The microfinance institution (MFI) is one of three in the process of transitioning into a bank. Addis Credit plans to rebrand itself as the 'Bank of Addis' and join the industry with a subscribed capital of 10 billion Br and a paid-up capital of 3.7 billion Br. Oromia Credit & Saving S.C. will be entering the banking industry with 7.7 billion Br in paid-up capital as Siinqee Bank. Addis Credit's executives announced during the shareholders' assembly held a couple of weeks ago that they plan to raise the paid-up capital to 10 billion Br before the deadline set by regulators at the central bank expires in around six years' time. Incorporated in 1996, the microfinance institution owned by Addis Abeba City Administration and 10 other shareholders has assets valued at 7.7 billion Br.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...