Afro Bank Joins Burgeoning Industry

Jan 31 , 2021

Afro Bank S.C., an under formation Bank, has commenced floating it shares for public subscription. The Bank is offering 750,000 shares with a par value of 1,000 Br. Potential shareholders will have to acquire a minimum of 100 shares to be part of the venture, while the upper limit on share subscription is set at five percent of the floated capital, as per the central bank's regulations. The Bank is just one of over a dozen currently under formation including the likes of Tsehay, Jano, Ahadu, Amhara and Damota banks among others. Currently, there are 17 commercial banks in the country in addition to the Development Bank of Ethiopia, a specialised state-owned development financial institution and the National Bank of Ethiopia, the country's regulatory bank.



A young shoe shiner goes door to door, offering his services around the Stadium area. It is common in the capital to see young rural migrants engaged in physical labour, scraping change to send home. CHR Michelsen Institute (CMI) estimates that one out of three rural households has at least one family member migrating to cities. Extreme poverty and lack of access to farmland force many to look for better prospects in the city. Upward income mobility has remained stagnant over the last five years...



A carriage around the Ayat area delivers water, as homes rarely access tap water in the area. Ethiopia has nine major rivers, and twelve big lakes, often called the water tower of Africa. However, UNICEF estimates that up to 80pc of communicable diseases in Ethiopia are due to a lack of access to safe water and sanitation. The second most populous country in Sub-Saharan Africa has the highest percentage of the population without access to potable water at 60pc, while the average daily consumptio...



Holiday activities at Jan Meda included penalty shoot outs for cash pay alongside other carnival games. The World Cup final in Qatar ended in penalty shoot outs this year, a global audience of 1.5 billion watched the spectacle. While the tournament's ending had stirred planetary awe, the death of 37 workers during the construction of the stadiums had given the games a sour taste early on. The tournament broke records of the biggest budget of more than 200 billion dollars and the most spectators...