Alcohol Law Goes Into Effect in May

Apr 6 , 2019

The recent legislation that puts restrictions on the use, sale and advertisement of alcohol will become effective on May 29, 2019. The law limits the advertisement of drinks with alcoholic content less than 10pc to between the hours of 11:00pm and 6:00am on broadcast media and prohibits alcohol manufacturers from sponsoring holiday events or issuing lottery awards and prizes. The law, which has been in draft legislation for three years, puts various restrictions and limitations on advertisement as well as the sale and use of alcoholic and tobacco products. The regulations span from production and importation to distribution and promotion of these products. Prepared by the Ministry of Health and the Food & Drug Authority, the law sets a new regulatory framework for food, medicine, medical devices, cosmetics, alcoholic beverages and tobacco products. It also raises the drinking age from 18 to 21, which will make drinking alcohol for close to 5.5 million additional people illegal.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...