ArifPay Inks Agreement with Abay Bank

Oct 30 , 2021


ArifPay, a fintech company, and Abay Bank inked an agreement last week to launch a mobile point of sales (mPOS) service. An m-POS service is implemented through smartphones or tablets that can perform the tasks of a cash register or a traditional POS machine, wirelessly enabling bank account holders to make payments from ATM cards issued by any bank. The central bank issued a directive last year allowing non-financial institutions to operate as payment instrument issuers, including the supply of m-POS card reader devices. Abay Bank recorded profits of a little over half a billion Birr in the 2019/20 fiscal year, while its paid-up capital jumped 30pc to 2.17 billion Br during the same period.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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