Authentication Agency Latest to Strike Telebirr Deal

Sep 10 , 2022


The Document Authentication & Registration Agency (DARA) is the latest government institution to ink sign up for an electronic payment system under Ethio telecom's Telebirr mobile money platform. The Agency will allow for the settlement of service charges through Telebirr at any of its 15 branch offices, which serve more than 7,000 people a day involving transactions of over six million Birr. The services include the authentication of vehicle sales, rental and loan agreements, as well as memorandums of association. The state-owned Ethio telecom's Telebirr has garnered close to 23 million users since it was launched last May and facilitated transactions valued at over 26.6 billion Br. The platform has been designated as the mode of reimbursement for public transport vehicle owners under the federal government's new dual-rate system at gas stations following the start of a progressive lift-off of fuel subsidies.


Radar

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...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

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...


Back
WhatsApp
Telegram
Email