Authority Lifts Ban on Ethiopian Sugar Ads

Oct 5 , 2019

The Ethiopian Broadcast Authority lifted the advertisement ban it placed on the Ethiopian Sugar Manufacturing Industry S.C. Issued on September 18, 2019, the Authority allowed the company to continue its advertisements for the sale of shares. Through a circular written on September 5, 2019, the Authority has notified all publications and broadcasters to hold the announcement temporary after a request by the Ethiopian Sugar Corporation stated that it was announcing misleading information. The Corporation, in a letter written on August 29, 2019, claimed that the company was confusing potential investors by not clearly identifying itself as a private organization and was using a similar logo to the prominent Wonji Sugar factory, a government entity. After receiving the case, the Authority allowed the company to resume advertisements mentioning that it is a private entity and using a logo that is different from Wonji Sugar Factory.


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...