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.


Radar

Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...


Radar

ROLLING CREDIT

Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...


Radar

SPREADING HORIZONS

Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...