Banks Report Deposit Bonanza

Jul 11 , 2021

Awash Bank, one of the largest private banks in Ethiopia, collected more than 100 billion Br in aggregate deposits by the end of the just-ended fiscal year, opening 100 branches throughout the country in 2020/21. The Bank has also provided 87.1 billion Br in loans and had nearly a billion dollars in forex inflow over the same period. Its paid-up capital hit 8.2 billion Br. Meanwhile, the Bank of Abyssinia collected around 41 billion Br in deposits, registering 2.5 million new customers. In the announcement it made last week, the Bank reported a growth in earnings from forex, loans disbursed, deposits, and gross profits.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...