CBE Reveals Encouraging Nine-Month Performance

Apr 30 , 2021

The Commercial Bank of Ethiopia (CBE) announced last week that it had an inflow of around 2.4 billion dollars over the first three quarters of the current fiscal year. While the vast majority of this amount (2.13 billion dollars) was in the form of remittances, around 216 million dollars was registered from exports. CBE had an inflow of 1.8 billion dollars (only 139m dollars was from exports) in the first half of the last fiscal year, which made up 36pc of the national total during that period. The Bank also disclosed that it had mobilised just under 103 billion Br in deposits over the nine-month period, bringing its total deposits to 698.2 billion Br. Around 886 million Br was mobilised from the 62 new branches that CBE managed to open during the reporting period, pushing it total branch network to 1,665. At the end of the last fiscal year, CBE branches accounted for a quarter of all operational bank branches in the country. In addition, over four million new CBE accounts have been opened since June 2020, bringing the total number of accounts registered at the Bank to 29.4 million.


Geda Special Economic Zone Receives Prospective Tenants

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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...