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Central Bank Awards Second Payment Operator License

Central Bank Awards Second Payment Operator License

The National Bank of Ethiopia (NBE) has awarded Sunpay, a fintech firm, a payment operator license. The firm can now embark on its operations as a Point of Sale (POS) and payment gateway operator. Part of the Sunshine Investment Group, best known for its flagship construction company, Sunpay was incorporated last year with 100 million Br in initial capital. The figure is considerably higher than the central bank's minimum threshold of 10 million Br in paid-up capital for POS operators and three million Birr for gateway operators. Two weeks ago, the central bank had issued the first payment operator license to ArifPay. The state-owned Ethio telecom became the first non-financial institution to win a payment instrument issuer license from the central bank last year for its Telebirr mobile money platform.

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Leather Industry Struggles to Meet Expectations

The struggling leather industry managed a little over 33 million dollars in export earnings over the first 10 months of the financial year. It is less than half of officials' aspirations to generate 69 million dollars over the same period, and highlights the troubles faced by the industry over the past few years. Exports from finished leather goods plunged 72pc last year from three years ago. Only eight finished leather manufacturers accounted for 89pc of last year's export earnings, sh...

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Corporation Calls on Suppliers for 200,000tn Sugar Procurement

Executives of the Ethiopian Sugar Corporation have taken steps to procure 200,000tn of sugar from international suppliers. The Corporation had invited shortlisted companies to submit offers, after an attempt to procure the sugar through an international tender went awry. However, officials at the Ministry of Finance instructed its executives to scrap the invitation and proceed to float a second bid. The shortlisted suppliers have also been invited to take part in the bidding process. T...

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Youth in the National Theatre area are waiting for the bus to start moving. They have found a handle to grab and accelerate them ones its starts moving as they ride their skateboard. Although skateboarding is nearly unheard of in Ethiopia, over the past few years, young people have developed a taste for it. Safety, though, leaves a lot to be desired...

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