Central Bank Green-Lights Oromia Bank President

Jun 7 , 2020

The National Bank of Ethiopia (NBE) has approved the appointment of Teferi Mekonnen as president of Oromia International Bank. The board of directors of the Bank sent the application to the regulatory bank on March 7, 2020, following the departure of Abie sano, who was appointed to lead the Commercial Bank of Ethiopia (CBE). Abie departed Oromia after serving the Bank for almost 11 years. Teferi holds a first degree in accounting and a second degree in business administration from Addis Abeba University. he has worked in the banking industry for the past 22 years at CBE, Wegagen and Oromia banks in different capacities. Teferi, who served Oromia for the last nine years, served as founding director of risk management and compliance, vice president for corporate support and the latest vice president for credit and international banking. While working at the Bank, he established the Risk Management & Compliance Department and played an instrumental role in realising the current headquarters acquisition, renovation, furnishing and relocation.


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...