Central Bank Nods to Telebirr Credit Services

May 28 , 2022


Regulators at the National Bank of Ethiopia (NBE) have given the go-ahead to Ethio telecom to launch a proposed micro-loan and credit scheme through its Telebirr mobile money platform. The state-owned operator has been launching a slew of products and services in recent months, ahead of pending competition from Safaricom Ethiopia Plc, which won an operators' license after bidding 850 million dollars last year. Earlier this month, Ethio telecom began piloting pre-commercial 5G network services. It also recently launched an online retail platform. Telebirr has facilitated transactions valued at close to 10 billion since it was launched last May. Safaricom Ethiopia was expected to begin commercial operations last month, but has yet to do so.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email