City Ushers East African Finance Summit

Jun 17 , 2023

The sixth annual East African Finance Summit took place last week, bringing together several players in the financial sector. Vice Governor of the central bank, Solomon Desta heralded Ethiopia's financial sector as being on a positive trend by indicating that the 109 financial institutions in the country had managed to amass 32 trillion Br in assets. He disclosed that independent regulation of the insurance companies is under development. With the impending entry of foreign investment in the local banking sector, Solomon advised commercial banks in attendance to 'get ready for consolidation'. The directives to govern the entrance modality of foreign banks are currently being worked on. Richard Keller, managing director of Genesis Analytics, cautioned Ethiopian private banks to get ready for intense competition from non-banking companies that provide mobile money operations by comparing the case of M-Pesa, which collects more in transaction fees than Kenyan commercial banks combined. He highlighted the underdevelopment of Ethiopia's insurance sector by indicating its meagre 0.3pc contribution to the country's GDP. Keynote speaker Brook Taye (PhD), Director General of the Ethiopian Capital Market Authority (ECMA), said they would be issuing service provider licenses in two months.



A street lamp around Addis Abeba Stadium melds into the concrete backdrop emblematic of the capital's ageing infrastructure. Over the past few years, Ethiopia's electric grid has been subject to destruction and theft, subjecting the public treasury to hundreds of millions in losses. Nearly half of the country's population does not have access to electricity. A series of projects by the World Bank has contributed to the slight but essential upgrade to the nation's grid, including a 500 million do...



A trio of donkeys drag along the main road in front of Menlik School around the Arat Kilo area. While the four-legged domestic animal is a venerated member of the Ethiopian labour force, its skin and meat are increasingly valued in the international markets. Rhong Chang, a donkey slaughterhouse operating in Assela Town, Oromia Regional State reopened its services after a seven-year break two years ago. Public outroar has often accompanied the entrance of donkey abattoirs into Ethiopia since anot...



A bustling market emerges under a bridge in the boroughs of the Bole Michael area. Addis Abeba City Administration has launched a series of aesthetic initiatives embalmed in themes of beautification and urbanisation that have removed thousands of shops built with makeshift tents. Above a quarter of Addis Abeba's labour force is engaged in the informal economy, which while often associated with connotations of illegality, remains a sizeable employer in emerging economies across the world. Calibra...