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Data Centre Breaks Ground at ICT Park

Jan 16 , 2021

Wingu.Africa, a data centre operator, broke ground at the ICT Park in Addis Abeba earlier this week in establishing the country's first Carrier-Neutral Hyperscale Data Centre. The facility is located on 15,000Sqm of land and will provide secure and fortified server hosting for companies providing content delivery networks, cloud and financial services. The company, which owns and operates a similar data centre in Djibouti, plans to build an additional centre in Adama city soon. An additional three companies, Raxio Data Plc, Red Fox Web Solution and ScutiX, have also managed to obtain data centre spaces at the ICT Park. The data centres, which are expected to create employment opportunities for over 250 people, will also avail customised applications to industries like telecom, banking and insurance. The government is also establishing a national data centre to be built by the Ministry of Innovation & Technology.

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Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...

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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...

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Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...

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