Despite Swell of Transactions, Eth-Switch Declares Loss

Dec 29 , 2018

Eth-Switch S.C, a consortium of all banks established to integrate the national electronic payment system, reported 14.4 million Br in losses in the last financial year. This is the second year in which the company reported losses since it became operational in 2015. The financial statement of the company cites a loss, as the higher value was deducted as depreciation, according to Yilebes Addis, the new CEO who joined the company almost two months ago. “If the value wasn’t recorded as depreciation, it would show a profit,” he said. In the past fiscal year, the company made 14.6 million in transactions valued at 6.2 billion Br. Two years ago the values were 7.7 and 2.9 billion Br, respectively. “Our focus during this fiscal year will be on transactions made by Point of Sale (PoS) machines,” Yilebes told Fortune. Currently, there are 3,127 ATM terminals, of which 1,451 belong to private banks, with the remainder belonging to the Commercial Bank of Ethiopia, servicing five million cardholders.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...