Digital Payment Scramble Heats Up

Mar 27 , 2021

The new buzz in the private sector is to enter the digital payment-gateway market. Last week, Sunpay Solution S.C. joined 13 private companies applying for licenses to become operators. The digital retail payment industry has seen a flurry of activity ever since the central bank issued a directive last year allowing non-financial institutions to provide payment operators and instrument issuer services, privileges previously only allowed to banks. Part of the Sunshine Investment Group, best known for its flagship construction work, Sunpay expects to receive permits from the central bank and launch its "Sunpay" digital payment platform later this year. Founding shareholders of the company held their first general assembly last week in the Marriott Hotel, gearing up to enter the digital banking arena with an initial registered capital of 100 million Br. It is double the amount required by law. Its founders have also announced that it plans on working as a switch operator in the near future. "We're excited about joining the growing retail payment sector," said Etsub Alemayehu, representative of the company.


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...