Ethio Lease Receives 44 Tractors

Apr 25 , 2020


[ssba-buttons]

Ethio Lease, a subsidiary of Africa Asset Finance Company Inc, has received 44 tractors as part of the first equipment that will be distributed to farmers through the Agricultural Transformation Agency's (ATA) mechanisation centres. The company, which has already leased 13 tractors, signed a Memorandum of Understanding (MoU) with the Ministry of Agriculture and ATA in February 2020 to lease tractors to farmers. The collaboration is expected to reach over 60 centres and provide equipment worth 150 million dollars to be leased over the next three years. The tractors will be used by farmers that are unable to procure the tractors themselves. Ethio Lease, the first foreign-owned lease company in the country, operates by buying equipment and leasing it to customers with an option to buy the equipment from the company at the end of the lease period. The company became operational in August 2020 and buys equipment from abroad through its parent company and leases it to businesses in agriculture, healthcare, energy, food processing and manufacturing.


Radar

Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...


Radar

NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...


Radar

SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...