Ethio-Re Continues Profit Roll

Dec 25 , 2021

Ethiopian Reinsurance (Ethio-Re) netted 194 million Br in profits in the fiscal year ended June 2021, marking the third consecutive year the firm has enjoyed a positive performance. The figure shows a 15.5pc increase from the previous year. The majority of the profit was attained from the general insurance business, accounting for over 90pc. The firm's earnings per share (EPS) also saw growth to 22.52pc from 21.3pc registered in the previous year. The reinsurer's gross premiums grew by 1.1 billion Br, a 30pc jump from the previous year. It paid out close to 300 million Br in claims over the reporting period. Ethio-Re, which has 1.2 billion Br in equity, has seven banks, 12 insurance firms, and 80 individuals and associations as shareholders.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...