Ethiopia Gets Local Angel Investors

Sep 27 , 2020

Addis Abeba Angels Network, the first local angel investors group, has entered the scene to invest in high-risk ventures to build an ecosystem of start-ups. The Network is founded by Shem Asfaw, an investor operating in Canada, Ethiopia and Kenya; Addis Alemayehou, chairperson of  Kazana Group; and Henok Assefa, founder of Precise Consult. Adam Abate, CEO of Paga Ethiopia, Joseph Kibur, founder and CEO of Yaya Investments, and Levi Girma, cofounder at Nest Ventures, are also members. The new angel investors have completed the first investment in Across Express, a tech start-up that aspires to change the transport and logistics sector using technology. The company provides delivery services through designated drivers. It also plans to modernise the freight booking and fulfilment procedures for mid and long-distance trucks.


Pivots in Business Maze

A set of projects spearheaded as part of ease of doing business reform with a 7.2 million euro finance from the European Union (EU) is set to improve and navigate the lingering concerns in Ethiopia's business landscape. E-governance projects are undertaken by GIZ International Services and Mckinsey & Company in cooperation with five federal agencies, including the Justice, Trade,  Innovation, Revenues ministries and National Bank of Ethiopia (NBE) are part of the wider plan to improve the d...


Dashen Bank Board Reinstates its Chair

Dashen Bank re-appoints Dula Mekonnen as its Board Chairman, extending his tenure for another three years. The decision was made during a board of directors meeting held at the Sheraton Addis Hotel last week. Dula holds a first degree in electrical engineering from the Adama Science & Technology University and a graduate degree in business management. With a diverse leadership background spanning three decades, Dula has served as a manager at Ethio-Leather Industry Plc and managed Wenji S...


Digital Fuel Transactions Soar Amid Subsidy Drop

Nationwide digital fuel transactions have exceeded the 155.4 billion Br mark, as the Ethiopian Petroleum & Energy Authority released a half-year report last week. Consistent reductions in fuel subsidies have led to the fuel price stabilisation fund hitting an all-time low of 117.4 billion Br, a decrease of 79.6 billion compared to the previous year. The report highlights the successful monitoring of subsidies across the country's 1,589 fuel stations, benefiting nearly 200,000 transporters...