European Commission Approves Consortium Entry

Sep 10 , 2021

The European Commission (EC) has cleared a joint venture between Safaricom and Vodafone for entry into the Ethiopian telecom market. The Commission initially announced its plans to scrutinise the entrance over competition concerns. In a statement made last week, the Commission said the Global Partnership for Ethiopia consortium did not pose any threat to fair competition, clearing the way for Vodafone to join its partners. Firms operating within the European Union require mandatory clearance from the watchdog for a range of activities, including acquiring other businesses and setting joint ventures in other markets they operate in. The Safaricom-led consortium was awarded the first-ever private telecom license in Ethiopia in July 2021, after offering 850 million dollars.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...