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.


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...