Financial Institutions to Lease Data Centres from State Telco

May 21 , 2022

Four financial institutions have signed a memorandum of understanding with the state-owned Ethio telecom to lease space at its data centre in the Gola area of Addis Abeba. Zemen Bank, the fully-fledged interest-free ZamZam and Hijra banks, and Rays Microfinance will rent space at the operator's tier-three data centre inaugurated last year. The facility can host up to 800 servers and was built at a cost of 3.5 million dollars. Earlier this year, Wingu.Africa signed lease agreements with five companies in the banking and ICT industries for space at its data centre in the Ethio ICT Park in the outskirts of the capital. Wingu.Africa is among four multinational ICT firms to set up in the Ethio ICT Park, dubbed the "Ethiopian Silicon Valley", after signing agreements with the Ethiopian Investment Commission in late 2020.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...