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Dec 26 , 2020

Zemen to Launch Mobile Banking Solution

Zemen Bank is set to launch its new mobile banking application, which will enable individuals and corporate customers to transfer payments and check balances, in early February 2021. The mobile ban...

Dec 26 , 2020

Task Force Emerges to Reinvigorate Investments in Tigray

A task force made up of six members from the Ministry of Trade & Industry has been set up to assess the cost of damage to businesses in Tigray Regional State due to the recent conflict. Establishe...

Dec 26 , 2020

Zemen Insurance Debuts with Decent Profit

Zemen Insurance, the latest entry in the insurance business, netted 18.3 million Br in profit during its first year of operations. The profit was mainly generated from investment activities. With a...

Dec 19 , 2020

STRICTLY FEDERAL

Agegnehu Teshager (centre), president of the Amhara Regional State, peeks past his counterpart in Oromia Regional State, Shimelis Abdisa, and Yinager Dessie (PhD), governor of the National Bank of Eth...

Dec 19 , 2020

EU Support for Logistics, Health Suffers Conflict Consequences

Planned projects to develop a logistics corridor to Eritrea and Djibouti are bound to suffer delay, after the European Union (EU) decided to hold up disbursements of financial aid due to concerns in B...

Dec 19 , 2020

Committee Arises to Facilitate Ethio-Djibouti Trade

A new committee composed of members from the Ethiopian and Djiboutian transport authorities has been formed to facilitate freight and shipping logistics between the two countries. The Committee was in...

Dec 19 , 2020

Banks to File Movable Asset-Based Financing Report

The National Bank of Ethiopia (NBE) has required all the commercial banks to submit a quarterly report that shows the amount of loans and advances they approved and disbursed against movable property...

Dec 19 , 2020

Investment Commission Forms Unit to Resolve Dispute

The Ethiopian Investment Commission (EIC) has launched a new complaint system that will be handling grievances from investors in a standardised manner. The grievance management procedure aims at ensur...

Dec 19 , 2020

Hibret Bank Augments Profit, Capital

Hibret Bank, which changed its name last year from United, performed well during the past fiscal year, registering 893.9 million Br in net profit, an 18.8pc growth from the previous year. Yet its earn...

Dec 19 , 2020

Jimma, Guji to Receive Export Coffee Preparation Facilities

An export coffee preparation facility is being set up in Jimma and West Guji Zone in Oromia Regional State. Constructed by Kerchanshe Trading, one of the largest producers and exporters of coffee in t...

Dec 19 , 2020

Zemen Brings in Outsider Help for Mag't Strategy

Zemen Bank has joined the ranks of commercial banks that have contracted external consultants to overhaul their management strategies. Zemen has hired PricewaterhouseCoopers East Africa (PwC) to desig...

Dec 19 , 2020

Electric Grid Distribution Code Draws to Close

A new code that has been in the making for two years to regulate the national electricity distribution grid code has reached the final stage of legislation. A team at the Ethiopian Electric Authority...

Dec 12 , 2020

HUMANITARIAN TIT-FOR-TAT

The calls for an immediate cessation of active fighting have gradually become muted, as has the Tigray People's Liberation Front (TPLF), whose forces the federal government has been engaging since ear...

Dec 12 , 2020

Loan Directive Emerges for Damaged Investments

The National Bank of Ethiopia (NBE) has started the process of drafting a directive to set up loan schemes for redressing investments damaged due to instability. The central bank began the directive f...

Banks Start Issuing International Debit Cards to Travelers

All of the commercial banks can now issue foreign currency debit cards to travelers, according to a new circular issued by the National Bank of Ethiopia (NBE). For the past two years, the state giant...

Dec 12 , 2020

Eth-Switch Achieves Profit Second Year in Row

Eth-Switch S.C., the operator of the national electronic retail payments switch, netted 24.3 million Br in profit over the last fiscal year, a 93pc rise from the preceding year. The company, which had...


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