French Firm Invests in Local Logistics Company

Dec 19 , 2020

CEVA Logistics, a part of the French shipping giant CMA CGM Group, has taken a step forward in its expansion into the African market after acquiring a minority stake in MACCFA Freight Logistics, a long-standing freight company headquartered in Addis Abeba. The move comes following CEVA's acquisition of a controlling share of AMI Worldwide, a third-party logistics provider with an extensive network in East and Southern Africa, earlier this year. "This new Joint Venture further consolidates our position in the Horn of Africa and will enable us to persevere in our intention of supporting Africa's socioeconomic emergence," said Bruno Plantaz, a managing director from CEVA. Operating with an estimated 78,000 employees and over 1,000 facilities in more than 160 countries, CEVA Logistics offers a broad range of services in contract logistics and freight management. The move is hoped to bring modern and value-adding logistics solutions to the country and support economic reform, according to Mulugeta Assefa, MACCFA chairman. Established 25 years ago, MACCFA operates with six offices and customs locations across the country. It operates two road corridors: Addis Abeba-Djibouti and Kombolcha-Djibouti.


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...