Kush Bank Starts Selling Shares

May 2 , 2020


Kush Bank, a new under-formation investment bank, has started selling shares after getting a green light from the National Bank of Ethiopia (NBE). The under-formation Bank secured the green light from the central bank at the beginning of January and started selling the shares on March 23, 2020. The Bank is selling the shares through the Commercial Bank of Ethiopia (CBE), Cooperative Bank of Oromia, Awash, Oromia, Debub Global, Birhan International and Nib banks. The Bank is joining the burgeoning banking industry, which is witnessing the formation of over a dozen banks including Amhara, Goh Betoch, Jano, Zad, Ahadu and Zemzem Bank. Currently, Ethiopia has 16 private and two operational state-run banks.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...