Lion Insurance Joins Exchange Investment Pool

Apr 1 , 2024


[ssba-buttons]

Lion Insurance Company S.C. has joined the growing roster of investors in the Ethiopian Securities Exchange (ESX), marking a pivotal shift for the insurance industry. The company signed a deal to acquire a 10 million Br stake in the ESX, following in the footsteps of Zemen and Hibret Insurance who invested 20 million Br and 30 million Br respectively. The signing ceremony saw Abraham Mersha, CEO of Lion andTilahun Kassahun, CEO of ESX. This investment by Lion Insurance demonstrates the confidence of the insurance industry in the future of the ESX. It is a crucial step towards finalising ESX's capital raise, marking a significant moment for Ethiopia's capital market launch.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...