FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Local Firm Buys Into Data Centre

Jan 31 , 2021


[ssba-buttons]

WebSprix, an Ethiopian private internet service provider, has made a significant minority investment in Wingu.Africa's Ethiopian subsidiary. WebSprix, which previously completed a data centre installation project for Bank of Abyssinia, was established in 2011. The two companies are working closely together on their expansion plans to support the development of critical ICT infrastructure in Ethiopia, focusing on shrinking the digital divide, according to Anthony Voscarides, Wingu co-founder and CEO. Wingu.Africa, which broke ground on the country's first carrier-neutral hyper-scale data centre earlier this month, received 15,000Sqm of land at the ICT park in November 2020. East Africa’s first carrier and cloud-neutral data centre group, Wingu has a data centre in Djibouti that has been operational for 10 years. It plans on opening an additional data centre in Adama in the future. An additional three companies, Raxio Data Plc, Red Fox Web Solution and ScutiX, have also managed to obtain data centre spaces at the ICT Park.


Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...