MasterCard Foundation Pledges 24.8m Br

Jun 7 , 2020

The MasterCard Foundation's COVID-19 Recovery & Resilience Programme has committed 24.8 million dollars for emergency support to micro and small-sized enterprises and start-ups. The programme, Mastercard Foundation MSE’s Resilience Facility, will be implemented and monitored between the Mastercard Foundation, the Jobs Creation Commission, a government institution advancing employment and job creation, and First Consult, a firm specialising in economic development in Ethiopia. The programme is primarily aimed at ensuring that MSEs remain solvent and retain their employees. It also aims to create work opportunities following COVID-19. It is expected to prevent 24,000 MSEs from closing and to prevent the loss of jobs for over 50,000 employees. Three financial institutions will also be partnering with select MSEs based on their vulnerability and provide collateral-free loans and increase the adoption rate to digitally-based microcredit. The creation of the facility is in line with the Foundations Young Africa Works strategy, which aims to enable 30 million young people in Africa, 10 million of whom are in Ethiopia, to access dignified and fulfilling work over the next 10 years.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...