MasterCard Foundation Takes Root in Addis

Sep 7 , 2019


[ssba-buttons]

Ethiopia signed an agreement with MasterCard Foundation that enables it to open a branch office in Addis Abeba. The agreement was signed between State Minister for Foreign Affairs Markos Tekle (PhD) and Alemayehu Konde, MasterCard Foundation Ethiopia Representative, on September 6, 2019. “I’m happy by the decision of the Foundation to open its branch office in Addis Abeba,” said Markos. “The opening of the office will contribute its share for the achievement of the plan set by the Ethiopian government to empower women and youth.” “Ethiopia is one of the ten strategic nations selected by the Foundation for financial and technical support in the areas of agriculture, manufacturing, tourism and other sectors,” said Alemayehu. About 70pc of beneficiaries of the employment opportunities will be women, he said. Headquartered in Toronto, Canada, MasterCard Foundation is a global foundation established by MasterCard in 2006.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...