MasterCard Foundation Takes Root in Addis

Sep 7 , 2019


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

Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...


Radar

ROLLING CREDIT

Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...


Radar

SPREADING HORIZONS

Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...