Microfinance Hatches with 21m Br Capital

Oct 22 , 2022

A microfinance institution (MFI) has made its official debut in the industry with 21 million Br paid-up capital. AKUFADA Microfinance Institution joined last week 45 of its peers, aspiring to expand its branches to 50. AKUFADA is a name derived from a traditional leather lunch box used by 'Kolo Temari' - students that travel far from home, for studies in church scholarship. The micro-finance institution aims to provide credit services to students who need financial support. Headquartered in Debre Birhan, 130 km from the capital, the Institution opened its doors for service on October 22 with the motto 'Success in Action.' Incorporated seven months ago with six shareholders, AKUFADA mobilized 33 million Br in subscribed capital from 1,886 shareholders. Kasahun Degefu, who served as a second man on the founding committee, has been appointed to run the Institution.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...