Microfinance Turned Bank Embarks on Securities Exchange Investment


Microfinance Turned Bank Embarks on Securities Exchange Investment

Siinqee Bank has taken a significant step towards the realisation of the inaugural securities exchange by making a 50 million Br equity investment in the Ethiopian Securities Exchange (ESX). The agreement was signed last week between Neway Megerssa, president of Siinqee and Tilahun Kassahun, CEO of Exchange, at the Bank's headquarters on Tito St. Siinquee Bank, which transitioned from a microfinance institution to a full-fledged bank, has rapidly expanded its branch network, reaching 530 branches across the country in less than two years. As part of the deal, it becomes a five percent stakeholder in the paid-up capital of ESX, with the minimum equity investment set at 10 million Br. The equity investment in ESX follows a broader trend, with Zemen Bank being the first private commercial bank to invest in the exchange with a 47.5 million Br purchase last month. An initial 275 million Br was raised from four state-owned enterprises under Ethiopia's sovereign wealth fund, Ethiopian Investment Holdings and FSD Africa. Neway Megerssa highlighted the opportunity presented by the launch of capital markets, emphasising its potential to boost savings, increase capital, and enhance overall efficiency. He also noted that the establishment of capital markets would contribute to increased competitiveness among financial institutions.


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Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


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Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

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Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...