Ministry Raises 2.2b Br for Social Security

Oct 10 , 2020

A total of 2.2 billion Br was raised from social security during the first quarter of this fiscal year, according to the Ministry of Labor & Social Affairs, which has widened its reach and registered 1,592 private companies to cover social security costs for 17,838 employees. The Ministry was also able to issue a work permit for 5,841 non-nationls and generated 7.8 million Br from the service during the reporting period. It is also working on digitising the process of giving work permits in collaboration with the Ministry of Innovation & Technology. "We're working on improving the minimum wage in the country," said Ergoge Tesfaye (PhD), minister of Labour & Social Affairs, during the briefing held last Friday, October 9, 2020. The decrease in foreign employment due to the Novel Coronavirus (COVID-19) pandemic and inability to reach the targeted number of homeless and vulnerable people for rehabilitation were some of the challenges faced by the Ministry during this time.


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...