MTN Opts Out of Second Telecom Bid

Aug 14 , 2021

The MTN Group will not be participating in the second telecom license bid, its executives announced. It was one of the two bidders that were vying to get the first-ever private telecom license earlier this year. MTN was rejected after offering 650 million dollars, much lower than the 850 million dollar bid from the Safaricom-led consortium. Following the award of one of the two licenses to the consortium, the Ethiopian Communications Authority re-floated the bid this month after adjusting policy restrictions, such as the provision of mobile financial services. The ban that prevented foreign operators to involve in mobile banking services will be lifted, according to officials. The government of Ethiopia is also in progress to sell off a 40pc stake in the state-owned Ethio Telecom. It already called for an expression of interest a month ago, though it is yet to announce the number of interested bidders.


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...