Ethiopia Kicks Off a Milestone Capital Raise for Securities Exchange

The Ethiopian Securities Exchange (ESX), the country's first stock exchange, has commenced its capital raise, marking a significant step in Ethiopia's financial history. The launch event, named "market sounding and capital raises short roadshow," was held at the Sheraton today, attended by a host of executives from banks and corporate entities, including Abie Sanu, president of the state-owned Commercial Bank of Ethiopia (CBE). Ahmed Shedie, minister of Finance, presided over the proceedings. An important stakeholder in this venture is Ethiopian Investment Holdings (EIH), a sovereign fund wit...

Safaricom M-Pesa Secures Historic License, Challenging Ethio Telecom's Monopoly

Safaricom M-Pesa Financial Service Plc, a subsidiary of Safaricom Telecommunications Ethiopia (Safaricom Ethiopia), has been granted a mobile money service license by regulators at the Ethiopian central bank. This marks a significant milestone, as it is the country's first license issued to a foreign private company. The historic entry of Safaricom Ethiopia disrupts the century-long monopoly held by state-owned Ethio-telecom in the telecommunications market. The central bank's decision to allow Safaricom M-Pesa aligns with its objectives to promote financial inclusion and innovation within t...

Ethiopia's Central Bank, FinTech Firms Join Forces to Boost Financial Inclusion through MSMEs