Oromia Insurance Makes Historic Payout to Farmers


Oromia Insurance S.C. facilitated a 39 million Br payout in claims to Amhara Regional State farmers who suffered crop losses due to pest and drought. The initiative involved key stakeholders including the World Food Program (WFP), the Agricultural Transformation Institute (ATI), Pula Advisors, Agriculture and Finance ministries, and German development organisations. Spearheaded by Pula Advisors, the program has reached over 122,000 smallholder farmers, providing insurance against climate risks and diseases. With an ambitious target of 7.5 million farmers, the project offers comprehensive initial coverage, focusing on crucial inputs like fertiliser. Dagmawi Haile, Pula's Country Manager, anticipates expansion into Oromia and Tigray regional states in the coming year. He said the initiative has the potential to improve insurance penetration in Ethiopia's agricultural sector, which currently contributes less than one percent to the GDP. "As more farmers participate, premiums will decrease," he told Fortune.


Radar

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...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

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...