Pioneer Fintech Tightens Grip on Digital Finance

Aug 26 , 2023

Small and medium enterprises (SMEs) foresee collateral-free credit and microloans through the private money platform Kacha Financial Technologies which partnered with a couple of commercial banks to facilitate the service. The agreement with Nib Bank and the newly branded Global Bank of Ethiopia (GBE) envisions developing platforms for international transfers and digital saving schemes in the next five years. Kacha caps the momentous ceremony off at the Hyatt Regency Hotel on Africa Avenue (Bole Road), with another agreement its executives signed with the LendTech Group, a global technology company that provides proprietary technology to control a customer’s entire lifecycle from qualification to funding status. The CEO, Abraham Tilahun, championed the transformative role of digital financial tools to improve access to finance and expressed his intention to have Kacha play a role in the digital payment strategy spearheaded by the federal government.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...