Private Company Joins Fintech Frenzy

Nov 26 , 2022

A fintech company, SantimPay Financial Institution S.C., finalised preparation to venture into the lucrative mobile money market next week after securing a permit from the National Bank of Ethiopia (NBE) two months ago. The digital payment system was the exclusive domain of financial firms, such as banks and microfinance institutions, before it was opened for private companies, attracting tech firms. SantimPay launched an online gateway platform after regulators at the NBE issued permits for private mobile money platforms two years after opening the financial sector to non-financial entities. Incorporated three years ago with a paid-up capital of 40 million, SantimPay launched a closed-loop gift card service cooperating with Birhan Bank, with 8,900 customers transacting over 43 million Br last year. At the launching event scheduled at Hilton Hotel, the company's managers will showcase their products in partnership with half a dozen banks: Abyssinia, Commercial Bank of Ethiopia (CBE), Bunna, Awash, Amhara, Birhan, and Telebirr.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...