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Private Telecom Enters an Alliance with State-owned Bank


Private Telecom Enters an Alliance with State-owned Bank

Topping up services for Safaricom customers using Commercial Bank of Ethiopia (CBE) USSD, Mobile application and CBE Birr USSD options are up free of service charge. The state-owned bank which boasts 1.2 trillion Br in assets and 1880 branches will have access to Sa-faricom's digital infrastructure along with assistance in other financial technologies. President of CBE, Abe Sano signed the agreement with the CEO of Safaricom Ethiopia, Anwar Soussa in a bid to foster "a mutually beneficial long-term journey", at an event held at the headquarters of CBE last week. Safaricom is the only foreign company in Ethiopia which offers telecom service aside from state-owned Ethiotelecom which still has the bulk of the market share. The Kenyan-based telecom operator entered the Ethiopian market last year to a customer base stripped of alternatives. Safaricom has within the last month entered into partnerships with other private banks like Awash Bank and the Bank of Abyssinia.

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Radar

Federal Prosecutors Accuse Public Officials, Contractors of Corruption, Alleged Illicit Fund Transfers

Federal prosecutors have filed corruption and money laundering charges against 11 defendants, including Nigstu Bogale, Coordinator of the Development Project for Response to the Impact of Refugees in the Horn of Africa at the Ministry of Agriculture, Biniyam Fantaye and Taye Habte, senior irrigation engineers involved in the Development Response to Displacement Impacts Project (DRDIP-II), as well as private individuals and construction company representatives. The case alleges losses and illicit...


Radar

EIH Transitions to New Headquarters as It Oversees Major State-Owned Enterprises

Ethiopian Investment Holdings (EIH) is relocating its headquarters from its current site on General Wingate Street. The former headquarters was located behind the Ministry of Industry and near Abrehot Library. The new office is expected to be on Mozambique Street, along the route from Mexico Square to Bulgaria Road. The building belongs to one of EIH's subsidiaries, and all departments are set to move there as interior design and finishing works continue. Under the leadership of Brook Taye...


Radar

Import Substitution Push Lifts Domestic Manufacturing, Industrial Recovery

A push for import substitution and industrial expansion has prioritised 96 strategic products for local manufacturing. The “Ethiopia Tamirt” initiative reports 4.85 billion dollars in savings, supported by trade fairs linking local producers to domestic and international markets. On average, 700 new projects enter the market annually, contributing to more than 2,800 investments over four years. At the grassroots level, 18,000 SMEs have been established, while 993 dormant factories have...