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Raxio Data Centre Changes Guard

Jan 9 , 2024

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Raxio Data Centres appointed Degol Gossaye as its new General Manager of Raxio Ethiopia. Degol takes the leadership helm following the launch of a Tier III certified data centre in November 2023. His 18 years of experience in the financial services sector holding various commercial and leadership roles with stints at Ethio Lease, the first international financial services company and Sun Optical Technologies. The data centre is expected to address the quickly evolving needs of a vibrant business environment and public sector for dependable, always-on IT solutions. The facility offers secure colocation space for up to 800 racks delivering up to three megawatts of IT power.

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Central Bank, Global Alliance Partner to Enhance Sustainable

The National Bank of Ethiopia (NBE) recently hosted a high-level meeting with representatives from the Global Alliance for Banking on Values (GABV) and selected member banks in anticipation of the 17th GABV Annual Meeting scheduled in Uganda. The meeting convened commercial bank representatives from Ethiopia, alongside a delegation comprising six GABV members, including Centenary Bank and Opportunity Bank Uganda, Amalgamated Bank, Sunrise Banks, City First Bank, and Merkur Cooperative Bank. G...

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Commercial Bank of Ethiopia Adjusts Loan Interest Rates Amid Market Reforms

Commercial Bank of Ethiopia (CBE) has announced adjustments to its loan interest rates, effective March 7, 2025. Bank executives cited rising deposit mobilisation costs and the need to align with market standards as key factors influencing the decision, despite successful internal reforms that have reduced operational expenses. Executives noted that these adjustments are crucial for maintaining its competitive edge and ensuring the continued delivery of efficient services to its clientele. ...

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Chemical Corp Posts Substantial Revenue, Profit Growth in 1Q

The state-owned Chemical Industry Corporation recorded a revenue of 2.53 billion Br in the first half of the 2024/2025 financial year. The Corporation reported a profit before tax of over half a billion Birr, which marks a considerable 182.6pc increase compared to the same period last year. Company officials attributed the growth result to enhanced market reach, effective cost-cutting measures, and optimisation of plant capacity utilisation. Year-on-year revenue growth was noted across variou...

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