FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Residents in Adama Get 5G Network

Nov 5 , 2022


[ssba-buttons]

Adama (Nazareth) town residents, 99km east of the capital, will receive faster Internet connection. Ethio telecom, the state-owned enterprise, launched a 5G networking service last week. Executives say they have achieved close to 97pc of coverage across the country, expanding earlier generation networks (3G and 4G), improving the network and upgrading earlier technologies. Adama is growing to be one of the industrial hubs primarily for textile and leather manufacturing. Over 80pc of digitizing the town will be accomplished by the end of the year. Making Adama a smart city is one of the projects incepted by the town's administration. The Engineering Corporation of Oromia has developed the design, which will be erected on 175hct of land, and incorporates healthcare facilities, smart mobility, and e-service providing government offices. The government is committed to developing 47pc of the plot, with private investors taking the rest. The 5G launch is part of the strategy toward making Adama a smart city. It will also facilitate e-government services provided by the town's administration. Ethio telecom has been testing the system after launching the 5G service in Addis Abeba over the past months. The network in Adama was launched in selected areas, such as the Adama Science & Technology University and hotels. Frehiwot Tameru, CEO of Ethio telecom, accompanied the town's Mayor, Hailu Jelil, and the University's President, Lemi Guta. The network reached up to 10Gb, enabling up to one million connections within one square kilometre. It is also hoped to help industries, facilitating real-time access to manufacturing plants, remote healthcare services and agriculture. Ethio telecom is working on expanding the services to 150 regional towns over the coming months.


Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...