Ride Readies for Djibouti Market Entry

Jul 2 , 2022


One of the Ethiopia's leading taxi-hailing services is set to enter the market in Djibouti. Incorporated as a subsidiary of Hybrid Designs Plc with SamrawitFikru as a co-founder in 2017, Ride has been among the biggest names in a rapidly growing industry. Last week, the company announced it had finalised preparations to begin offering services in the neighbouring coastal country. This is not the first time Ethiopian ride-hailing companies have announced plans for expansion into other African countries. Platforms like Catch taxi and ZayRide had previously shared similar goals, with Catch operating in Kenya for a few months before it withdrew, while ZayRide's aspirations failed to materialise. Last month, Hybrid Designs lost a copyright infringement lawsuit against ZayRide's parent company.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email