Ride Readies for Djibouti Market Entry

Jul 2 , 2022


[ssba-buttons]

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

Amendment Expands Access for Foreign Traders

Foreign participation in Ethiopia's wholesale, retail, import, and export trade sectors has come under renewed focus as the Ethiopian Investment Board(EIB) approved a significant amendment to Directive No. 1001/2016  in its meeting on May 23, 2025. The amendment, proposed by the Ethiopian Investment Commission(EIC), focuses on refining the legal framework governing foreign investment in these sectors. The decision is part of a broader strategy to enhance the country's appeal as an investment...


Radar

NBE Sets Four Percent Ceiling on Foreign Exchange Fees

The National Bank of Ethiopia (NBE) issued a new foreign exchange market directive on May 20, 2025, that caps commercial banks' forex service fees at a maximum of four percent. Banks are instructed to adapt competitive, transparent, and streamlined pricing for all forex-related services. Effective May 26, 2025, total charges for purchasing foreign exchange whether for imports, service payments, or cash note purchases must not exceed the newly set limit. The directive also prohibits banks f...


Radar

SantimPay Launches Zero-fee Digital Remittance Platform

SantimPay has rolled out FrankRemit, first fully integrated, zero-fee digital remittance platform, in partnership with Bank of Abyssinia(BOA). The service smoothly connects all commercial banks and major mobile money providers, including Telebirr, M-Pesa, and CBE Birr which is a first of its kind in the country. FrankRemit is expected to revolutionise how the Ethiopian diaspora sends money home. Developed locally and tested over the past two weeks with successful transfers from multiple count...