Safaricom, Abay Bank Form Strategic Alliance to Integrate Services

Aug 26 , 2023

Amid M-Pesa mobile money takeoff, Abay Bank strikes a deal to integrate digital money transaction services with Safaricom Ethiopia. It allows both M-Pesa's and Abay's customers to access the services of the bank while the 1.5 million mobile money customers will also be able to transfer finance from their account to the M-Pesa wallet. The agreement will be signed between Yehuala Gessese, president of Abay Bank, and Paul Kavavu, interim general manager of Safaricom Ethiopia, this week at the Bank's headquarters, Jomo Kenyatta Street. Yonas Yimenu, the bank's agent, merchant & fintech manager disclosed that the service will pave the way to extend its services to a larger segment of the population. He indicated that the Bank had chosen to work with the private telco for its skilled human resources and well-integrated technology. "We aim toward financial inclusion," he said.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...