State-owned Telco Fortifies Mobile App Security

Sep 18 , 2023

Ethio telecom fights back against mobile money fraud, restricting its Telebirr service to customers accessing their account exclusively from a sim card found in their mobile phone. The proliferation of digital devices has triggered an unprecedented outpouring of data where misuse is becoming rampant, stoking the demand for prudent regulation of the tech industry. The state-owned telecom announcement came after fraudulent reports have been on the rise amidst the holiday season. According to Getenet Fisseha, credit communication director, a rise in reports of customer accounts being accessed involuntarily prompted the move. "We had allowed the access for the sake of customer's convenience," Getenet told Fortune. Customers will not be able to log into the service from here on by merely using access to the internet instead having requiring verification via their phone numbers. In the last fiscal year, the telecom operator under Firehiwot Tamiru amassed annual revenues of 75.8 billion Br while its Telebirr application with over 34.3 million subscribers transacted 679.2 billion Br. Ethiopia stands on the cusp of a transformative journey towards digitisation filled with immense opportunities and significant challenges. In navigating this landscape, creating an environment where data is both respected and responsibly harnessed will be pivotal. In the absence of a robust digital policy that balances an open data ecosystem with the need for privacy and security.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

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Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...