Switch Operator Executives Aspire 3b Br Capital

Mar 18 , 2023

Shareholders of EthSwitch decided to raise its capital to three billion Birr in the next five years during the general assembly held at Sheraton Hotel last week. Chaired by Solomon Desta, the National Bank representative, company executives plan to float some of the equity to new financial technology companies. The national switch operator has reported 221 million Br in gross profit last year, registering a growth of 153pc from the previous year. EthSwitch provides a domestic card scheme with Ethiopia ATM card services co-branding with banks. It has partnered with nearly a dozen banks, enabling customers to issue transactions from any bank. Under Yilebes Addis, the company generated 329.8 million Br in revenues last year, facilitating transactions worth 171 million Br. Several commercial banks and the central bank established the company in 2019, with 80 million Br capital. With commercial banks participating in the Post-of-Sale (POS) interoperability service as both acquirers and issuers, transactions accounted for close to 16pc of the total 2.3 million worth 62.18 billion Br last year, climbing by 230pc compared to the previous year.


Ministry Ponders Tax Waivers for Rural Energy Solutions

Tax exemptions for off-grid energy technologies like solar pumps and mini-grids are under discussion, spearheaded by the Ministry of Water & Energy. Commonly used by rural households, officials disclose their simultaneous plan to develop 300 mini-grids in the next six years. According to Birhanu Weldu, the lead executive of rural energy technology development, the initiative tackles the country's low electrification rate and reliance on charcoal and firewood. Charcoal, fuel wood, and...


Rural Land Proclamation Comes to Light

A landmark legislation that grants title holders in rural areas the right to use the property as collateral was unanimously ratified by Parliament last week. It primarily focuses on extending access to finance for farmers and pastoralists, through a structured land title system. It also introduces criminal penalties for the illegal transfer of property. Replacing the 18-year-old proclamation for rural land management, the law sentences individuals engaging in land invasions and unauthoris...


Ethiopian Unveils $50m Domestic Terminal Renovation

With a rising demand for domestic travel, Ethiopian Airlines has renovated its terminal at Addis Abeba Bole International Airport with 50 million dollars to handle customers. The expanded terminal has doubled its previous size to 25,750Sqm and accommodates 200 daily flights to and from 22 domestic destinations. It includes four contact gates, 10 remote departure gates, 22 check-in counters with automated baggage screening systems, shops and restaurants. The terminal also features a dedica...