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Court Orders Ayka to Pay 6m Br to Amibara

Feb 15 , 2020

The Federal High Court ordered Ayka Addis Textile Investment Plc to pay six million Birr of debt it owes to Amibara Agricultural Development Plc. The Court ordered the company to pay the value for cotton transactions the duo made between 2009 and 2016. Though the Court has summoned Ayka to present its defence, representatives of the company did not show up. Amibara Business Development Plc, a company that is engaged in the agricultural development business, had been supplying cotton to Ayka Addis for around eight years. Ayka, which has been declaring losses since 2013, is also unable to service 2.9 billion Br of debt from the Development Bank of Ethiopia (DBE), which repossessed it last year. DBE's Ethio Capital Investment S.C. is currently running the company. The company, which used to have 7,000 employees, ceased operations over the past couple of months.

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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...

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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...

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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...

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