Taxi-Hailing Veteran Banks on Mobile Money

May 28 , 2022


[ssba-buttons]

A taxi hailing industry leader has partnered with state-owned Ethio telecom to avail clients a new payment option. Ride's passengers can now use the telecom operator's Telebirr mobile money platform to pay for their trips. The agreement between the two companies also looks to onboard Ride drivers as salespeople for Ethio telecom. They will augment close to 700 sales centres operated by Ethio telecom by selling subscriber identity module (SIM) cards. Ride, co-founded by Samrawit Fikru as a subsidiary of Hybrid Designs Plc, began operations in March 2017 with a capital of 40,000 Br. It quickly rose to the forefront in Ethiopia's nascent ride-hailing industry. However, the company faces stiff competition in the form of Feres, which has gained significant market share since it became available for download in early 2020. Telebirr has garnered over 18 million users since it was launched a year ago.


Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...