Taxi-Hailing Veteran Banks on Mobile Money

May 28 , 2022

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.


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

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


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...