World Bank Arm to Acquire $160m Stake in Safaricom Ethiopia

Sep 10 , 2022


The International Finance Corporation (IFC), an arm of the World Bank Group, has announced plans to acquire shares valued at 160 million dollars in Safaricom Telecommunications Ethiopia Plc. The acquisition would make the IFC the third-largest shareholder in Safaricom Ethiopia, following Kenya's Safaricom and the Japanese Sumitomo Corporation. Vodacom Group and British International Investment (formerly CDC Group) also hold shares in the venture. The telecom operator launched large-scale pilot commercial services in Dire Dawa town a few weeks ago, more than a year after it acquired the country's first private telecom license after bidding 850 million dollars. Safaricom Ethiopia executives took the pilot to Haromaya town, Oromia Regional State, last week. They say they plan to expand the network to 25 urban areas by April next year.


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Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...


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ROLLING CREDIT

Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...


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SPREADING HORIZONS

Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...