Zemen Insurance Profits Soar Despite Turbulent Market

Oct 14 , 2023


[ssba-buttons]

Executives of Zemen Insurance heralded remarkable growth during the annual general assembly at the Grand Eliana Hotel, Churchill Road. The three-year-old Company amassed a 45 million Br gross profit and a 325 million Br gross written premium collection, with motor insurance making up three-quarters. The CEO, Endalkachew Zeleke, hinted that management is developing new policies to meet the ever-changing needs of their customers. Zemen was established with a paid-up capital of 79 million Br and grew by 14pc to reach 149 million Br. During the year, the workforce grew by 24 employees to a total of 118 across 21 branches, and net claims jumped to 68.2 million Br from 15.4 million Br last year. While assuring shareholders that the company's management team is developing strategies to ensure that Zemen remains competitive, Melaku Azezew, the board chairman, cautioned shareholders that the opening of the financial sector to the global market was a concern that needed constant attention. Meanwhile, Girma Seyefu, vice chairman of the board of directors, commended the company's management team for their remarkable leadership, which had seen significant growth despite numerous challenges. He noted the upcoming fiscal year includes drafting a strategic plan, acquiring a headquarters building, and expanding the branch network.


Radar

Milkii App Disburses 25 Million Br in Collateral-Free Loans in Two Months

Oromia Bank's new collateral-free digital lending app, Milkii, has disbursed 25 million Br in loans without requiring collateral. Of this, 16 million Br has already been repaid, generating 1.4 million Br in revenue within just two months. Developed in partnership with Quantum Technology PLC, the app plans to make lending more accessible and inclusive, aligning with Oromia Bank's contribution to the Digital Ethiopia initiative. According to a press release, Milkii promotes financial inclusi...


Radar

Ethiopia Partners with UK to Ease Shipping Bottlenecks

The Ethiopian Freight Forwarders & Shipping Agents Association (EFFSAA) and the British International Freight Association (BIFA) signed a memorandum of understanding (MoU) on May 27, 2025, at Hilton Hotel Addis Abeba, to address skills gaps, customs delays, and corridor inefficiencies in the freight and logistics sector. The partnership focuses on technical cooperation, training, and regulatory reform. With over 90pc of trade dependent on the Djibouti corridor, rising congestion, customs...


Radar

Education Authority Sanctions Mishqen College for Rule Violations

The Education & Training Authority has issued a decisive directive last week, mandating legal action against Mishqen College for persistently defying regulatory orders and unlawfully continuing to offer higher education services. Mishqen College had previously been licensed to conduct undergraduate distance learning programs across multiple regions from 2019 to 2022. However, after serious regulatory breaches, the institution was ordered to cease all instruction, complete pending academic...