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Awash Bank bags net profit of 3.39 bln Birr
Spread the NewsAwash Bank, among the most profitable private banks in Ethiopia has reported a record high net profit of 3.39 billion Birr during the financial year of 2020/21 that was concluded in July 2021. The profit before tax was 4.8 billion Birr. The profit was not only a record high in the history of…

E-commerce faces security challenges
Spread the NewsBusinesses said lack of security in Ethiopia has been adversely affecting the success of e-commerce platforms. Addis Abeba Chamber of Commerce and Sectoral Associations organized a consultation with businesses focused on “Challenges and Opportunities E-Commerce in Ethiopia”. Deficiency of infrastructural facilities has been mentioned as among bottlenecks for the e-commerce businesses. Mainly, lack…

Safaricom Ethiopia holds digital Sim registration demonstration process
Spread the NewsSafaricom Telecommunications Ethiopia Plc (“Safaricom Ethiopia”) held a first demonstration of digital SIM registration process and a workshop on related policy matters with the National ID- Ethiopia (“NID”) and the Ethiopian Communications Authority on Tuesday. This is part of our preparations for commercial launch this year and follows the signing of a Memorandum…

City Cabinet approves 100 bln Birr budget for 2022/23 fiscal year
Spread the NewsThe Addis Abeba City Administration Cabinet has approved a budget of 100.05 billion Birr for the 2022–2023 Ethiopian fiscal year. The upcoming fiscal year will begin on July 8. The proposed expenditure plan was approved by the Cabinet during its eleventh regular meeting of its first term on Tuesday, June 28, 2022. Adanech…

Edible oil companies complain over lack of inputs, market chain problems
Spread the NewsThe Ethiopian Edible Oil Producers Manufacturing Industry Association said that lack of raw materials and complex market chain are the main challenges of their operations. The Association consists of more than 100 edible oil companies. Mohammed Youssouf, Vice Board Chairperson of the Association told Origins Media that major problems which are hindering productivity…

Cabo Verde became another state to deposit agreement establishing AfCFTA
Spread the NewsThe Republic of Cabo Verde became the forty-first (41st) State Party to deposit the instrument of ratification of the Agreement Establishing the African Continental Free Trade Area (AfCFTA). On behalf of the Chairperson, the Office of the Legal Counsel received the instrument from Secretary of State of Foreign Affairs and Cooperation of Cabo…