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Most profitable Ethiopian Private Insurance Companies for 2021/2020 budget year

A number of private insurance companies in Ethiopia have reported their unaudited gross profits for the 2021 / 2020 G.C (2013 E.C) budget year which ended on June 30, 2021 G.C (ሰኔ 2013). We have estimated the profit of the remaining insurance companies by carefully analyzing previous year growth, current year’s performance as well as other key factors. The following table will be adjusted whenever new and verified information is available.

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Annual FDI Earning of Ethiopia Reaches 3.9 billion USD

The Ethiopian Investment Commission (EIC) revealed that the country has managed to attract over USD 3.9 billion in Foreign Direct Investment (FDI) during the Ethiopian fiscal year that ended on July 8, 2021.

The USD 800 million telecom license fee paid by the international consortium Safaricom to enter the Ethiopian market as the first telecom service provider accounts for the larger portion of the annual FDI drawn.

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Paid-up capital Requirement for banks in Ethiopia raised from 500mln birr to 5bln birr

The National Bank of Ethiopia (NBE) has directed new entrants to the banking industry to increase their paid-up capital to 5 billion birr 7 seven years.

Currently, 20 banks are under-formation, another four are waiting for an approval from the NBE.

Except for Amhara Bank, which has collected six billion birr paid-up capital prior to its general assembly, almost all new entrants have sold shares worth below one billion Birr

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EthSwitch to Launch Instant Retail Payment Settlement

EthSwitch S.C., the national switch operator for the banking industry, is set to roll out several digital payment solutions that will introduce new features. The company has been providing solutions to banks and microfinance institutions since its establishment in 2011, pioneering ATM and POS interoperability in the country.

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Sunpay Solutions s.c, sister company of Sunshine Investment Group gears up for entry to the Ethiopian Digital payment Landscape

Sunpay solutions S.C gears up for entry to the Ethiopian Digital payment Landscape to offer a payment system with an initial capital of 100 Million Birr. The Company plans to contribute to the growth of digital payment in Ethiopia and promote financial inclusion across the country with a focus on enabling a better, seamless and secure customer experience. Sunpay Solutions, a sister company of Sunshine Investment Group, has developed its own digital payment platform “sunpay” by well-skilled individuals from the fintech industry which is set to launch the service in July 2021.

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Products and Services in Ethiopia

Date: Dec 07, 2021
Currency (Code)Buying RateSelling Rate
US DollarUS Dollar(USD)48.100249.0622
EuroEuro(EUR)54.396555.4844
Pound SterlingPound Sterling(GBP)60.993462.2133
UAE DirhamUAE Dirham(AED)11.849912.0869
Saudi RiyalSaudi Riyal(SAR)11.603511.8356
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