Business News


Abay Bank Launches Digital Payment Platform

Abay Bank, one of the youngest banks in the country, along with Atlas Computer Technology has developed a new payment platform that enables customers to make utility and other payments online through mobile phones.

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Hijira Bank’s Board Receive Approval

The National Bank of Ethiopia (NBE) has given the green light to the founding board of directors of Hijra, the second under establishment, full-fledged interest-free bank in the country. Issued on September 14, 2020, under the signature of Frezer Ayalew, director of banking supervision at the central bank, the letter approved the nomination of the 13 board members drawn from the academia, law, ICT, finance and business arenas.

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Social Security Agency(POESSA) moves to new 682 million birr HQ

The private employees’ pension fund agency is set to move to its new headquarters that was built for 682 million Br in the capital’s neighbourhood of Megenagna.

The Private Organisations, Employees & Social Security Agency (POESSA), which has been paying three million Birr in rent annually for its current premises, is scheduled to move to the new building next month.

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BGI and Habesha Breweries launch new products

BGI Ethiopia is set to introduce a new product, SEN’Q. This is to be a nonalcoholic malt beverage from one of Ethiopia’s biggest breweries of beer after it introduced a new dark brown beer, Doppel earlier this summer to the local market. Earlier this month, Habesha introduced Kidame beer in a direct competition to St. George, a light beer that is 4.8 percent alcoholic.

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State owned Enterprises (SoEs) revenue falls short of target

The State owned Enterprises (SoEs) have generated some 300 billion birr in revenues, 38 billion birr short from the targeted revenues while securing 55.66 billion birr in profits which as well short of the 70 billion birr in profit before taxes, set for the concluded Fiscal Year.

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Ethio telecom to launch mobile money

After series of negotiations and deliberations, the National Bank of Ethiopia (NBE) has finally given the greenlight to the national telecom company, Ethio telecom to start mobile money services.

Ethio telecom has submitted its application to the NBE asking for license to launch a mobile banking service in the country, last year. The management of Ethio telecom has been in talks with the central bank for more than a year. After marathon negotiations the regulatory body of the financial sector has given a nod to Ethio telecom to launch mobile money.

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Hossana Bank, a new private bank to be established

Hossana Bank S.C is a new bank under formation set to join the evergrowing banking sector. By organizing all of its capital, financial, technological, and human resources, the bank has reached the final stages of “under-formation” status and is awaiting finalization from the national bank.

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