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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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Awash Bank has reported that it has earned 5.58 billion birr gross profit for the 2021 / 2020 fiscal year. The bank’s deposit reached 107.7 billion birr which is the highest deposit for a private bank in Ethiopia.
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Cooperative Bank of Oromia has reported 2.39 billion birr gross profit for 2021 / 2020 fiscal year. The bank’s paid up capital has reached 4.6 billion which makes it one of the top capitalized banks in Ethiopia.
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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 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 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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Nyala Insurance introduces a new insurance line called ‘Le-mobile’ which is the first mobile insurance in Ethiopia.
In collaboration with Ethio telecom and SZM Engineering PLC, Nyala Insurance has launched the first of its kind insurance product in Ethiopia.
The Raxio Group, a premier pan-African data centre developer and Portfolio Company of US-based investment firm, Roha Group Inc., kicks off the construction of the first private certified Tier III carrier neutral colocation data center at the ICT Park in Addis Ababa.
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Nib Insurance, an 18-year-old firm, registered a remarkable leap in profit growth last fiscal year, netting 145.2 million Br, a 38.8pc increase from the previous year.
The massive expansion in profit pushed Nib’s earnings per share (EPS), net profit divided by the total outstanding shares, to grow by eight percent to 177 Br.
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Yimei Group has inaugurated its Chinese famous brand hotel IVY Hotel located around Haya Hulet area. The company has opened the chain of four-star hotels in Ethiopia which has 54 rooms, restaurants and GYM.
The company is planning to open eight more hotels with the chain of four star and five star hotels within the coming years targeting business people at affordable prices that are economical and redefine the middle-class hotels.
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| Currency (Code) | Buying Rate | Selling Rate |
|---|---|---|
 US Dollar(USD) | 45.8988 | 46.8168 |
 Euro(EUR) | 53.7704 | 54.8458 |
 Pound Sterling(GBP) | 60.0868 | 61.2885 |
 UAE Dirham(AED) | 11.3076 | 11.5338 |
 Saudi Riyal(SAR) | 11.0746 | 11.2961 |
