Business News


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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Nyala introduces insurance for smart phones

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.

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Raxio breaks ground on its tier III data center

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 Nets 145ml br profit for 2020/2019 budget year

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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Chinese IVY Hotel located around 22 mazoria Inaugurated

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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Lucy Insurance Earns 9.5ml birr net profit for 2020/2019 f.y

Lucy Insurance reversed the profit decline it faced two years ago and netted 9.5 million Br in profits over the last fiscal year, a 51pc growth from the previous year. Its earnings per share (EPS) have also risen by 47pc to 75 Br.

Two years ago, the firm’s profit and EPS dwindled due to stagnant gross written premium, an increase in commission payments, a surge in claims and rising expenses. During the period in question, Lucy’s profits dropped by almost 20 million Br to 6.3 million Br.

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Ethio-Eelecom Expands 4G coverage to Oromia Regional Cities

Ethio-telecom announced the launch of its Long Term Evolution (LTE)/4G services to cities in the Oromia region that are close to Addis Ababa.

The advanced LTE expansion of the sole telecom provider covers cities including Adama, Bishoftu, Mojo, Dukem, Gelan, and Awash Melkasa areas in ten sites, where the company said there is high mobile data traffic and surge in demand.

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Ministry of Innovation and Technology to implement USD 200 million digital project

The Ministry of Innovation and Technology (MiNT) finalized its preparations to implement an Ethiopian digital foundation project worth USD 200 million. It aims to boost Ethiopia’s competitiveness in the digital sector through increased inclusion and affordability of digital services and digital job creation.

The World Bank has already given a green light and is expected to wholly finance the project, while the Ministry has met the preconditions needed during the implementation period.

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Products and Services in Ethiopia

Date: Jun 11, 2021
Currency (Code)Buying RateSelling Rate
US DollarUS Dollar(USD)43.332444.1990
Pound SterlingPound Sterling(GBP)61.085762.3074
UAE DirhamUAE Dirham(AED)11.795912.0318
Saudi RiyalSaudi Riyal(SAR)11.553811.7849
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