Issue 109: Digital Insurance & E-branch

Hi, Welcome to Shega Weekly, your one-stop shop for all the latest news and developments in Ethiopia's innovative ecosystem. This week, we're covering a range of topics, from the launch of a new digital insurance service to the potential impact of EthSwitch's National Payment Gateway on local fintech startups.

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Ethio Telcom Launches Digital Insurance Ethio Telecom has launched a new digital insurance service on telebirr. The service will allow customers of 18 insurance companies to make third-party registration and renewal payments through telebirr. The service is expected to help insurance companies decrease operational costs, consolidate data management, and access up-to-date reports promptly. Read More

Safaricom Ethiopia to Invest Additional $2 Billion in the Next Two Years Safaricom Ethiopia is planning to invest an additional $1.5 billion to $2 billion in infrastructure over the next two years. This investment will be used to expand Safaricom's network coverage to 85% of the Ethiopian population. Safaricom is committed to reaching breakeven within the next two and a half years.   Read More

Awash Bank Announces E-Branch OpeningAwash Bank has inaugurated three digital branches in Addis Ababa and Adama. Equipped with a call center and video chatting features, Awash Bank customers can now access a variety of services 24/7 through the E-Branch, including withdrawals, deposits, and check cashing. Read more.

One Startup’s Vision for Seamless Adventures In recent years, Ethiopia has experienced a rise in domestic travel, with young travel enthusiasts increasingly exploring tourist attractions in different regional states. However, this sector encounters several challenges, and utentic, a travel-focused startup, is here to solve them. Read more.

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Ethiopia Bad for Business: Report Ethiopia ranked 119 out of 125 countries in the latest International Property Rights Index (IPRI). The country's low score is attributed to a number of factors, including a weak regulatory environment, a lack of transparency in the legal system, and political instability. These challenges make it difficult for businesses to operate in Ethiopia and discourage investment. Read More

Ethiopian Fintechs Brace for Impact with EthSwitch’s National Payment Gateway EthSwitch, officially introduced its National Payment Gateway, a product designed to serve as the foundation for online payments in Ethiopia. However, this has put some local fintech startups in a mode of panic, at least for the time being. Read More

Here is what we've been reading:

How Shein and TikTok Shop are trying to shake the ‘Made in China’ reputationZazuu, a payment marketplace for remittance services, has shut down‘I’ve never seen anything like this’: how OpenAI’s dramatic weekend unfoldedIf you are here because someone forwarded you this email, you can subscribe here to get future newsletters.