Issue 12: Taking on Giants & Data Privacy Acts

Hi,  

Welcome to the latest edition of Shega Weekly! We apologize for missing you last week, but here are the developments in Ethiopia's innovative ecosystem over the past two weeksWhile we have your attention, the Ethiopian Ministry of Innovation & Technology and iceaddis have partnered with Shega to survey the Ethiopian e-commerce ecosystem.As part of this initiative, a questionnaire has been created to gather data from e-commerce businesses operating in Ethiopia. If you own an e-commerce business, we would greatly appreciate it if you could take just 5 minutes to complete this questionnaire. Survey for Ethiopian E-Commerce Ecosystem Report 

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Data Privacy Bill Advances in ParliamentA bill that would grant the Ethiopian Communications Authority (ECA) sweeping control over data privacy is making its way through Parliament. According to The Reporter, the latest draft represents a significant revision of the data privacy laws proposed in 2020. Read More

Ethiopian Fintech Startup YaYa Wallet Secures Mobile Money LicenseYaYa Payment Instrument Issuer Share Company (YaYa Wallet) has obtained a mobile money license from the National Bank of Ethiopia. YaYa Wallet is the 4th Mobile Money License in the country after telebirr, Mpesa and Kacha. The fintech startup is now preparing for pilot testing to acquire a commercialization permit in the coming months. Read More

IFL Board Approves Enterprise Financial Facility (EFF) DesignThe Innovative Financial Lab Ethiopia (IFL) Board of Directors has approved the design of the Enterprise Financial Facility (EFF), a crucial component of the IFL. The EFF aims to mobilize capital and invest in micro, small, and medium-sized enterprises (MSMEs) through favorable loans, provide loan guarantee schemes, and de-risk lending through recoverable grants. Read More

CBE Wins BIC Ethiopia Competition The Commercial Bank of Ethiopia (CBE) has emerged as the winner of BIC Ethiopia's 2023 Finance Solution competition. The bank was recognized for its efforts in providing banking services to unbanked individuals and offering financial credit services to the pastoral community, backed by movable property. Read More

FSD Ethiopia Launches BimaLab Insurtech Accelerator to Foster Innovation in Ethiopia’s Insurance Sector BimaLab Insurtech Accelerator initially initiated by FSD Africa and later adopted by FSD Ethiopia with support from the Bill and Melinda Gates Foundation, aims to empower insurtechs and address the unique challenges faced by the Ethiopian insurance industry. Read More

Women-Owned MSMEs Drive Telebirr Adoption The adoption of telebirr, Ethiopia's mobile money platform, is gaining traction among women-owned micro, small, and medium-sized enterprises (MSMEs) in the capital city of Addis Ababa. Endashaw Tesfaye and Ariel I. Delaney, M.A., share their insights into this trend and the challenges faced by these businesses. Read More

Switch Operator Earns 41.4 million birr Premier Switch, a switch operator under a consortium of six commercial banks, netted 41.4-million-birr profits for the ended year. According to Fortune, this is a 165pc increment from the preceding year.

Orange Withdraws from Ethio Telecom Stake BiddingFrance's telecom giant Orange has decided to withdraw from the bidding process to acquire a potential 45% stake in Ethio Telecom. This development follows the Ethiopian government's recent cancellation of a second private telecoms license due to insufficient market interest. Read More

Here is what we've been reading:

Sri Lanka tech workers demand pay in dollars or euros after rupee crashesThis fintech is persuading wealthy Africans to turn idle cash into loans for startupsSports Illustrated is the latest media company damaged by an AI experiment gone wrongIf you are here because someone forwarded you this email, you can subscribe here to get future newsletters.