Issue 133: Capital Injection & Concrete Foundation

HelloWhile the past week may have been slow for startups, it was far from dull. Ethiopia's innovative ecosystem saw massive announcements, including the $100 million partnership between Kifiya and Mastercard Foundation and the launch of a securities printing facility at a cost of $55 million. 

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Government Backed Digital Wallet to Include New Options For Fuel PaymentsOfficials in charge of reforming the Ethiopian fuel market are preparing to launch an application that enables drivers to use Safaricom’s M-PESA and other digital payment platforms provided by banks to pay at gas stations. Read More.

Mastercard Foundation, Kifiya Partner on $100 Million Initiative to Unlock Finance for MSMEs in EthiopiaThe Mastercard Foundation, in partnership with Kifiya Financial Technology, has launched a $100 million program that aims to make uncollateralized digital credit the new normal for micro, small, and medium enterprises (MSMEs). Read More.

Ethiopia Weighs on Safaricom Kenya’s Strong Annual Outcome 

Safaricom Group Plc reported lower-than-expected annual profit due to losses from its Ethiopian unit in its first full year of operation. However, the company's Kenyan unit's operating profit jumped 20% to $1 billion. Read More.

Meet the Businesses Turning Waste into Opportunity in Addis AbabaResearch indicates that the waste Addis Ababa produces is projected to double by 2030. However, a growing number of enterprises are seeing this challenge as an opportunity, viewing waste as a valuable resource rather than a burden. Read More.

Safaricom Ethiopia Open to Listing on Ethiopian Securities ExchangeSafaricom has expressed openness to listing Safaricom Ethiopia on the Ethiopian Securities Exchange in the future. Read More.

$55 Million Investment to Empower Ethiopia with Security PrintingToppan Gravity Ethiopia (TGE), a joint venture formed between the Ethiopian government and Japanese conglomerate Toppan Gravity, has kicked off the construction of a security printing facility in Bole Lemi Industrial Park. Read More.

Ethiopian Embassy Links Diaspora to Fund Local Startups via BantabaThe Embassy of Ethiopia in Sweden, in partnership with Bantaba, a platform connecting African startups with the diaspora, is working to mobilize funding for local startups from the Ethiopian community in the Nordic region. Read More.

Here is what we've been reading:

Identity company, Seamfix, raises $4.5 million in first funding round to expand outside NigeriaWriters and publishers in Singapore reject a government plan to train AI on their workMicrosoft is launching its mobile game store in JulyIf you are here because someone forwarded you this email, you can subscribe here to get future newsletters.