Issue 145: Ethiopia's Bold Forex Bet

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In an extraordinary and historic turn of events, Ethiopia has liberated its foreign exchange market. The Birr’s exchange rate is now determined solely by market forces. Read more. 

This landmark decision will undoubtedly reshape the country's economic landscape. As a result, Ethiopia’s innovative ecosystem will face new challenges and opportunities.

As the nation navigates this new economic terrain, Shega will closely monitor developments and provide coverage of how these changes impact the innovative sector.

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Prime Minister Abiy Ahmed Ali (PhD), in partnership with the United Arab Emirates (UAE), has launched a nationwide initiative to train five million Ethiopian coders over the next three years. Read more.

The Commercial Bank of Ethiopia (CBE) reported a significant surge in digital banking transactions, totaling over 31.6 trillion Birr, which constitutes 72% of its total money transfers. The bank’s mobile banking service, CBE Birr, now boasts 12 million users. Read more.

Wegagen Bank, in partnership with Kifiya Financial Technology, has launched a new digital loan service, ‘Efoyta.’ Currently, two types of loans are active on the app, Efoyta Wase and Efoyta Melegna. Read more.

The growing EV market is giving rise to specialized repair shops, offering essential services as owners navigate the complexities of electric vehicle ownership. Read more.

Seven-year-old company Bandira AddisMap Enterprise (BAME) has launched a public transport route management app after comprehensively mapping out the capital's public transport network. Read more.

Garri Logistics, an Ethiopian mobility and logistics startup, has been named the Startup of the Year at the Regional Global Startup Award. The company will now represent the region in the continental competition. Read here.

Six Ethiopian startups have been selected to participate in the NINJA 2024 Accelerator Program. The selected startups are: Kabba Transport, Marakisoft Technologies Pvt. Ltd. Co, DrongoERP, FutureX Educational Consultancy, Tewos Technology, Waza Addis Trading PLC

Shega is offering a comprehensive Young Professional Program that allows you to gain hands-on experience, develop new skills, and contribute to impactful projects. Apply here. 

The World Food Programme (WFP) has launched its annual Innovation Challenge, inviting innovators and entrepreneurs to propose solutions that can improve the lives of people facing food insecurity worldwide. Apply here.