Issue 151: Bill in Town

Hello

Prime Minister Abiy Ahmed rolled out the red carpet for tech titan Bill Gates, who made a brief visit to the country last week. Through his foundation, Gates has played a significant role in the establishment and ongoing support of the Agricultural Transformation Insititute in Ethiopia. 

Beyond agriculture and health, Gates has been involved in promoting financial inclusion, gender equality, and education in Ethiopia.

During his whirlwind trip, Gates met with agricultural stakeholders, toured poultry farms, and had high-level discussions with key government officials, including Yodahe Zemichael and Governor Mamo Mihretu.

This week's roundup also includes financial initiatives by the NBE to attract remittances, currency swap agreement, new fintechs making an entrance, and other updates on the innovative landscape.

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Dashen Bank, in partnership with EagleLion System Technology and Mastercard, has introduced a new online payment service called "GetFee - Pay By Link". This service allows customers to make secure and convenient online payments using Mastercard, Visa, and American Express cards. Read more.  

Ethiopia and China have reached a currency swap agreement, allowing trade in Ethiopian Birr and Chinese Yuan, according to Finance Minister Ahmed Shide. Read more. 

Yagout Pay Financial Technology, a local fintech firm, is stating it’s importing 10,000 POS (point of sale) machines. The first 1,000 machines have already been brought into Ethiopia. Read more. 

In a bid to streamline the capital's fragmented parking system, currently managed by 350 youth unions, Addis Ababa's Traffic Management Authority is introducing digital parking tickets in the Ethiopian New Year. Read more.

In a spirited financial gathering, the National Bank of Ethiopia (NBE) has launched a national portal designed to streamline the process for Ethiopians in the diaspora to virtually open bank accounts in both local and foreign currencies. Read more.  

Capping more than a year of collaboration, Ethiopia’s policy bank, the Development Bank of Ethiopia, has partnered with the Ministry of Labor & Skills to disburse 43 million dollars in youth entrepreneurship and Small and Medium Enterprise (SME) support. Read more.

The Ethiopian Electric Utility has announced a rolling increase in power tariffs over the next four years as part of a comprehensive power sector reform.

Quarterly increments averaging 10% will be progressively applied, with the first round slated for next month. This will result in EEU customers facing an average power utility cost increase of 400% by 2028. Read more. 

A local startup, just a year old, is aiming to transform the Ethiopian advertising industry with a platform that connects ad space owners with potential advertisers. Read more.