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- Issue 153: Big Moves
Issue 153: Big Moves
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Ethio Telecom has announced a substantial $1 billion annual budget for expansion. During the announcement, its CEO has also hinted at price adjustments.
The past week also saw major recognition for Ethiopia’s innovative ecosystem as two local businesses won awards, while 3 million African talents are poised to receive AI training.
Our round-up also includes the rise and fall of a Fintech startup and other exciting developments grab a chair and join us in exploring the latest news and trends shaping Ethiopia's innovative ecosystem.
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Ethio Telecom CEO Hints at Potential Tariff Revisions
In its annual budget announcement, Ethio Telecom CEO Frehiwot Tamiru hinted that the company may revise its tariffs. She added that the operator will introduce moderate price increases, considering customers' ability to pay; however, these adjustments will not apply to all customers. Read more.
Melika Bedri Replaces Melaku Kebede at EthSwitch Board of Directors
ZamZam Bank’s president Melika Bedri has been elected vice chair of the board of directors for the national switch, replacing the former United Bank president, Melaku Kebede. Read more.
Ethio Telecom Rolls Out $1 Billion Budget for Massive Expansion
Ethio Telecom, the state-owned telecom provider with 130 years of service, has unveiled a formidable budget of around $1 billion as it gears up to launch 260 new products and services in the coming year. Read more.
Ethiopia Debuts Tourism Satellite Account
Ethiopia has launched the first Tourism Satellite Account (TSA), which is vital to transform the tourism industry and gauge its contribution to the national economy, the Ministry of Tourism announced. Read more.
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Billionaire’s Son Fumbles Bag with Fintech Startup
SunPay Solutions, a fintech startup with close ties to the Sunshine Investment Group, one of Ethiopia’s biggest conglomerates, had its license revoked by the National Bank of Ethiopia (NBE) for a long list of violations. Read more.
CBE, Visa Join Hands
The Commercial Bank of Ethiopia (CBE) has signed a five-year agreement with payment giant VISA.
According to Fortune, the agreement is crucial for the implementation of international payments following the financial policy reforms made by the government. Read More.
Ethiopian Social Buying Platform ChipChip Secures 30 Million Birr in Grant
ChipChip, a social buying platform that connects customers directly to farmers, bypassing traditional supply chains and allowing group purchase has been awarded the 2024 Kofi Annan Award for innovation in Africa. Read more.
Ethiopian Fintech Company, Kifiya, Receives Global Product Innovation Award
Kifiya, an Ethiopian fintech firm, has won a silver medal for "Product Innovation of the Year" at the Global SME Finance Awards held in São Paulo, Brazil. This recognition makes Kifiya the first Ethiopian company to receive this honor. Read more.
African Development Bank, Intel to Train 3 Million Africans in AI
A new partnership between the African Development Bank and technology giant Intel aims to equip 3 million Africans with artificial intelligence skills. The initiative is expected to bolster the continent's technological capabilities and create new opportunities for economic growth. Read more.
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