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- Issue 157: Money Moves
Issue 157: Money Moves
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Prime Minister Abiy Ahmed has officially launched Ethio-telecom's Initial Public Offering (IPO), unveiling 100 million ordinary shares. Following this historic milestone for the country's capital market, conversations in the past week have been centered around it.
Meanwhile, Safaricom has expanded its M-PESA Global service to Ethiopia, while Hijra Bank introduced a Sharia-compliant digital financial platform, HalalPay.
Other notable stories that broke out last week include the signing of a MoU for potential cross-listing between Ethiopia's and Kenya's stock exchanges, as well as a deep dive into Hamster Kombat, the viral Telegram-based crypto game,
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Safaricom Expands M-PESA Cross-Border Transfers into Ethiopia
M-PESA Kenya has expanded its International Money Transfer (IMT) to Ethiopia. Customers will now be able to send money from Kenya to Ethiopia via M-PESA Global. Read more.
Historic Milestone Sees Ethio Telecom Unveil 100 Million Shares
In a historic milestone for Ethiopia’s capital market landscape, the formerly fully state-owned telecom has unveiled 100 million shares to the public in the country’s first initial public offering. Read more.
Securities Paperwork, Registration To Go All-Digital Ahead of ESX Launch
Led by newly appointed director general Hana Tehelku, the Ethiopian Capital Market Authority (ECMA) has published a draft ‘Dematerialization of Private Securities’ directive to leave behind an outdated paper-based securities documentation system in favor of a modern electronic depository. Read more.
Hunting the Hamster: Ethiopia's Youth Tap Out on Crypto
How Hamster Kombat, a viral Telegram-based crypto game, had Ethiopians ‘working’ for tokens and dreaming of big payouts that ultimately failed to live up to the hype. Read more.
Ethiopia’s Central Bank Pulls Back Fees From FX Spreads Sparking Industry Wide Trims on ‘Posted’ Rates
Commercial banks are narrowing their posted FX trading spread by nearly a fifth in tandem with new guidelines by the central bank. Read more.
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Toyo Solar to Begin Construction on 2GW Solar Cell Plant in Ethiopia
Japanese solar manufacturer Toyo Solar is set to break ground on a new 2GW solar cell plant in Ethiopia this November. The facility, located in Hawassa, is expected to begin production by the end of the first quarter of 2025 with an expected annual production capacity of two gigawatts. Read more
SantimPay Launches Fundraising Platform
SantimPay, a financial solutions provider, launched a fundraising platform, SantimFundMe, at the Hilton Addis Hotel on Thursday. Read more.
Ethiopia, Kenya Agree to Potential Cross-Listing of Companies on Exchanges
Ethiopia’s maiden securities exchange has signed a Memorandum of Understanding (MoU) with its Kenyan counterpart and the i-Capital Africa Institute that will potentially allow cross-listing of companies on both exchanges. Read more.
Ethiopia's Coffee Exports Hit Historic High
Ethiopia earned over $519 million from coffee exports in the first three months of the 2024/25 fiscal year, marking not just a strong start but a historic quarterly record. Read more.
How Maleda Craft is Weaving Trash into Fashion
Maleda Craft, a three-year-old social enterprise, is recycling its way into fashion by turning plastic waste into vibrant handmade bags, shoes, and rugs. Read more.
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