Issue 160: Devaluation Bites & Google Play Opens Up

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In the past week, Safaricom Plc reported an 18% decline in first-half profits, largely due to the devaluation of the Ethiopian Birr, which has plummeted over 50% against the US dollar. Meanwhile, a comprehensive Science, Innovation & Technology (STI) roadmap is nearing completion, aiming to improve Ethiopia's innovation ranking. Additionally, Hong Kong-based West Data Group has commenced construction on a 20MW Bitcoin mining facility in Wolaita, while MOENCO has partnered with BYD to distribute electric and hybrid vehicles in the country.

Our weekly roundup also includes a report indicating a decline in AgTech investment growth across Africa, a partnership between Hodler Investments and China's GCL Energy to develop AI data centers in Ethiopia, the opening of Google Play Developer Console registration for Ethiopians, and an in-depth analysis of how evolving customer support can spur inclusive DFS adoption.

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Safaricom Plc, Kenya’s biggest company by market value reported an 18% decline in first-half profits due to the devaluation of the Ethiopian Birr. This currency depreciation, exceeding 50% against the US dollar, impacted Safaricom's net income which fell to 28.1 billion shillings ($218 million).

The company estimates a loss of approximately 17.5 billion shillings directly attributable to the currency devaluation. Read more.

In Ethiopia’s growing digital finance landscape, inclusive and responsive customer service isn’t just a feature—it’s essential for bridging the access gap, particularly for women in underserved communities.

Without thoughtful design and transparency, support systems could unintentionally reinforce barriers that prevent millions from fully engaging with digital financial services. Read more.

MOENCO, a subsidiary of Inchcape Plc, has partnered with BYD to become the official distributor of the latter’s electric and hybrid vehicles in Ethiopia. Read more.

A comprehensive Science, Innovation & Technology (STI) policy document spanning 13 years of implementation throughout Ethiopia has reached its final rounds of consultation. Read more.

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A recent report by Briter Bridges highlights significant changes in the Agritech investment landscape across Africa in 2024. Following a peak of rapid growth in 2022, the sector experienced a downturn in 2023, establishing a new norm characterized by increased deal flow but reduced funding amounts and fewer active commercial investors. Read more.

Construction of a 20MW Bitcoin mining facility has broken ground in Wolaita, Sodo city in Southern Ethiopia, by the Hong Kong-based data center service provider West Data Group. Read more.

Google Play has started accepting registrations from Ethiopian developers, a move that is expected to give a significant boost to the country's digital economy. The move means that Ethiopian developers can now publish their apps directly on Google Play, the world's largest digital platform, and showcase their innovative ideas to a global audience. Read more.

Hodler Investments, a Dubai-based firm, has partnered with China's GCL Energy Investment to develop AI data centers in Ethiopia, utilizing flared gas and other wasted energy sources. Read more.