Issue 163: Fraud, Fuel & Digital Predators

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Last week was a whirlwind of news in Ethiopia. NBE has released its second Financial Stability Report, revealing how banking fraud and cybercrime cost the nation over 1.3 billion birrs in the past year. Another policy paper predicts that recent currency reforms could lead to a three-percentage-point drop in GDP growth and a 10% increase in inflation. Meanwhile, the IMF is close to approving a $251 million loan, while a severe fuel shortage is crippling life in the Amhara region.

Other notable developments include the opening of Deloitte office in Addis, Kuramo Capital's selection to oversee a $100 million fund, and a draft law to ban single-use plastics. Additionally, the agriculture sector is daring innovation through local mechanization startups, while an analysis looks into the question of data in EdTech.

Shega has also published a six-month-long investigative piece unveiling a disturbing reality of revenge porn in Ethiopia.

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Ethiopia's banks are becoming increasingly vulnerable to cyberattacks, insider threats, and fraud, resulting in over 1.3 billion birrs in losses, in the past year says the National Bank of Ethiopia (NBE) in its second Financial Stability Report.  The report highlights key trends in banking sector performance, credit growth, and systemic risks. It also addresses external debt sustainability, inflation dynamics, and foreign exchange pressures. Read more.  

A six-month Shega investigation reveals a growing black market, with over a dozen Telegram channels profiting from leaked intimate content of Ethiopian women. Warning: This story contains details that some readers may find disturbing. Warning: This story contains details that some readers may find disturbing. Read more.

The International Monetary Fund (IMF) is close to approving a 251-million-dollar loan to Ethiopia, applauding "progress in the economic reforms," which saw the exchange rate shift toward a market-determined regime. Read more.  

The Council of Ministers has approved a draft law to ban the import and production of single-use plastic materials. Read more.

The Innovative Finance Lab has appointed Kuramo Capital Management, a New York-based investment management firm to spearhead the $100 million Enterprise Financing Facility (EFF) initiative. Addis Alemayehou and Hilina Z. Resom, of Kazana Fund, have also joined the EFF as local general partners. Read more.  

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For many who work in EdTech, the scarcity of data and comprehensive research is a familiar challenge that hampers the effectiveness, accessibility, and scalability of their solutions. Read more. 

The Amhara region is grappling with a severe gasoil shortage, forcing the regional government to impose a weekly quota system. This fuel scarcity has made it increasingly difficult for drivers to obtain fuel from gas stations, with black market prices soaring to 200 birr per liter. Read more.

As Ethiopia embraces mechanization in its agricultural sector, a few enterprises have dared to experiment with unique product offerings. One such example is Dukan Machineries, which offers locally made mills, threshers, animal feed processors, and incubators at affordable prices. Read more. 

A new policy paper published by the Ethiopian Economics Association (EEA) predicts a three-percentage point drop in GDP growth and a 10-percentage point rise in the inflation rate over the coming months. Read more.

Deloitte the first entity to secure a securities investment advisor license to start operating in Ethiopia’s upcoming capital market back in April 2024, has officially opened its office in Addis Abeba. Read more.