Issue 164: ESX & Climate Cash

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The anticipation surrounding the launch of the Ethiopian Securities Exchange has been a hot topic for quite some time. But finally, the long-awaited moment seems to have arrived. The Ethiopian Securities Exchange (ESX) has received its license as the country's first official securities exchange, a final necessary step as the country's securities exchange market prepares to launch in the coming week.

Meanwhile, Climate Investment Funds has approved a $500 million investment to restore degraded land and combat climate change in Ethiopia, while BIT Mining announced an agreement to acquire $14.28 million worth of cryptocurrency mining assets in Ethiopia.

Our roundup also includes the expansion of a Somaliland digital booking startup to Ethiopia, a partnership between three Horn African countries to establish a terrestrial fiber-optic network, concerns over the recent birr crunch, an audit report exposing inefficiencies in passport services, and more. Enjoy.

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The Ethiopian Capital Market Authority has granted a license to the Ethiopian Securities Exchange (ESX), paving the way for a regulated securities market in Ethiopia. ESX has also received a license to operate an Over-the-counter (OTC) market. Read more.  

SantimPay Financial Solutions, a prominent player in Ethiopia's emerging fintech scene, reported gross profits of 86 million birr in a year marked by significant product milestones. Read more.

Climate Investment Funds will back a $500 million plan to help drought-prone Ethiopia restore degraded land and bolster food security. CIF has approved a $37 million investment & expects to mobilize $492 million in co-financing from other investors, including the World Bank and African Development Bank. Read more.  

Hafide, a digital bookkeeping platform based in Somaliland, has expanded to Ethiopia. By launching in Ethiopia, the company aims to streamline financial management and empower SMEs with tools to drive economic growth, tapping into a market where traditional bookkeeping remains prevalent.  Read more. 

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Ethio telecom, Djibouti Telecom, and Sudatel Telecom have signed a Memorandum of Understanding (MoU) to launch the Horizon Fiber Initiative that aims to establish a terrestrial fiber-optic network connecting Djibouti, Ethiopia, and Sudan. Read more. 

Members of the European business lobby representing nearly 185 investors in Ethiopia said a crunch for local currency has transpired following Ethiopia’s transition into a market-based exchange regime. Read more. 

BIT Mining Limited has announced an agreement to acquire cryptocurrency mining assets in Ethiopia, valued at $14.28 million. The company will acquire 51 megawatts of mining data centers and 17,869 Bitcoin mining machines, expanding its global operations and increasing its mining capacity. Read more.  

Delays in passport issuance, unauthorized penalties, and even poor sanitation at bathrooms were highlighted in a post-audit parliamentary review of Ethiopia's Immigration & Citizenship Services. Read more.

Nib bank has joined forces with the US-based technology giant Mastercard to unveil a virtual pre-paid payment card. Dubbed "Nib Mastercard," the digital offering responds to the growing demand for flexible payment solutions. Read more.  

A recent report by Boston Consulting Group classified Ethiopia as an "AI emergent" nation in its AI Maturity Index 2024, highlighting the country's challenges and prospects. Read more.