Issue 169: Wegagen Steps Up & Ethio Telecom Stays Open

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Ethiopia launched its securities exchange on Friday, with Prime Minister Abiy presiding over the inauguration. The exchange, a key milestone in the Home-Grown Economic Reform Agenda (HGER), marks a significant step for the nation. Wegagen Bank positioned itself as a pioneer by becoming the first company to be listed on the Ethiopian Securities Exchange (ESX) after fulfilling the required listing criteria.

News from the past week also includes the ratification of a bill that enables authorities to seize assets acquired through “unexplained means”,  the enactment of a new directive setting standards for EV charging stations, and an in-depth exploration of the pivotal role of fair competition in advancing Ethiopia's financial inclusion endeavors.

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A new insight report on Ethiopia’s startup landscape reveals the concentration of funding in a few standout firms while the ecosystem combined has a total enterprise valuation of $302 million. Read more.

A new directive setting technical standards, licensing requirements, and safety measures for electric vehicle (EV) charging stations has been approved. Drafted by the Petroleum & Energy Authority (PEA), it aims to ensure the quality of energy supply and the safety of charging stations and accelerate the adoption of EVs. Read more. 

The idea that competition drives quality is especially relevant in the digital financial services (DFS) sector. Healthy competition benefits customers by fostering innovation, improving efficiency, lowering costs, expanding choices, and enhancing service quality.

However, despite reforms enabling fintechs and non-bank entities to participate in the market, challenges such as unfair trade practices, government favoritism, and limited competition are seen in the emerging scene. Read more.

Ethio telecom has announced a five-week extension for the public offering of its 10% stake with the new deadline set for February 14, 2025. Read more.

A high-octane bill that enables authorities to investigate and seize assets acquired through “unexplained means” was ratified with three objections by Ethiopia’s parliament. Read more.

A judge at the Federal First Instance Court has placed an injunction order on the Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA), freezing plans by President Mesenbet  Shenkute and other members of senior management to hold elections during an upcoming general assembly. Read more.

Skills.et, an online platform dedicated to connecting Ethiopian freelancers, has successfully raised a Seven-figure ETB in a seed round from Venture Addis. Read more.

BIT Mining, a leading Chinese Bitcoin mining company, is expanding its operations beyond Ohio by acquiring a 51-megawatt mining facility in Ethiopia. Read more.

Hasset, a new streaming platform developed by Heaven's Echo Music School enables Ethiopian gospel artists to monetize their works while offering audiences a contemporary source for spiritual content. Read more.