Issue 183: EV Dreams & Fintech Feats

Hello

In the past week FinTech Investment, a business which came to the spotlight hyped by social media personality Mensur Jemal, announced an ambitious plan to supply 20,000 BYD electric vehicles (EVs) to the Ethiopian market over the next five years, while Chapa Financial Technologies ranked third at the Supernova Challenge 2.0 during GITEX Africa in Marrakech, Morocco, accessing $20,000 in equity-free funding.

Meanwhile, Africa to Silicon Valley (A2SV), a tech nonprofit that upskills promising students and links them to international tech jobs, plans to close its Addis Ababa offices and relocate to Kigali, Rwanda, after a fallout with landlord Abrehot Library.

Our round-up of news also includes : Kenya and Ethiopia signing a Memorandum of Understanding (MoU) to facilitate cross-border trade under the African Continental Free Trade Area (AfCFTA); the Federal Housing Corporation signing an agreement with Austria's Baumit Group to introduce advanced 3D construction printing technology to Ethiopia; a visual by AKOFADA on 'How Much It Costs to Send Money and Withdraw Cash in Ethiopia and more.

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FinTech Investment has announced plans to supply 20,000 BYD electric vehicles (EVs) to the Ethiopian market over the next five year. The company has already delivered 250 EVs and is preparing to import an additional 258 units from Djibouti. Read more.

Africa to Silicon Valley (A2SV), a well-known tech nonprofit that upskills promising students and links them to international tech jobs plans to close its Addis offices and move to Kigali, Rwanda. Read more.  

Ethiopian fintech startup, Chapa has achieved third place at the Supernova Challenge 2.0 during GITEX Africa in Marrakech, Morocco. The company was awarded $20,000 in equity-free funding, recognizing its innovative contributions to digital finance. Read more.

Kenya and Ethiopia have signed a Memorandum of Understanding (MoU) to facilitate cross-border trade under the African Continental Free Trade Area (AfCFTA), establishing a 1,000 US dollars trade threshold for goods at the Moyale border. Read more.

Digital financial services are transforming how Ethiopians move money through mobile banking, mobile money, and other innovations. But how affordable are these digital channels compared to semi-digital and traditional in-person banking services, such as ATM withdrawals and branch services?

Our latest visual under AKOFADA (Advancing Knowledge on Financial Accessibility and DFS Adoption) breaks down 𝗛𝗼𝘄 𝗠𝘂𝗰𝗵 𝗜𝘁 𝗖𝗼𝘀𝘁𝘀 𝘁𝗼 𝗦𝗲𝗻𝗱 𝗠𝗼𝗻𝗲𝘆 𝗮𝗻𝗱 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄 𝗖𝗮𝘀𝗵 𝗶𝗻 𝗘𝘁𝗵𝗶𝗼𝗽𝗶𝗮 helping stakeholders and policymakers understand the true cost users pay when adopting digital services. Lower fees can unlock greater access, especially for underserved communities. Visit DFS Hub Ethiopia to download the high-resolution visual: https://digitalfinance.shega.co/insights/infographics

The Federal Housing Corporation has signed an agreement with Baumit Group, a leading Austrian construction technology company, to bring advanced 3D construction printing technology to Ethiopia. Read more.

Holidays are when most people spend restful days celebrating with family and friends. However, for some ride hailing drivers in Addis Ababa the festivities are the busiest of workdays. Read more.

An agreement between Nib Bank, Nib Insurance, and ride-hailing company Yango allows drivers to access insurance services with premiums settled through weekly trip bonuses. Read more.  

The Federal Technical and Vocational Training Institute (TVTI)'s Center of Excellence for Engineering is spearheading a move towards advanced manufacturing, announcing plans to establish a smart manufacturing unit and integrate virtual reality (VR) into welding training by 2027. Read more. 

Eman Begena, an Ethiopian school and manufacturer of traditional musical instruments, has resurrected the ancient strings of Begena as a tool in musical therapy. Read more. 

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. Read more.  

A dozen Ethiopian startups cracked the top 40 in the first manufacturing technologies (Manutech) cohort of the $1 billion timbuktoo initiative from 640 applications across Africa. Read more.

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