Issue 184: Financial Tangos

Hello

In the past week, Wegagen Bank partnered with Visa to implement the Visa CyberSource payment gateway. Meanwhile, Ethio Telecom announced that it sold only 10.7% of its shares in its IPO, raising 3.2 billion Birr from over 47,000 investors. The telecom provider also partnered with Siinqee Bank to launch a 15 billion Birr device financing program.

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Wegagen Bank has partnered with Visa to roll out CyberSource, a global e-commerce payment system, unlocking online trade and secure money transfers for its customers. Read more.  

Six months after launching Ethiopia’s first IPO, Ethio Telecom sold just over 10.7 million of its 100 million shares, raising 3.2 billion birr from over 47,377 investors. Read more.

Boeing has confirmed Ethiopia as the location for its new African headquarters, ending speculation that Kenya or South Africa might host the strategic expansion. Read more.  

Kenya’s economy is set to surpass Ethiopia’s to become East Africa’s largest this year, the International Monetary Fund said, after the birr was devalued. Read more.  

Have you ever come across global or continental startup reports on Ethiopia, only to find that the numbers and insights just don’t quite add up?

Often, the reported funding amounts for Ethiopia fail to reflect the true capital flowing into businesses and lack the nuance needed to capture what’s really happening on the ground.

The consequences go far beyond underreporting investments; they risk deterring potential investors by portraying the Ethiopian startup ecosystem as stagnant, ultimately undermining investor confidence and limiting future capital inflows.

At Shega, we’re working to change that.

We are producing a flagship report that captures a more accurate and detailed picture of Ethiopia’s startup investment landscape, among other critical aspects.

And we need your help.

To ensure we don't miss any important deals, we’re inviting innovative business and startup owners/investors to participate in our survey.

Your input is critical to shaping a report that truly represents Ethiopia’s innovation and entrepreneurship scene.

All responses will remain confidential and will only be shared with your consent.

👉 [Take the Survey]

Thank you for helping us create a stronger, more connected ecosystem.

Prime Minister Abiy Ahmed (PhD) inaugurated the Mesob center yesterday, which integrates 41 public services in a paperless, fully digital process set to include all ministries in due course. Read more.

Terahash, a German Bitcoin mining firm spun off from the family-owned Klager Group, is raising $5 million for a 10 MW facility near Addis Ababa set to open over the next three months. Read more. 

Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) remains at ‘RD’ (Restrictive Default), and the issue rating on its single USD1 billion Eurobond is at ‘D’ (Default) following the government’s failure to pay the USD33 million coupon. Read more.

Addis Ababa trails far behind in digital adoption among Micro and Small Enterprises (MSEs), ranking lowest out of five global cities in a new study by the Center for Financial Inclusion at Accion. Read more.

Ethio Telecom has partnered with Siinqee Bank to launch a 15 billion Birr device financing service through the Telebirr platform. This initiative aims to provide customers with easier access to mobile devices. Read more.

Access to education in Ethiopia is facing a nexus of challenges, with an increasing number of students finding themselves out of school. Can technology help minimize the fallout? Read more.

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