Issue 24 : CBE

Issue 24 : CBE Sees a 63% Growth in Digital Transaction

May 04, 2021

Hello, Welcome to this week's edition of Shega Weekly Newsletter ( Issue # 24 ) - Here is a recap of major stories from the Ethiopian Innovative ecosystem.If this email was forwarded to you, subscribe here so that you don't miss the next editions.

CBE Sees a 63% Growth in Digital Transaction Comercial Bank of Ethiopia reported that it had seen a 63% increase in transactions from digital channels during the last 9 months.COVID and government restrictions on physical cash transactions in the 2020/2021 fiscal year must have contributed to the growth.  In addition, CBE disclosed that 4.27 million new accounts have been opened and the total number of accounts has now reached 29.37 million in the last nine months.We weren't able to get the actual number of accounts created in CBE’s Digital platforms over the last nine months but a 6-month performance report published three months ago by CBE already shown significant growth. CBE reported that it acquired 1.4 M ATM, 9200 Internet banking, and  1.8 M mobile Banking new customers in the first 6 month of the fiscal year.  While CBE's mobile money product CBE Birr registered  2.6 M new customers and 7600 agents. 

Meet Room Roaming, a tech-based budget hotel aggregator startup in Ethiopia Meet Room Roaming,  a tech-based budget hotel aggregator startup in Ethiopia. The startup aggregates hotels under one uniform brand, ensure consistent & quality service, and provides an online booking platform. Read more.

Summary: Ethiopia Telecommunication License BidNow the official bidder for the two Nationwide telecommunications licenses is known, we cover the following points that will give you a better picture of what is happening. - About MTN Group and its partner Silk Road Fund- Details about members of the Global Partnership for Ethiopia Consortium - What happened to other operators that have shown Interest? - Safaricom warning to investors- Safaricom share hits all-time high on Ethiopia bidRead the details here. 

ArifPay Partners With Abay Bank Abay Bank is partnering with ArifPay to launch a mPOs service. The mPos are expected to be distributed to merchants of the Bank in the coming month according to Addis Fortune.  ArifPay is a mobile point of sale system which will allow ATM cardholders to make electronic transactions via their smartphones.ArifPay ( ArifPay Financial Technologies Share Company ) recently raised $3.5M / 140M ETB from 31 investors in a private placement round. 

PayWay Ethiopia Closed a USD Six-Figure Grant From Li-Way Program to Create Jobs Through Digital PaymentPayWay Ethiopia, a digital payments solution company has closed a USD six-figure funding from Li-Way Program to Create Jobs Through Digital Payment.  Read More. 

IOHK Partners With Ethiopian Government to Implement a Blockchain-Based ID SystemIOHK, a company behind the Cardano Blockchain announces a partnership with Ethiopia's Ministry of Education to create a blockchain-based student and teacher ID and attainment system that will be rolled out to  5M students . Read More. 

Circular Agribusiness Accelerator for Ethiopian and Kenyan Startups  O-Farms, a circular accelerator program that is set up by Bopinc and Village Capital and in support of IKEA Foundation will be supporting startups who are developing innovative solutions for circular agriculture. "During the second half of 2021, 10 SMEs in Kenya and Ethiopia will be chosen to participate in the accelerator’s first cohort." Read more. 

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