Issue 50: IFC to invest in Safaricom Ethiopia

Hello, IFC is set to invest in Safaricom Ethiopia, Ethio telecom is implementing a new strategy eyeing digital solutions, and two Ethiopians have been selected to take part in Google for Startups Black Founders Fund (BFF) 2022.The 50th edition of Shega Weekly brings you the major developments from Ethiopia’s innovative ecosystem. If you are here because someone forwarded you this email, you can subscribe here to get future newsletters.

IFC Set to Invest $160M in Safaricom Ethiopia

The World Bank's private investment arm, the International Finance Corporation (IFC), said on Thursday it planned to inject up to $ 160 million in equity into Safaricom Ethiopia to help fund its capital expenditure. Read More. 

AfroMessage, New Platform to Empower Businesses with SMS Communications, Enters Ethiopian MarketA technology startup named AfroReach Technology Plc has launched a locally made, enterprise-grade SMS platform called AfroMessage that enables Ethiopian businesses and developers to leverage the power of SMS with zero infrastructure setup as well as maintenance cost. Read More.

Google Selects 2 Ethiopians for 2022 Black Founders FundHabtamu Tadesse, founder & CEO of Zayrdie and ArifPay, Ezana RasWork, and Aklilu Tadesse, founder & general manager of Garri Logistics, will be part of the 60 founders that will take part in the second cohort of the Google for Startups Black Founders Fund (BFF). Read More.

Emerging Trend Sees the Rise of Ride-hailing Based Financial ProductsThe ride-hailing sector in Ethiopia is standing well on its two feet. Now it's fostering new kinds of ventures built on the sector. There is an emerging trend in which new financial services and products are being launched based on ride-hailing. These new initiatives aim to assist newcomers to the industry and support the estimated 50,000 drivers who are already working under these platforms. Read More.

Ethio Telecom Knits New Strategy Eyeing Digital SolutionsEthio Telecom is rolling out a new three-year development strategy called LEAD, with the major aim of making the firm a leader in digital solutions."LEAD provides reliable communication and digital financial services to simplify life and accelerate the digital transformation of Ethiopia," The capital reported. Read More.

Here is what we've been reading:

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