Eden TeshomeDashen Bank has launched the Dashen Bank Super App, the first of its kind in Ethiopia. This platform aims to change digital banking by offering an all-in-one solution designed to improve customer experience and streamline banking operations.
Balancing Revenue Goals with Business Sustainability
In Ethiopia, the recent recognition of loyal taxpayers shines a light on the government’s efforts to enhance tax compliance amid ambitious fiscal goals. This recognition should make taxpayers feel appreciated and valued. However, as the country implements significant tax reforms to generate additional revenue, concerns arise from the business community regarding the fairness and impact of these changes, particularly on small enterprises. EBR’s Eden Teshome explores the dual perspectives surrounding Ethiopia’s tax landscape, highlighting the achievements celebrated during the recognition ceremony and the challenges businesses grapple with, such as increasing tax burdens and a complex regulatory environment.
Born in the rural town of Mezezo, 190km from Addis Ababa in North Shewa, Dawit Tsige moved to Addis Ababa when he was three. Living with his uncle in the Yeka Sub-City, he began his educational journey at Bitweded W/Gebriel School. He later attended Dej Wondirad Preparatory School and Salaysh Primary School, where he discovered his passion for singing in the eighth grade. Despite his uncle’s encouragement to pursue a more traditional career as an engineer or pilot, Dawit immersed himself in the vibrant 90s music scene, honing his craft and writing lyrics.
As a young adult, Dawit balanced work in woodworking and construction with his musical ambitions. His big break came when he joined the Ethiopian Air Force Music Club, where he ranked second in a competitive audition. This experience provided a solid foundation for his music career. He later participated in a music program organized by the Culture and Tourism Office, performing at traditional night events and eventually returning to the Air Force to showcase his talent across various cities.
Can the Nation Power the Future with Local Battery Production?
In a move that could reshape its industrial landscape, Ethiopia is setting its sights on a new frontier: the local production of electric vehicle (EV) batteries. Still in its early stages, this ambitious plan aims to leverage the nation’s rich cobalt and lithium resources to position Ethiopia as a critical player in the rapidly expanding global EV market. The full details of this initiative have yet to be publicly disclosed, but early indications suggest that the Ethiopian government is laying the groundwork for a transformative venture that could not only boost the country’s economy but also influence the global EV market, writes EBR’s Eden Teshome.
Its Impact on Remittances
Ethiopia’s recent decision to float its currency, the Birr, marks a transformative moment in its economic landscape. This decision has significant implications for remittance flows, an essential lifeline for countless families. As the Birr depreciates sharply, the purchasing power of remittances is altered, impacting both senders and recipients amid rising inflation and economic challenges. EBR’s Eden Teshome explores the dynamics of these changes, the role of international financial institutions, and how the Ethiopian government’s reforms aim to stabilize the economy.
ZamZam Bank, in partnership with Kifiya Financial Technology, launched “Ansar Digital Financing,” Ethiopia’s first full-fledged Sharia-compliant digital financing service.
Melika Bedri, CEO of ZamZam Bank, stated that the Ansar service aims to improve financial access for Micro, Small, and Medium Enterprises (MSMEs), particularly focusing on women and informal sector workers. She emphasized the importance of inclusive financial solutions to foster growth and prosperity in underserved communities.
In the wake of Bill Gates’ (tech magnate and philanthropist) recent visit to Ethiopia, the country’s agricultural sector finds itself at a crossroads. As the nation grapples with rising production costs and the looming threat of climate change, introducing genetically modified organisms (GMOs) in the horticulture sector has emerged as a potential game-changer. This innovative approach could boost productivity and tackle challenges threatening the country’s export competitiveness. However, it raises important questions about public health, environmental impact, economic sovereignty, and the risk of becoming reliant on foreign biotechnology. By presenting a balanced perspective on the benefits and challenges of GMOs, EBR’s Eden Teshome shows how Ethiopia can strategically navigate this landscape to strengthen its horticultural industry and enhance exports.
KifFlé Yohannes Abebe CEO, Co-Founder & Board Member at Komari Beverage Bottler of Arada (Ethiopia’s FIrst hard seltzer drink)
Kifflé Yohannes Abebe, cofounder and CEO at Komari Beverages, brings over sixteen years of global experience in engineering, project management, and plant operations from the US, Japan, and the UK, including almost ten years in Ethiopia. Kiffle Yohannes, with his strong background in lean manufacturing from Toyota and DIAGEO, is dedicated to implementing data-driven processes and world-class production systems at Komari. He previously worked for renowned brands such as Guinness Draft. His passion for problem-solving and team collaboration drives the company’s mission to create high-quality, locally-produced beverages that resonate with young Ethiopian consumers. In an exclusive interview with EBR’s Eden Teshome, Kifflé shares insights into his journey and the future of Komari.
Ries Engineering Share Company, RESCO hosted an event at the Addis Ababa Golf Club, attended by notable figures including Engineer Habtamu Tegegn, Minister of Mines of the FDRE, and executives from Komatsu and Cummins. The gathering highlighted RESCO’s significant contributions to Ethiopia’s development over its 60-plus years of operation.
Wegagen Bank has announced an income of ETB 9.8 billion for the 2023/24 fiscal year, representing a significant 40% increase from the previous year. This record achievement was unveiled during the Bank’s 31st Ordinary and 15th Extra Ordinary Shareholders’ General Assembly.
Chairperson Abdishu Hussein emphasized the Bank’s robust performance, stating, “The remarkable achievement registered in all key performance indicators signifies the Bank’s resilience and proactive response to the global and domestic challenges encountered during the fiscal year.” The Bank also reported a gross profit of ETB 2.2 billion, reflecting 86% increase year-on-year.
In addition to its income growth, Wegagen Bank’s total capital rose to ETB 9.2 billion, a 33% increase from the previous fiscal year, while its paid-up capital increased by 27% to ETB 5.1 billion. The Bank’s earnings per share (EPS) also saw an improvement, reaching 36.89%, up from 22.70% the year before.
The Bank’s total deposits surged by 22% to ETB 52.1 billion, while outstanding loans and advances grew by 13% to ETB 45.1 billion. Abdishu noted that the Bank created 5,426 jobs across the nation and contributed ETB 75 million to socio-economic development initiatives.
CEO Aklilu Wubet (PhD) acknowledged the challenges faced in the current business environment but credited the Bank’s adaptability for its success, stating, “We will closely monitor dynamic policy shifts to ensure sustainability in our growth.”
