Awash Insurance S.C. has registered a record Gross Written Premium (GWP) exceeding ETB 4.5 billion for the 2024/25 fiscal year, reflecting a 44% year-on-year growth, underpinned by strong underwriting discipline, expanded distribution channels, and enhanced customer retention initiatives, the company said in an official statement.

In the Life Assurance segment, Awash Insurance generated over ETB 656 million, posting an impressive 48% increase compared to the previous year. Plus, through its Sharia-compliant Takaful window—Salaam Takaful, the company mobilized over ETB 150 million in contributions, realizing an 120% growth rate.

Taken together, Awash Insurance achieved a consolidated premium growth of 46% across all business lines. This historic performance showcases Awash Insurance’s ability to generate strong and diversified premium growth across its core portfolios.

The Board of Directors praised these remarkable achievements and highlighted the impressive results attained despite numerous challenges. Tadese Gemeda, the chairman of the Board, acknowledged the company’s exceptional performance across all business lines. He congratulated the employees and management, expressing his gratitude to the board, management, staff, and stakeholders for their invaluable contributions.

The African Development Bank has granted 400,000 dollars to help the country’s two key capital market institutions: the Ethiopian Capital Market Authority (ECMA) and the Ethiopian Securities Exchange (ESX). This support is aimed at giving Ethiopia’s young capital market the tools it needs to grow, attract investment, and ultimately become a meaningful player in the regional financial landscape.

The grant will support ECMA in launching a modern public disclosure platform designed to enhance transparency and ensure that investors, issuers, and stakeholders have timely access to market-relevant information. This system is expected to promote informed decision-making, enable fair price discovery, and foster investor confidence. For the ESX, the grant will enable the introduction of innovative financial instruments, including exchange-traded funds (ETFs), sukuks, and green bonds.

Speaking on the development, Hana Tehelku, Director General of ECMA, called the partnership “a critical step in building a vibrant and resilient Ethiopian capital market.” ESX CEO Tilahun Kassahun noted the importance of transitioning from foundational setup to real market impact, while AfDB’s Financial Sector Development Director Ahmed Attout highlighted Ethiopia’s potential to become a regional financial hub. 

The National Bank of Ethiopia (NBE) has announced a full transition to electronic government and NBE securities with the issuance of Directive No. MFAD/001/2025, marking a major step in modernizing the country’s financial markets.

The directive designates the Central Securities Depository (CSD) as the sole official registry for all government securities. Electronic records will now serve as the definitive proof of ownership, replacing paper-based certificates in a shift aimed at improving market efficiency, transparency, and reducing risks.

All existing holders of government securities are required to submit their physical certificates to authorized CSD members — including commercial banks and licensed brokers — for conversion into electronic form. Failure to comply by the specified deadline could result in penalties of up to 5% of the bond’s face value.

Each security will be assigned a unique International Securities Identification Number (ISIN) to streamline clearing processes and facilitate global recognition.

The directive also outlines procedures for handling pledged securities, which will be electronically marked to protect the rights of borrowers and lenders. Securities not tendered within five years will be transferred to a special account administered by the Ministry of Finance.

According to the NBE, this reform is part of Ethiopia’s broader financial sector modernization agenda and is aligned with international standards. It is grounded in the legal framework of the National Bank of Ethiopia Proclamation No. 1359/2025 and the Capital Market Proclamation No. 1248/2021.

CSD member institutions are responsible for facilitating the transition, including document verification, electronic conversion, and record-keeping. The NBE has committed to closely monitoring the rollout and providing regular updates through official channels.

Just four years after entering Ethiopia’s once-closed telecom market, Safaricom Ethiopia says it has reached 10 million active users, measured over the past 90 days. The company announced the milestone at a press briefing held at its headquarters in Addis Ababa this morning, reflecting its fast growth in a sector long dominated by a single state provider.

Wim Vanhelleputte, the company’s CEO, acknowledged the progress but said it is only a stepping stone.

“Ten million active subscribers is not a small achievement,” he said. “But it’s not the final destination either. It’s a benchmark that tells us we’re on the right path, but we still have a long road ahead.”

Safaricom was granted a telecom license in mid-2021, ending Ethiopia’s decades-long monopoly in the sector. Since then, the company has built out a fast-expanding 4G network that it says now covers more than half the population. As of now, over 3,100 network sites have been rolled out across more than 150 towns and cities.

The company reports an average of 31,000 new customers joining daily. Of the 10 million active users, around 7.1 million regularly use mobile data services, an indicator of Ethiopia’s increasing digital appetite. Monthly data consumption per user has grown to 6.5GB, up by more than half compared to last year.

Behind the numbers is a sizable financial outlay. Safaricom Ethiopia says it has invested more than ETB 300 billion (about USD 2.27 billion) in infrastructure and digital financial services over the past four years.

The company directly employs about 900 people, most of whom are Ethiopian nationals. It also estimates that over 20,000 people have found indirect jobs through its operations—selling SIM cards, distributing airtime, or supporting the network build-out.

In addition to its commercial growth, the telecom provider highlighted its community engagements. It has allocated over 100 million birr to schools for laptops, routers, and free internet, and provided assistance to communities affected by natural disasters in regions such as Afar, Gofa, and Ashewa. A 10 million birr donation was also made to the Mekedonia Humanitarian Association.

The company’s next big goal is to reach financial break-even—something the CEO says could happen within the next 6 to 12 months. Doing so would allow shareholder and lender funds to shift toward expansion, rather than operating costs.

Safaricom also has plans to nearly double its network sites to over 6,000 by December 2026, aiming to reach up to 90% of the population. But the company admits the path forward won’t be easy.

Vanhelleputte said the company is currently selling mobile data at prices “three times cheaper” than the continental average below cost. While this has helped attract users, he warned that the model is not sustainable.

“There is an urgent need for price rationalization, not just for Safaricom, but for the telecom sector as a whole,” he said. “If we’re serious about investing further, ETB 500 billion more will be needed across the industry in the coming years—we’ll have to rethink pricing.”

Ethiopia’s Minister of Trade and Regional Integration, Kassahun Gofe (PhD), is making a steady recovery following a road accident on the evening of 22 June 2025. The Ministry issued a statement today, 30 June 2025, at approximately 6:00 PM EAT, addressing concerns raised by local and international media reports regarding the incident.

The official announcement clarified that the accident took place near Karl Square in Addis Ababa around 7:00 PM on June 22, as the Minister was returning home from work. Dispelling earlier reports of serious injuries, including fractured ribs, the Ministry confirmed that Dr. Kassahun suffered only a minor injury to his leg.

Sources within the Ministry, speaking to EBR, confirmed this information. Dr. Kassahun is reportedly now able to walk with some assistance, showing positive signs of recovery. He is expected to take a short rest before resuming his official duties soon.

Ethiopia’s foreign exchange reserves have tripled over the past year, marking a remarkable turnaround fueled by aggressive monetary tightening, robust export performance, and a sweeping reform of the foreign exchange regime. The development underscores the growing resilience of the country’s external sector, even as the National Bank of Ethiopia (NBE) maintains its cautious stance on inflation and domestic liquidity.

The update follows the third Monetary Policy Committee (MPC) meeting of 2025, held on June 30. While inflationary pressures appear to be easing—headline inflation remained steady at 14.4 percent in April and May, with food inflation down to 12.1 percent from 25.6 percent a year earlier—the NBE made clear that the disinflation process is far from complete. The Committee reaffirmed its commitment to stability, opting to keep the benchmark interest rate unchanged at 15 percent and to extend the 18 percent credit growth ceiling through September.

A key factor behind the central bank’s cautious tone is the elevated cost of living resulting from years of cumulative inflation. Although monthly inflation rates were subdued at just 0.1 and 0.2 percent in the last two months, the MPC stressed the importance of anchoring expectations until single-digit inflation becomes entrenched.

Beneath the surface, however, Ethiopia’s economic indicators reveal signs of structural improvement. Export earnings have surged—led by coffee and gold—while the services sector has shown renewed vitality in tourism and air transport. At the same time, the reform of the exchange rate system introduced in mid-2024 has contributed to better currency price discovery, a slowdown in import growth, and renewed confidence among remitters and capital account investors.

The resulting improvement in the external balance is striking. Ethiopia’s current account deficit has narrowed significantly, while the balance of payments has shifted into a strong surplus. In parallel, the NBE has accumulated substantial foreign exchange reserves, helped in part by gold-related inflows, which are now nearly three times higher than the level recorded a year ago. This external buffer offers the country much-needed stability as it navigates fiscal and monetary transitions.

Domestically, the credit environment remains tightly controlled. Despite signs of growing demand for credit—reflected in broad money growth of 23.3 percent and commercial bank loan stock growth of 18.1 percent—the NBE continues to restrain lending in an effort to avoid reigniting inflationary pressures. Notably, reserve money has grown even faster, yet the cap on lending growth has helped prevent excessive liquidity expansion.

Short-term interest rates have also remained well-anchored. The inter-bank money market rate stood at 17.5 percent in May, comfortably within the NBE’s 15 percent ±3% corridor. Meanwhile, the 91-day Treasury bill yield rose to 17.7 percent—up from 16.1 percent in December 2024—indicating a positive real interest rate environment, critical for maintaining investor confidence and controlling inflation.

In a significant structural shift, the NBE has repealed a 2022 directive requiring commercial banks to purchase treasury bonds, a policy tool once used to support deficit financing. With improved fiscal performance and growing access to concessional and market-based finance, the government is no longer relying on direct central bank support. The MPC welcomed this development, noting it as a step toward more market-driven monetary management.

Looking ahead, the central bank may revise its credit growth controls in September, provided that disinflation trends continue. However, it has pledged to deploy its full range of policy instruments—including open market operations, forex interventions, and adjustments to reserve requirements—to maintain control over inflation and liquidity conditions.

Ethiopian Airlines, Africa’s leading carrier and one of the fastest-growing global airline brands, is pleased to announce the launch of its new twice-weekly cargo flight service between Addis Ababa and Urumqi, China. The inaugural flight was welcomed with a colorful ceremony and traditional water cannon salute upon arrival at Urumqi Diwopu International Airport. The new flight will operate every Monday and Thursday.

This new route strengthens Ethiopian Airlines’ footprint in Western China and enhances the vital cargo corridor between Africa and Asia, enabling faster, more efficient freight movement and broader market access for exporters and importers alike.

Commenting on the launch of the new cargo service Ethiopian Airline GCEO Mesfin Tasew remarked “The launch of our cargo service to Urumqi marks yet another significant step in strengthening our footprint in China and deepening air trade links between Asia and Africa. As a strategic gateway to Western China, Urumqi opens new possibilities for cross-border commerce, supply chain efficiency, and economic integration.

At Ethiopian Airlines, we remain committed to expanding our cargo network with purpose, creating reliable, fast, and seamless logistics that serve as a catalyst for growth across continents. China continues to be one of our most important markets, and this new route reaffirms our long-term partnership and vision for shared prosperity.”

Ethiopian Airlines currently operates over 190 weekly flights to 27 destinations across Asia, including 83 weekly flights to 11 cities in China. With a modern fleet and advanced temperature-controlled, tech-enabled cargo infrastructure, Ethiopian transports nearly 1 million tons of cargo annually across a global network of over 140 destinations.

This new service marks another milestone in Ethiopian’s mission to strengthen Africa–Asia connectivity and further position Addis Ababa as a critical global cargo hub.

Ethiopia’s Minister of Trade and Regional Integration, Kassahun Gofe, remains in critical condition following a serious road accident late Sunday night in Addis Ababa. He is currently receiving intensive care at Ethio-Tebib Hospital, according to Wazema Radio.

The incident reportedly occurred near Karl Square, a busy area in the capital, where the minister’s vehicle collided with a parked excavator. Kassahun was reportedly alone at the time of the crash. 

Initial responders did not immediately identify the injured passenger as a senior government official. Kassahun was transported to several medical facilities before admission to the intensive care unit at Ethio-Tebib Hospital, where he has remained under close medical supervision for nearly a week. Reports indicate he sustained multiple fractures, including injuries to his ribs, arms, and legs.

Prime Minister Abiy Ahmed was informed of the accident while arranging a meeting with Kassahun concerning domestic fuel pricing matters. The government has so far kept details of the incident confidential.

Adem Farah, deputy president of the ruling Prosperity Party, reportedly visited the minister in hospital, though no official updates on Kassahun’s prognosis have been made public.