Safaricom Ethiopia has called for equality in Ethiopia’s telecom industry, urging the House of People’s Representatives to support regulatory reforms that create a level playing field. The company recently hosted representatives from HPR at its headquarters, where it showcased its projects, services, and the positive impacts of its operations on Ethiopia’s economy and society.

During the visit, Safaricom highlighted the need for regulatory changes, including additional spectrum allocation, the establishment of a TowerCo licensing regime, addressing on-net parity for significant market power, and fostering interoperability between M-Pesa and other mobile financial service providers. The company also advocated for equal access to open platforms for banks and financial institutions to enhance collaboration within the industry.

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.

EthSwitch S.C., Ethiopia’s national payment switch, has reported notable growth in revenue, operations, and project implementation for the 2023/2024 financial year.

Chairman Solomon Desta announced the completion of the fourth year of the company’s strategic master plan, which has expanded its digital financial services. To enhance its financial capacity, EthSwitch issued new shares, raising its paid-up capital to ETB 1.79 billion.

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.”