Blog – Page 92 – Ethiopian Business Review

Abdiaziz Hassan,
CEO, Rays Microfinance

Having grown up in eastern Ethiopia’s Somali Region, a group of six men observed potential in the community that raised them. They saw a zeal for trade and an awareness that embraces technological change and other dynamics. In 2014, they would set out to establish Rays Microfinance to tap that potential and turn it into profits. Having been licensed by the National Bank of Ethiopia, Rays was sabotaged by the region’s previous administration and did not make it into the financial sector. With the coming of the new administration, the company launched its services in 2020 and the founders are marching towards their ambitious goal of realizing a totally cashless society in Somali Region and beyond. EBR’s Addisu Deresse sat down with Abdiaziz Hassan, Chief Executive Officer of Rays, to talk about the journey, challenges, and prospects of the institution and the financial sector in general.

Over a decade old and known for its unique services, Zemen Bank has announced gross profit of ETB1.2 billion from an income of ETB2.8 billion during the financial year which ended June 30, 2021.

Ever since federal troops left Tigray in June 2021, the battleground of military engagement between the federal government and regional powers in Tigray has shifted. As Wello, particularly North Wello Zone, of Amhara Region has become the new stage for war, tens of thousands of livelihoods have been lost while economic activities in the various towns is nothing but bleak. EBR’s Trualem Asmare delves into war-induced shattered hopes of small and medium businesses.

Deja-vu-Will-War-Economy-Status-Prolong-to-Shatter-Private-Sector-Hope-2.jpg

The coming of Abiy Ahmed (PhD) to the helm was received with great enthusiasm and hope among the public. The expectation that it carried was that of a stronger private sector, a deviation from the administration of his predecessors. Now after a military engagement with his former bosses, the TPLFites—now designated as terrorists—many are wondering if he could perhaps end up in a similar déjà vu moment like that of his ally to the north, Isaias Afwerki. Will Abiy keep his promise of a strong private sector? Will the current war-economy status totally shatter the glimpse of hope for a vibrant private sector? EBR’s Bamlak Fekadu investigates.

meet-demand-price-hike-challenging-promising-exports.jpg

Meat exports in recent years have been sending promising signals to the export sector. Even though this new trend has shown potential to reverse the long-time narrative of how Ethiopia doesn’t take full advantage of its abundance of live animals, it is still being challenged by a competitive local market. As Ethiopians’ love affair with meat is pushing local prices higher and higher, more attention is advised to solve the hurdles of the sector to fully reap the benefits of meat production, writes EBR’s Bamlak Fekadu.

Dashen Bank—the 25-year-old private commercial bank—announced the appointment of five new senior officials looking to revamp its organizational structure and to address the departure of two senior officials, Henok Kebede and Yared Mesfin, to newly-establishing banks.

Four positions were filled from within the bank and the fifth arrived from the Commercial Bank of Ethiopia, for which it got approval from the central bank.

Among the pioneering private commercial banks, Dashen’s shareholders have decided to almost double the bank’s paid up capital to ETB12 billion. The 25-year-old bank was established with 11 shareholders which has grown to over 2,000 alongside a current capitalization of ETB5.4 billion. Moreover, Dashen has also announced that it has earned over ETB2 billion in profit from gross earnings of ETB10 billion from the last fiscal year which concluded on June 30.

Related Articles

Dashen Bank to raise paid up capital to ETB12 billion – Ethiopian Business Review

Dashen Bank to Import Latest ATMs – Ethiopian Business Review

Starting a media organization, particularly in the print sector, and surfing the thorns for 100 editions takes nothing less than immense courage. But witnessing the thirst and trust of our readers and partners, carrying Sisyphus’ rock is worth the effort.

Audiences can now access news and events as they happen with the help of social media platforms such as Twitter, Facebook, and YouTube. They are migrating from classical media to the digital sphere and, as a result, the underdeveloped mainstream media of Ethiopia is facing new challenges, competitors, and demands as well as expectations and opportunities. Especially for private press, which has been losing advertisers and failing to broaden its readership and coverage, this is bad news. EBR’s Ashenafi Endale explores the journey periodicals are taking to embrace social media.

Dashen Bank has announced the launch of an exclusive partnership with American Express this week. The bank believes the products will significantly benefit overseas-travelling customers by enabling easy use of foreign currency during card transactions when travelling outside of Ethiopia.

Asfaw Alemu, CEO of Dashen Bank, said that as the payment industry continues to evolve and regulations start to relax, it has allowed travelers to make easy, secure, and convenient payments globally, avoid the potential risk of carrying cash, and give customers freedom when shopping. The bank’s customers that are allowed forex deposits are permitted to use this card.

Related Articles

Dashen Bank to raise paid up capital to ETB12 billion – Ethiopian Business Review

Dashen Bank to Import Latest ATMs – Ethiopian Business Review

“I don’t need to carry cash when I go to Jigjiga.”

Zemen Bank Profits Exceed a Billion Birr

Wello: Livelihoods Lost in Fire

Déjà vu: Will War-Economy Status Prolong to Shatter Private Sector Hope?

Meat Demand Price Hike Challenging Promising Exports

Dashen Bank Appoints New Senior Officials

Dashen Bank to raise paid up capital to ETB12 billion

A Laboring Worthy Ten Years

Embracing Social Media

Internationally Accepted Card in Ethiopia