Hibret Bank and Mastercard have partnered to introduce Prepaid Hibir Mastercard services in Ethiopia. This collaboration represents a significant milestone in Ethiopia’s journey toward financial digitization. It’s said that the Prepaid Hibir Mastercard offers customers secure and convenient international banking experiences by providing access to foreign currency for overseas travel and international transactions wherever Mastercard is accepted.

Yango, an international tech company that offers ride-hailing app-based services, has recently announced its collaboration with Lidiya Solomon, who will serve as the brand ambassador for the company in Ethiopia. Yango has been operating in over 20 countries and entered the Ethiopian market in October 2023 through a partnership with G2G IT Solutions, the licensed operator.

During the signing ceremony, Dr. Yekenalem Abebe, Yango’s Country Director, emphasized the company’s presence in Ethiopia for the past seven months and its previous reliance on social media for promotional activities. He stated that the company has now reached a stage where partnering with a brand ambassador is crucial. “We firmly believe that Lidiya shares Yango’s brand values and is committed to expanding affordable and safe transportation services in Ethiopia,” he affirmed.

Bill & Melinda Gates Foundation CEO Mark Suzman is starting a five-day visit to Ethiopia today. As one of Ethiopia’s biggest developmental aid partners, he will focus on the country’s health and economic issues.

During his visit, he will meet with various stakeholders who play prominent roles in areas such as health, agriculture, gender equality, and financial inclusion, among others.

Safaricom Telecommunications Ethiopia Plc, a subsidiary of Kenya’s Safaricom, has achieved a milestone in Ethiopia’s telecommunications market as its customer base surpasses 9 million.

The impressive customer acquisition took place within a span of nine months, from October 2022 to December 2023. Safaricom’s Ethiopia unit successfully onboarded over 9 million customers during this period, demonstrating the strong demand for its voice, SMS, and mobile money services.

In an announcement made at the Startup Ethiopia event, Ethiopia’s startup landscape is poised for a revolutionary transformation. A series of progressive legal reforms were unveiled, signaling a new era of growth and innovation for the country’s entrepreneurial ecosystem.

The reforms announced at the event are expected to empower aspiring entrepreneurs and pave the way for economic progress.

Cooperative Bank of Oromia (Coopbank) signed a subscription agreement with the Ethiopian Securities Exchange (ESX) to acquire shares valued at ETB 60 million.

During the signing ceremony held at Cooperative Bank’s Head Office, Mr. Liko Tolesa, Coopbank’s VP of Human Capital and Project Management, emphasized the crucial role of ESX in securing additional financing and nurturing investment opportunities within the nation. He affirmed that the decision to acquire ETB 60 million worth of shares perfectly aligns with Coopbank’s commitment to fostering economic development and prosperity.

Coopbank Bank of Oromia, a provider of digital financial solutions, has entered into a strategic partnership with Visa, a global digital payment solutions, with the aim of transforming the digital payment landscape in Ethiopia. This collaboration is said will introduce Visa-branded cards for multiple products, offering tailored solutions to meet the diverse needs of Coopbank’s customer base. Additionally, the partnership will lend support to the Ethiopian government’s National ID Project, a pioneering initiative that seeks to integrate digital identification systems with payments.

Hibret Bank, a private bank in Ethiopia, has announced its strategic investment in the Ethiopian Securities Exchange (ESX). The bank’s equity investment of ETB50 million represents a 5 % ownership share in the paid capital of ESX. This move aligns with Hibret Bank’s goal of actively participating in Ethiopia’s emerging capital market ecosystem.

The investment from Hibret Bank, along with the initial investment from Ethiopian Investment Holdings (EIH), is said will support the final preparations for the launch of ESX later this year. Other investors are also expected to join as shareholders in the coming months.

The Ethiopian Capital Market Authority (ECMA) has signed two Memoranda of Understanding (MoUs). These agreements aim to enhance market integrity, promote transparency, and bolster technological capabilities for enhanced market surveillance. By doing so, the ECMA seeks to safeguard investors and foster confidence in the Ethiopian capital market.

The first MoU, titled ‘Capital Market Integrity Task Force Cooperation and Coordination Agreement No 01/2024,’ was signed by the ECMA, Ministry of Justice, Financial Intelligence Services, Ministry of Trade and Regional Integration, and the Federal Police Commission. This agreement establishes the “Capital Market Integrity Task Force,” which will collaborate to maintain the integrity of the capital market.

Mastercard, a renowned global technology leader in the payments industry, has partnered with EagleLion System Technology, a local financial solution provider. This strategic alliance intends to revolutionize access to innovative cashless payment solutions and empower Ethiopian businesses to seamlessly accept secure digital payments.

Ethiopia, like many nations, is currently undergoing a digital revolution, and the partnership between Mastercard and EagleLion is set to play a pivotal role in this transformative journey.