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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.


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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.


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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.


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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.

 

Ato Melaku, CEO of Hibret Bank, expressed the bank’s belief that the establishment of ESX will create a platform for synergy among different players in the market. “This platform will enable businesses to trade and grow with stronger financial capabilities, benefiting not only the financial sector but also the overall economy of the country.”

 

Dr Tilahun E. Kassahun, CEO of Ethiopian Securities Exchange, expressed delight at Hibret Bank’s decision to join ESX as one of the founders of this exchange. He emphasized the importance of the bank’s investment, especially during the critical phase of finalizing the capital raise process. He also highlighted that Hibret Bank’s commitment to supporting ESX will extend to other areas of the capital market ecosystem, including the provision of capital market services.

 

ESX is set to become the centerpiece of Ethiopia’s upcoming capital markets ecosystem, encompassing various markets such as equities, fixed income, money markets, and alternative markets like equity and debt crowd investment platforms.


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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.

 

The primary objective of this task force is to identify, investigate, and prosecute illegal activities in the marketplace, ensuring an orderly and fair market environment. It will focus on exposing companies and promoters engaged in deceptive and illegal share offering practices, which have resulted in substantial losses for investors. By addressing such fraudulent activities, it is said that the task force aims to protect investors and restore confidence in the market.

 

Simultaneously, the ECMA has entered into a strategic cooperation agreement with the Information Network Security Administration, Ethiopian Artificial Intelligence Institute, and National ID to enhance its technological infrastructure and capacity. This collaboration includes cybersecurity support, strengthening the Authority’s ability to monitor the market and protect investors’ interests.

 

This approach is said to be put in place intending to allow the Authority to address potential risks and enhance its regulatory framework effectively.

 

The Ethiopian Capital Market Authority firmly believes that these agreements will play a crucial role in fulfilling its powers and duties outlined in Proclamation No. 1248/2021. It was disclosed that the Authority’s primary goal is to reduce systemic risk, maintain the integrity of the capital market, and facilitate seamless transactions. By taking concrete steps to combat fraudulent activities and enhance technological capabilities, the ECMA aims to safeguard investors and instill confidence in the Ethiopian capital market.


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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.


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Dshen Bank’s newly elected Board of Directors has chosen to re-elect Dula Mekonnen as its Chairman. The decision was made during the 30th ordinary meeting of the bank’s shareholders, and Dula’s re-election took place during the Board’s inaugural meeting held on February 13, 2024.

 

Dula Mekonnen currently holds the position of Deputy Chief Executive Officer in the Mining sector of Midroc Investment Group. Having qualifications of BSc Degree in Electrical Engineering and an MSc Degree in Business Administration from Adama Science and Technology University. Additionally, he holds a Diploma in Agricultural Engineering.


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Ethio Telecom, the leading telecommunications company in Ethiopia, has released its half-year report, showcasing notable growth and success in the first six months of the fiscal year 2023/24. The report, covering the period from July to December 2023, highlights the company’s efforts to expand telecom infrastructure, improve service quality, and meet the growing demand for telecommunications services in the country.

Ethio Telecom’s subscriber base reached 74.6 million, representing a 6.7 Pct increase from the previous year. Mobile voice subscribers accounted for 71.7 million, while fixed broadband subscribers reached 688.3 thousand. The company has been working on enhancing network capacity and coverage, resulting in the commercialization of 5G services in Addis Ababa and certain regional cities.


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Prime Minister Abiy Ahmed has announced the appointment of Hanna Arayaselassie as the new head of the Ethiopian Investment Commission (EIC). This move comes as part of the government’s efforts to bolster foreign investment and improve the functioning of the EIC.

Prior to her appointment, she served as the CEO of Ethiopost, where she spearheaded transformative reforms that resulted in a remarkable improvement in service quality. Under her leadership, Ethiopost tripled its revenues and was honored with the prestigious Postal Excellence Award for the Africa Region in 2023 by the Universal Postal Union.


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Itel Mobile, a well-established mobile phone manufacturer, has recently introduced its latest product, the Itel A70 model. With a decade of industry experience, Itel Mobile has been consistently delivering technological advancements to meet consumers’ needs.

The Itel A70 model is said that it focuses on enhancing camera capabilities. It features an 8-megapixel front camera and a 13-megapixel rear camera, designed to capture high-quality images. It is reported that, the camera performs well in low-light conditions and from a distance, enabling users to capture clear and colorful photographs in various settings.




Ethiopian Business Review | EBR is a first-class and high-quality monthly business magazine offering enlightenment to readers and a platform for partners.



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