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By combining traditional wisdom with cutting-edge technology, Dashen Bank and EagleLion System Technology have reinvented Ethiopia’s traditional deferred payment buying system. The two have joined up to create Dube Ale, Ethiopia’s first “Buy-Now Pay Later” program, as a countermeasure to the infamous stopper, “dube” yelem. The Bank provides Dube Ale, a short-term financing, in association with traders and merchants. It enables society to make purchases now and pay for them in three, six, or a year’s time with or without interest.

Dube Ale is expected to boost customer base of trading partners as it enables them to render a more affordable buy now, pay latter scheme and fuel economic activities that would otherwise be constrained by consumers’ limited ability to pay upfront to buy products and services the moment they need them. With the deferred payment option brought about by Dube Ale consumption and usage will be encouraged that in turn add a boost to merchants’ turnover.

Anyone can download the Dube Ale app from the Play Store or the App Store and sign up for the service thereafter. One must visit a nearby Dashen Bank branch to obtain a spend limit and begin using the service.

The Bank previously has introduced a payment platform called Amole, which now is being used by millions of subscribers. Dashen Bank has also pioneered micro saving and credit products in collaboration with Ethio-Telecom in August, 2022. The Bank also recently unveiled a Tier-III ready data center, the first of its kind in the country’s private banking sector, along with accompanying network and security canters.


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The launch of the premier sign and Graphics expo has opened the door for promoting the advertising value chain. Over 3,000 trade visitors are expected to have discussions with exhibiting companies. Organized by the Prana events and its partner Expo Team for Service Co. Ltd, the Afri Print and Packaging Expo (APPEx), the premier paper, commercial printing, and packaging technology, inputs, and solutions international tradeshow, is back again for its 7th edition after 6 years. A sign and graphics expo (SGE) will also be held concurrently to promote the advertising value chain for the first time in the East African Sub- region.

The three-day show will be held from 20 – 22 December at the Ethiopian Skylight hotel gathering key stakeholders, leading industry experts, renowned sector professionals, valuable buyers, concerned government officials, and start-ups. APPEx and SGE 2022 will serve as a platform for companies to connect with potential clients and give exceptional access to an audience ready to equip themselves with knowledge and solutions to move their business forward.

The event is endorsed by the Ministry of Industry Chemical and construction inputs industry development institute. The pan-African chambers of commerce and industries (PACCI), and Ethiopia Publishers and Printers Associations are the institutional partners for the event.

With an annual growth rate of 14.4 pct from 2016 to 2020, Ethiopia is Africa’s fastest-growing importing country for printing & paper-converting technology. Ethiopia is also East & Central Africa’s largest and fastest-growing importer of packaging technology. With an average annual growth rate of 11.2 pct between 2015 and 2020, Ethiopia is also one of Africa’s fastest-growing importers of packaging technology. (VDMA).


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Addis Ababa, Ethiopia, December, 2022 – Ethiopia Real Estate and Home Expo, an annual gathering of the leading local and international Home developers showcasing the latest offers and solutions, is again back with the latest edition. Set to be held on the 17th and 18th of December 2022, the fifth Ethiopia Real Estate and Home expo comes at a time when the demand for residential houses in urban Ethiopia, especially in Addis Ababa, has dramatically risen over the past years.


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The global payments business leader, Mastercard Inc., has inked a partnership agreement with a local tech firm, Eaglelion System Technology.

MasterCard, a global payments company with a global reach that spans more than 210 countries, chose to collaborate with the tech firm to provide financial, technical, and advisory support on several products the firm developed.

Eaglelion has developed platforms with the monikers “Getrooms,” an accommodation search engine; “Get Fee,” which was unveiled in association with the state-owned Commercial Bank of Ethiopia; and “Dubepay,” a novel”buy now, pay later” consumer financing platform in alliance with Dashen Bank.

“In the age of the digital world, it is a matter of urgency to revolutionize and make Ethiopian finance system, thereby boosting the flow of remittances in the country,” said Bersufikad Getachew, founder of Eaglelions System Technology, whose fintech-based platform portfolio increased by more than ten in just two years.

“We are gearing up to launch the first continental financial summit with the aim to foster financial inclusion and regional economic integration,” he said.

Elfaged Aregahegn, the business development director for MasterCard in Ethiopia, Sudan, and Somalia, revealed that the cooperation deal will begin to be implemented in January 2023 and said that the corporation considers the relationship to be a game changer.

MasterCard is a technology company in the global payments business, renowned for developing advanced payment solutions and seamlessly processing billions of transactions around the world, with over 1.9 billion cards and 35.9 million acceptance locations in 210 countries and territories and 150 currencies.


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South Africa, Ethiopia, and other African nations anticipate receiving a portion of a USD 40 billion fund from Vatican and UK businesses to help their economies and fund government development initiatives.

The initial benefactor from these companies may be Tanzania, which is now working on its two large-scale strategic projects, the Julius Nyerere Hydropower and Standard-Gauge Railway (SGR).


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Ethiopia garnered USD121 million from the export of 22,689 tons of meat and meat products during the 2021/22 fiscal year.

The 11th edition of ETHIOPEX and 7th session of ALEC tandemly kicked off at Ethiopian Skylight and will continue until 29 October 2022. Over 4,000 visitors, traders, and stakeholders from Ethiopia and neighboring countries are expected to visit the event organized by Prana Events and supported by the Ministry of Agriculture, Pan African Chamber of Commerce and Industry, and SNV Netherlands Development Organization.


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The historic Africa Hall, home to the genesis of the United Nation’s Economic Commission for Africa (UNECA) and the Organization of African Unity (now African Union) is to be renovated via USD56.9 funding from the UN. The work will begin in November and is expected to finalize in mid-2024.

The landmark building built in 1961 was dedicated to the “services of the African people” by Emperor Haile Selassie and of which, member states of the UN have recognized the need to preserve and update its functionality and sustainability while preserving culture and patrimony.

The project area comprises 8,300 square meters of floor area and 4,500 square meters of landscaped areas and will feature a new visitor’s center. The ceremony to commence the works was led by Antonio Pedro, acting Executive Secretary of UNECA and Tesfaye Yilma (Amb), State Minister for Political and Economic Diplomacy at the Ethiopian Ministry of Foreign Affairs.

The makeover of the hall is hoped to strengthen heritage tourism, one of the tenets of the AU’s Agenda 2063 program.

 

Photo Credit: Samuel Habtab


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The CFO Forum Ethiopia was held in Addis Ababa with the purpose of creating a platform for finance professionals and stakeholders. Organized by the local consulting firm HST and the Association of Chartered Certified Accountants (ACCA) Ethiopia, this year’s them was “Ethiopia’s International Financial Reporting Standards (IFRS) Adoption. The journey to-date and the way forward.”

HST presented the major factors making Ethiopia’s IFRS implementation difficult and these included the shortage of appropriate experts and expertise, inadequate regulation, shortage of appropriate training and education systems, lack of support by company owners and other stake holders, and the high cost of implementation.

Ethiopia has chosen to fully adopt IFRS and is now amongst approximately 120 nations to have done so.


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RedFox Solutions Group launched its data center, RedFox Modular Data Center (RFETH-MDC01), in the country’s ICT Park located in Addis Ababa with Adane Kassaye, CEO, stating that “our goal is to be a pre-eminent data center provider in the region. Redfox builds its data centers in phases; our first modular data center, which is now operational will be followed by our build-to-suite server farm.


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Looking to find a solution to retailers’ difficulties of selling-out older products, Qinash mobile and web application that serves as an online discount mall has been developed by Ethiopians. Qinash provides a hybrid service where business owners promote and sell all kinds of discount offers and buyers know where to get the right deals. Instead of the poster on a shop’s window—only seen by people passing by—Qinash allows retail businesses to promote seasonal discounts and unique bundle offers to a much bigger market. In addition, Qinash delivers all sales made through its platform and provides a dashboard where sellers can keep track of their transactions. Qinash takes a 5 to 10Pct commission fee for the promotion, delivery, and tracking service it provides sellers.



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