News December 29, 2025

Shabelle Bank expanded its balance sheet sharply in the 2024/25 financial year, with total assets rising by about 61 percent to 6.03 billion birr, up from 3.76 billion birr a year earlier. The performance was presented during the Bank’s 4th Annual General Meeting held in Jigjiga on December 28, 2025.

Shareholders approved the Bank’s annual report and audited financial statements for the 2024/25 financial year, covering a period marked by rapid asset growth, capital mobilization, and branch expansion, according to information disclosed at the AGM.

Shabelle Bank’s total assets rose to 6.03 billion birr, up from 3.76 billion birr a year earlier, representing a year-on-year growth of about 60.5 percent. The expansion was supported by improved liquidity, higher capital levels, and stronger engagement with institutional and government partners. Cash and cash equivalents alone increased by more than 630 million birr, strengthening the Bank’s liquidity position.

Customer deposits reached 2.27 billion birr during the year, reflecting growing public confidence in the Bank, while outstanding loans expanded to 1.73 billion birr, supporting financing activities across productive sectors. The Bank now serves about 1.7 million customers through a network of 65 branches nationwide, supported by 646 staff.

Capital building remained a central focus. Paid-up capital stood at 2.26 billion birr by the end of the reporting period, with 878.4 million birr mobilized through share sales during the year, equivalent to 88 percent of the annual target. The Bank noted that increased participation by regional governments has strengthened its capital base while also deepening strategic partnerships.

Operationally, Shabelle Bank generated total income of 570.3 million birr, a five percent increase from the previous year. Total expenses were held at 544.06 million birr, equivalent to 87 percent of the budget. As a result, the Bank recorded a net profit of 20.95 million birr, a 65.6 percent increase compared to the prior year, reflecting improved cost management and income diversification rather than scale-driven profitability.

Foreign currency mobilization reached 5.63 million US dollars. This was supported by correspondent banking and remittance partnerships with institutions including Bank of Beirut UK, Equity Bank Kenya, Afreximbank, and several regional and international remittance operators.

Speaking at the AGM, Ibrahim Osman Farah, Chairman of the Board, said the results reflect the Bank’s focus on governance, regulatory compliance, and long-term sustainability. Abduljuhad Hassen Mohamed, Acting Chief Executive Officer, highlighted continued investment in digital banking, product diversification, and institutional capacity as key priorities going forward.

Still in its early years of operation, Shabelle Bank said it will continue prioritizing prudent risk management, capital strengthening, and regional outreach as it works toward long-term growth and alignment with National Bank of Ethiopia directives.

By Betegbar Yaregal -December 24, 2025

Prime Minister Abiy Ahmed (PhD) and Kenyan President William Ruto (PhD) have announced full governmental support for strategic joint investments between Ethiopia’s state-owned Ethio Telecom and Kenya’s Safaricom. The agreement was reached during a one-day working visit by President Ruto to Addis Ababa.

In a statement on social media platform X, Prime Minister Abiy said the meeting reflected the deep and historic relations between the two nations. The leaders discussed strengthening bilateral ties and reaffirmed a shared commitment to stability and African-led solutions in the Horn of Africa.

President Ruto, in a separate statement, said the two governments agreed to support Ethio Telecom and Safaricom as they explore joint investment opportunities in regional markets.

“I made a visit to Addis Ababa, Ethiopia, where I held fruitful discussions with Prime Minister Abiy. Among other key issues, we agreed to support Ethio Telecom and Safaricom as they explore strategic joint investment opportunities across regional markets, with the full backing of the governments of Kenya and Ethiopia.”

The high-level meeting was also attended by Safaricom Group CEO Peter Ndegwa and Safaricom Ethiopia CEO Wim Vanhelleputte. Their presence has led observers to speculate that the talks may have addressed the competitive challenges faced by Safaricom in the Ethiopian market, where it operates as a major rival to the dominant Ethio Telecom.

December 20, 2025

Four Ethiopian leaders—Brook Taye, Admassu Tadesse, Ethiopis Tafara, and Sewit Ahderom—have been named to New African magazine’s prestigious 2025 list of the ‘100 Most Influential Africans’.

The first three were selected in business category, while Sewit was named in the change makers category, their inclusion highlights Ethiopia’s growing impact in continental finance, investment, technology, and global philanthropy.

Brook Taye (PhD),CEO of Ethiopian Investment Holdings (EIH), is recognized as a “liberalisation guru” for his central role in Ethiopia’s economic reforms. The citation credits him with turning EIH into one of Africa’s most discussed institutions, unlocking billions in state assets through smart partnerships.

Admassu Tadesse, Group President of the Trade and Development Bank (TDB) Group, is highlighted as a “formidable strategic thinker.” He is praised for his influential voice in reshaping global development finance and advocating for Africa’s economic self-reliance, arguing that the continent must better harness its own capital.

Sewit Ahderom, the incoming President and CEO of the MasterCard Foundation, is acknowledged as a technology leader and finance executive. An Ethiopia-born techpreneur who co-founded Gro Intelligence, she will lead the foundation’s work in youth employment, education, and financial inclusion across Africa and in Canada.

Ethiopis Tafara, a senior leader at the International Finance Corporation, rounds out the honorees for his influence in global development finance, as EBR reported in a news article yesterday.

In total, the 2025 list represents 32 African nations and features 64 men and 36 women. Business leads the category breakdown with 21 entries, followed by Creatives with 19, Public Office and Thinkers and Opinion Shapers with 15 each, Sports with 13, Change Makers with nine and Technology with eight.

Nigeria remains the most represented country with 21 entries, followed by South Africa with 10, Kenya and Ghana with seven each, and Tunisia with five.

By Betegbar Yaregal December 19, 2025

EthSwitch, the national financial switch operator, has officially launched ‘EthioPay’ as a unified brand for all instant digital payment services in Ethiopia. The brand aims to consolidate the country’s digital payment ecosystem under a single, trusted national identity.

Announced at an event in Friendsip Park, EthioPay is designed not to replace existing banks or mobile money services, but to integrate them under one common platform. Solomon Desta, Vice Governor of the National Bank of Ethiopia and Chairperson of the EthSwitch Board, described EthioPay as a “national asset built on collaboration,” emphasizing that its success depends on collective adoption across the financial sector.

Described as a fully integrated and sustainable payment ecosystem, EthioPay integrates various actors and payment types onto a single platform. It is designed to be the secure and instant channel for digital payments and money transfers, accelerating Ethiopia’s journey toward a robust digital economy.

Importantly,  Solomon stressed that EthioPay is nationally owned and will represent the future of digital payments in Ethiopia, including future cross-border and regional transactions. “Today’s EthioPay launch unites our digital payment systems with a common vision,” he concluded.

EthSwitch CEO Yilebes Addis explained that the EthioPay brand will represent a range of interoperable services, including instant money transfers, e-commerce, mobile banking, and card schemes. The system is intended to be secure, affordable, and accessible, aiming to accelerate Ethiopia’s shift to a digital economy.

The CEO highlighted that EthioPay moves Ethiopia from a state of fragmented digital finance to an affordable, trusted, and easy-to-remember ecosystem. The brand’s logo features a bird symbolizing speed and reach, and the color orange representing constant energy and movement in the financial system.

The launch follows the initial introduction of the instant payment system at the Ethiopian Digital Payment Conference II on December 9-10, 2025.