Daily News – Page 13 – Ethiopian Business Review

ArifPay, an Ethiopian fintech company, has announced the appointment of Rediet Tsigeberhan as its new Chief Executive Officer, replacing Bernard Laurendeau.

With over 15 years of expertise in technology and product development, Rediet brings a wealth of experience from executive roles such as Chief Technology Officer at Kifiya and Elnet Business Group, as well as Technology Delivery Director at Excellerent, one of Africa’s prominent technology outsourcing firms.

Since joining ArifPay in October 2022, Rediet has been instrumental in developing the company’s core digital payment platforms, which now underpin a significant share of its operations. He also spearheaded the creation of a high-performing product team focused on rapid innovation, customer-centric design, and scalable solutions.

As CEO, Rediet is poised to accelerate ArifPay’s growth by expanding its service offerings, launching new financial products, and strengthening partnerships and infrastructure to support Ethiopia’s vision of a digitally inclusive economy.

Bernard Laurendeau, who led ArifPay through a pivotal phase marked by the introduction of interoperable POS and mobile POS technologies, successfully doubled the company’s capital and established it as a key player in the country’s fintech landscape. Laurendeau’s tenure was defined by strategic innovation and strong leadership grounded in his extensive background in technology and business.

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Ethiopia has become the second African country to hold an official diplomatic meeting with U.S. President Donald J. Trump since the start of his second administration, following in the footsteps of South Africa, whose president met with Trump in May.

According to a statement from the Ministry of Foreign Affairs, the meeting was described as a “formal diplomatic welcome”, reaffirming the long-standing bilateral ties between Ethiopia and the United States. “The meeting marks the beginning of many future discussions,” the Ministry noted, underscoring the “limitless” potential for strengthened cooperation in peace, security, and economic development.

Ambassador Benalf, who served previously as Ethiopia’s Minister of Peace, was appointed as Special Envoy and Full-Plenipotentiary Ambassador to the United States in November 2024.

The meeting comes on the heels of a Washington Post report indicating that Ethiopia is among 36 countries under review for new U.S. travel restrictions. Citing an internal memo signed by Secretary Rubio, the report said countries have been given a 60-day window to meet specific benchmarks or risk facing partial or full travel bans.

Concerns outlined in the memo include visa overstays, unreliable identity documentation, and the absence of a “competent or cooperative” central authority. Ethiopia was listed alongside 24 other African nations, prompting criticism that the proposed restrictions could disproportionately affect the continent.

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Ethiopia ranked fifth among African nations importing U.S. goods in 2024, with an import worth of USD 1.016 billion, according to the latest data from the United States Census Bureau.

Ethiopia followed Egypt (USD6.89 billion), South Africa (USD5.8 billion), Morocco (USD5.2 billion), and Nigeria (USD4.1 billion) in total value of imports. It remained one of only six African countries to exceed the USD1 billion mark, ahead of nations such as Algeria and Ghana.

Despite a year-over-year decrease of about USD202.7 million from 2023’s total of USD1.218 billion, Ethiopia’s strong position in the rankings highlights the depth of its commercial ties with the U.S.

While the Census Bureau’s figures do not break down imports by sector, previous trends suggest that Ethiopia’s purchases often include aircraft components, machinery, medical technology, and agricultural equipment goods linked to infrastructure, healthcare, and economic modernization.

Visa, a global digital payments platform, successfully concluded a comprehensive one-day training event in Addis Ababa, Ethiopia, aimed at strengthening risk management capabilities and enhancing operational excellence among its partners in the region.

The session brought together professionals from leading financial institutions, fintechs, and digital banking teams across the country. The training was designed to address the evolving challenges and opportunities in the digital payments ecosystem.

Yared Endale, Country Manager for Visa Ethiopia, highlighted the strategic importance of the initiative; “This training reflects Visa’s unwavering commitment to supporting Ethiopia’s financial ecosystem. By equipping our partners with the knowledge and tools to manage risk effectively, we are laying the groundwork for a more secure, resilient, and inclusive digital economy. As Ethiopia continues to embrace digital transformation, Visa remains committed to supporting the country’s financial institutions with secure, innovative, and forward-thinking solutions that drive sustainable growth.

The event was tailored specifically for digital banking professionals, particularly those working in risk, compliance, and operations. It also served as a platform for peer-to-peer learning, industry networking, and the exchange of best practices in a rapidly evolving financial landscape.

Basil Kithinji, Director of Risk for Visa East Africa, emphasized the broader impact of the session: “Risk management is not just a back-office function—it’s a strategic enabler of trust and growth in digital finance. Today’s training empowered our clients with practical insights and fostered collaboration across the ecosystem. We’re proud to be a trusted partner in their journey.”

Participants praised the session for its relevance, depth, and practical value, noting that the training provided actionable strategies they could immediately apply within their organizations.

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Ethiopia has been ranked as the first expensive country to live in Africa, according to new global data from Numbeo, the world’s largest cost of living database. The report titled “Cost of Living Index by Country 2025” shows that, compared to other African countries, people in Ethiopia now spend more money on basic things like food, transportation, and dining.

Ethiopia is ranked 53rd in the world with cost of living index 46.5, higher than any other African country listed. The high cost of groceries is one of the main reasons for Ethiopia’s top ranking. This shows that it is becoming harder for people to afford their weekly shopping, especially for families living on fixed or low incomes.

Ethiopia’s position stands in contrast to other relatively high-ranking African nations on the cost-of-living scale. Botswana, Mozambique, Ivory Coast, Somalia, Cameroon, and Mauritius follow behind, with Zimbabwe trailing these countries.

Although rent in Ethiopia is still relatively low compared to many parts of the world, the combined cost of rent and living expenses remains very high for most people. Eating at restaurants, transportation, and general services are all getting more expensive. The transportation index shows that traveling inside the country, whether for work or personal needs, is more costly than in most other African countries.

These rising costs come during a time of economic change. Over the past year, Ethiopia has made big shifts in its economy such as adjusting its currency system and reducing government spending. While these changes are meant to help in the long term, they are causing short-term pain for many citizens. Prices have gone up, but salaries have not kept pace, which means that many people are struggling to afford the same standard of living they had a year or two ago.

For example, Numbeo estimates that a single person living in Addis Ababa would now need around USD800 per month (excluding rent) to cover basic living costs. A family of four would need more than USD2,700 per month. This is far above what most Ethiopian households actually earn.

This situation is affecting not only families but also small businesses. With fewer people able to spend money, many shops and restaurants are seeing fewer customers. Some companies are cutting jobs or closing down altogether. The pressure is felt most strongly in cities like Addis Ababa, where prices have risen faster than incomes.

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The Addis Ababa City Administration Cabinet has proposed a substantial budget increase for the 2025/2026 fiscal year, submitting a draft budget of ETB 350 billion to the city council, as reported by Fana Media Corporation (FMC). This represents a major expansion compared to the approved ETB 230.39 billion budget for the current 2024/2025 fiscal year.

The current fiscal year’s budget already marked a significant 64% rise from the previous year, with capital expenditures accounting for nearly two-thirds of the total allocation. Priorities included infrastructure development, job creation, housing projects, and poverty alleviation initiatives designed to support the city’s rapidly growing population.

Building on this foundation, the newly proposed budget allocates approximately 249.9 percent of its resources to critical sectors such as sustainable development, infrastructure expansion, poverty reduction, job creation, and subsidies for essential public services. The remaining ETB 100.1 billion is reserved for the city’s regular operational costs, managed with a strong emphasis on fiscal discipline and savings.

In parallel, the cabinet approved revisions to land lease bid prices following recommendations from the Land Development and Administration Bureau. The city’s Communication Bureau explained to the FMC that this adjustment is in response to improved infrastructure within corridor development zones, stable land prices, and future urban expansion requirements.

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Ethiopian Airlines, Africa’s largest and most profitable carrier, has officially commenced passenger flights to Hyderabad, India, marking its fifth destination in the country.

The inaugural flight ceremony, was attended by Ethiopian Airlines Group CEO Mesfin Tasew, Indian Ambassador to Ethiopia Shri Anil Kumar Rai, and other high-ranking officials from both nations.

Speaking at the event, the group CEO emphasized that the new route enhances connectivity not only between Ethiopia and India but also provides broader access to the African continent through Ethiopian’s extensive network of over 140 international destinations.

Ambassador Rai underscored the strategic importance of Hyderabad, calling it a “key commercial and innovation hub in India,” and welcomed the direct air link as a catalyst for deeper bilateral engagement across sectors.

The new route strengthens Ethiopian Airlines’ presence in the Indian subcontinent, joining its existing services to New Delhi, Mumbai, Bengaluru, and Chennai.

Hyderabad, the capital of India’s Telangana state, is a major economic and cultural hub known for its thriving information technology, biotechnology, and pharmaceutical industries. Often called “Cyberabad,” the city hosts global tech giants like Microsoft, Google, and Amazon, and is home to Genome Valley, a leading biotech cluster. Its Rajiv Gandhi International Airport is among the top-ranked in Asia, serving as a strategic gateway to southern India. With a rich historical legacy and a growing reputation in medical tourism and education, Hyderabad plays a pivotal role in connecting India to global markets—making it a valuable addition to Ethiopian Airlines’ expanding network.

This development comes just two weeks after the airline launched its new route to Sharjah in the United Arab Emirates, now its second destination in the UAE after Dubai. The move underscores Ethiopian’s strategic commitment to route diversification and global network growth, aligned with its Vision 2035 strategy.

Ethio Telecom has signed an agreement with the Oromia Agriculture Bureau to launch an integrated big data platform tailored specifically for the region’s agricultural sector.

This innovative platform aims to revolutionize the agricultural value chain across Oromia by enhancing productivity, improving resource management, and strengthening market linkages through data-driven insights. By connecting farmers, agricultural experts, input suppliers, enterprises, distributors, and retailers, the platform fosters seamless collaboration between public and private stakeholders.

Powered by Ethio Telecom’s tele Cloud technology, the solution is initially being rolled out in selected woredas (districts) and covers all stages of the agricultural cycle. Leveraging data from Internet of Things (IoT) devices, satellite imagery, remote sensing, and field experts, the platform will facilitate digital transactions, support supply-demand analysis, and serve as a centralized hub for agricultural data storage and analysis.

“By integrating advanced predictive analytics and real-time data, this initiative will enable smarter decision-making, reduce risks related to pests and diseases, and optimize resource allocation,” said an Ethio Telecom spokesperson. “Ultimately, this will drive a more resilient, efficient, and sustainable agricultural economy in Oromia.”

The collaboration aligns with Ethio Telecom’s broader commitment to expanding access to cutting-edge technologies that transform Ethiopia’s economic and social landscape. Previous partnerships with Oromia’s regional government and city administrations have focused on digitizing public services to improve citizen livelihoods.

Looking ahead, Ethio Telecom is set to deepen cooperation with multiple bureaus and agencies within Oromia to introduce additional digital solutions that modernize regional operational systems and advance Ethiopia’s Digital Ethiopia initiative.

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The Ministry of Agriculture (MoA) of Ethiopia has signed a Memorandum of Understanding (MoU) with Precision Development (PxD), a global non-profit organization specializing in digital agricultural advisory services. The agreement is backed by a USD 3 million grant from the Bill & Melinda Gates Foundation, aimed at accelerating the implementation of Ethiopia’s Digital Agriculture Roadmap (DAR).

The MoU was signed by Dr. Girma Amente, Minister of Agriculture, and Niriksha Shetty, CEO of PxD, in a move that marks a significant milestone in the country’s transition toward tech-enabled agricultural transformation.

Under the agreement, PxD will lead the establishment and operation of a Project Management Unit (PMU) responsible for the coordinated delivery and oversight of the Digital Agriculture Roadmap. The initiative will be implemented over a two-year period, from December 2025 to February 2027, with PxD serving as the executing agency for the project.

The grant from the Gates Foundation will be channeled directly to PxD, enabling the deployment of targeted digital solutions to support smallholder farmers, enhance data-driven policymaking, and improve agricultural productivity across Ethiopia.

Ethiopia, in partnership with the African Union, is set to host the Second Africa Climate Summit (ACS2) from September 8–10, 2025, reaffirming its role in advancing continental climate leadership. Held under the theme “Green Talks and Green Actions,” the summit will spotlight Nature-Based Solutions as central to Africa’s climate adaptation and mitigation strategy, with a focus on re-greening the continent and reinforcing African solidarity.

The summit comes at a time when Ethiopia is accelerating its shift toward sustainable development. In a landmark policy shift, the government has enacted a full ban on single-use plastics—modernizing environmental regulations that had remained largely unchanged for nearly two decades. The administration has also introduced a draft proclamation on ecosystem services, proposing the introduction of a fee framework to support conservation and equitable resource management.

Ethiopia’s climate efforts are further anchored by its Green Legacy Initiative, which has seen the planting of more than 32 billion seedlings over the past five years, with an estimated 90% survival rate. The campaign, launched by Prime Minister Abiy Ahmed, has gained international recognition for its scale and emphasis on ecological restoration.

“As Ethiopia launches its Green Legacy season, its preparations reflect a deep commitment to practical climate solutions,” Prime Minister Abiy stated on social media. “The call is clear: invest in nature, scale proven solutions, and embrace a model where ecology drives the economy.”

Preparatory consultations for ACS2 are already underway. In April, Ethiopia’s Minister of Foreign Affairs, Gedion Timothewos, and Minister of Planning and Development, Fitsum Assefa, held discussions with Moses Vilakati, African Union Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment. Commissioner Vilakati commended Ethiopia’s proactive stance and its readiness to lead the upcoming continental gathering.

The Africa Climate Summit, first launched in Nairobi in 2023, is becoming a key platform for African nations to articulate homegrown climate solutions, financing models, and regional cooperation frameworks. The first edition culminated in the adoption of the Nairobi Declaration, which called for reforming global climate finance, establishing a carbon tax, and unlocking green investments. Ethiopia’s hosting of the second edition is expected to build momentum around the continent’s climate diplomacy and green transformation agenda.

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ArifPay Appoints Rediet Tsigeberhan as New CEO

Ethiopia Becomes Second African Country to Meet Trump in Second Term

Ethiopia Among Top Five African Countries Importing U.S. Goods in 2024

Visa Empowers Ethiopian Financial Institutions with Risk Management Training to Strengthen Digital Payment Ecosystem

Ethiopia Tops Africa’s Cost of Living Index Amid Economic Reform Pressures

Addis Ababa City Plans Major Budget Expansion to Tackle Infrastructure and Poverty

Africa’s Largest Carrier Expands Indian Reach with New Hyderabad Route

Ethio Telecom and Oromia Agriculture Bureau Partner to Launch Big Data Platform Transforming Ethiopia’s Agricultural Sector

Ethiopia Teams Up with Global NGO to Digitize Farming with USD3M Boost

Ethiopia to Host Second Africa Climate Summit in 2025, Championing Nature-Based Solutions