Dashen Bank, one of Ethiopia’s leading financial institutions, has been honored as the Best Bank for Financial Inclusiveness in East Africa at the 2024 Africa Bank 4.0 Summit in Nairobi, Kenya. This award recognizes Dashen Bank’s innovative efforts to expand access to financial services for underserved populations across the region.

“This award is a testament to Dashen Bank’s commitment to ensuring financial inclusion for all,” said Asfaw Alemu, CEO of Dashen Bank. “We are grateful to our valued partners Ethio-Telecom, EagleLion System Technologies, and Ethiopian Airlines, whose collaborative efforts have enabled us to deliver impactful financial solutions to our customers.”

Kacha Digital Financial Services and Dire Microfinance Institution have joined forces to launch a suite of innovative digital savings and lending products, marking a significant milestone in Ethiopia’s microfinance sector.

The launch event, held at the in Dire Dawa, was attended by a distinguished gathering of city officials, microfinance institution CEOs, members of the Ethiopian Microfinance Association, senior bank executives, and experts in digital financial services.

Safaricom, Kenya’s telecommunications giant, is eyeing Ethiopia’s nascent bond market to fuel its ambitious expansion into the country. After securing a landmark USD 850 million license in 2021 to operate in Ethiopia, the first time it has ventured outside its home market, Safaricom has made significant strides.

The company now boasts 4.4 million active mobile subscribers and 4.5 million M-Pesa mobile money users in Ethiopia. Its extensive infrastructure, including 2,806 telecommunication towers and 62,700 active agents, has enabled it to reach a substantial portion of Ethiopia’s population.

Dashen Bank has been honored by the International Finance Corporation (IFC), a division of the World Bank Group, for its outstanding global trade finance program. The IFC, during its 8th meeting held in Barcelona, Spain, officially announced Dashen Bank as the recipient of this prestigious accolade.

Furthermore, Dashen Bank has solidified its partnership with the IFC through a newly established agreement, which aims to enhance the bank’s capacity to provide financing to micro, small, and medium enterprises (MSMEs) in Ethiopia. The agreement, signed by Dashen Bank’s Chief Executive Officer, Asfaw Alemu, in Kigali, Rwanda, is set to serve as a catalyst for supporting women-owned MSMEs and agri-businesses across diverse regions of Ethiopia.

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.