Ethiopia’s Maritime Transit Service has reached a major milestone in its national fertilizer import initiative, with over 1.07 million metric tons of soil fertilizer successfully delivered to Djibouti Port as of April 6, 2025. This achievement represents nearly half of the country’s total planned imports for the 2017/18 agricultural production cycle, which targets 2.4 million metric tons by the April 2025 deadline.
The Ethiopia Securities Exchange (ESX) has announced that Ethiopia’s interbank money market (IMM) has surpassed ETB 500 billion in total transaction volume within just six months of operation, marking a significant milestone in the country’s financial sector.
Launched in October 2024 by the National Bank of Ethiopia (NBE), the IMM was established to facilitate short-term borrowing and lending among banks, enhancing liquidity management and improving financial market efficiency. Governed by the Interbank Money Market Rules, the platform has rapidly gained traction, reflecting growing investor confidence and increasing market activity.
The milestone underscores the evolving landscape of Ethiopia’s banking sector, where structured platforms like the IMM are strengthening market transparency and fostering economic stability. As momentum builds, this achievement highlights the potential for further financial sector reforms, deeper investor participation, and a more resilient financial ecosystem in Ethiopia.
Ethiopia is set to host the fourth edition of the Africa Startup Ecosystem Builders Summit & Awards (ASEB 2025). The event, organized by the Africa Startup Ecosystem Builders Society, will bring together entrepreneurs, investors and policymakers from across the continent to Addis Ababa from October 1-3.
Originally planned for Cote d’Ivoire, the summit was relocated due to scheduling conflicts with that country’s national elections. The theme for this year’s gathering is “Empowering Africa’s Startup Ecosystem Builders: Tools, Funding, and Global Visibility for Sustainable Growth,” focusing on strengthening support systems for emerging businesses.
McKevin Ayaba, founder of the ASEB Society, explained that the change in venue presents an exciting chance to highlight Ethiopia’s entrepreneurial potential. “Every good story has moments where the unexpected creates new opportunities,” Ayaba said. “Ethiopia represents an exciting frontier with tremendous entrepreneurial potential.”
Local firm Sahan Advisory Services will serve as the host partner for the event. The company’s co-founder Dr. Jibril Mohamed Ahmed was previously honored as ASEB’s Startup Mentor of the Year in 2022. Sahan CEO Dr. Kassahun Delene Deyassa emphasized the summit’s importance for Ethiopia’s innovation landscape, noting it will help amplify the voices of those building the country’s entrepreneurial ecosystem.
The three-day program will include an awards ceremony recognizing Africa’s top startup supporters, practical workshops on business development topics, and tours of Ethiopia’s innovation hubs. These activities aim to connect Ethiopian entrepreneurs with continental networks and potential investors.
This event comes at a pivotal time for Ethiopia’s technology and startup sectors, which have seen rapid growth in recent years. The summit provides a platform to attract international attention and investment to local innovation efforts while strengthening Ethiopia’s connections to pan-African business networks.
Organizers expect the gathering to highlight Ethiopia’s emerging role as a hub for entrepreneurship in Africa. As Ayaba noted, the event will contribute to “the broader narrative of an Africa whose economic future is shaped by those who enable entrepreneurship.” The selection of Addis Ababa as host city reflects growing recognition of Ethiopia’s potential in the continental startup landscape.
Ethiopia’s horticulture sector has delivered a robust USD366 million in revenue over the past eight months, reinforcing its position as one of the nation’s top three foreign exchange generators, the Ministry of Agriculture announced.
Speaking at the opening of the 9th Hortiflora Expo at Millennium Hall, Agriculture Minister Girma Amente (PhD) highlighted the sector’s growing economic impact, emphasizing its role in job creation—particularly for women, who make up over 80% of the workforce.
The horticulture industry—spanning flowers, fruits, vegetables, and herbs—has not only boosted exports but also spurred the growth of small, medium, and large enterprises across Ethiopia. However, Minister Girma noted that fruits, vegetables, and herbs remain underutilized in terms of export potential.
With global consumer trends shifting toward healthier diets, the government is implementing policy and sector reforms to attract more private investment and maximize opportunities in high-demand markets.
Organized by the Ethiopian Horticultural Producers and Exporters Association (EHPEA), this year’s expo—under the theme “Horticulture for Sustainable Ethiopia”—brings together ministers, producers, diplomats, and industry stakeholders to explore key challenges and innovations.
✔ USD366M earnings in 8 months – Floriculture leads, but fruits/vegetables untapped.
✔ Women dominate workforce – Over 80% of jobs held by female workers.
✔ Policy reforms underway – Govt. aims to boost private sector participation.
✔ Expo highlights sustainability – Focus on agro-logistics, EU compliance, and green growth.
Last night, the Sheraton Addis’ Lalibela Hall buzzed with energy as high-ranking government officials, banking and fintech CEOs, prominent business leaders, shareholders, and distinguished guests gathered to celebrate the Cooperative Bank of Oromia’s 20th anniversary. The event was a testament to the bank’s remarkable journey, blending lively celebration with reflections on its transformative impact on Ethiopia’s financial sector.
The bank’s remarkable journey traces back to visionary Haile Gebre Lube, widely regarded as the father of Ethiopia’s cooperative movement. Two decades ago, he championed a revolutionary idea: that cooperation represented the most powerful weapon against poverty. His grassroots mobilization effort saw community members contribute up to 100 ETB each, collectively amassing an impressive ETB 750,000 in seed capital.
This people-powered movement formally established a project office in 2002, with cooperative societies forming the majority of initial shareholders. After securing its commercial license in October 2004, the bank commenced operations in March 2005. Today, maintaining its cooperative roots, over 55% of the bank’s ownership remains in the hands of cooperative societies.
Mamo Mihretu praised the institution as one of the nation’s fastest-growing and most innovative financial institutions. “The Cooperative Bank of Oromia exemplifies modern banking through strong leadership, driving financial inclusion while maintaining its cooperative principles,” he stated.
The governor particularly commended the bank’s responsiveness to regulatory guidance and its alignment with national development goals. “The bank’s leadership has demonstrated exceptional commitment to implementing government directives and supporting economic progress,” Mamo noted. “During our transition to a market-based foreign exchange system, which introduced new market dynamics, Cooperative Bank stood out in its swift and effective adoption of these changes.”
With a customer base of 17 million, the bank’s mobile wallet, Coopay e-Birr, has become one of Ethiopia’s top platforms, processing mobile transactions totaling 3 trillion Birr. The bank has empowered over 1.2 million micro, small, and medium enterprises (MSMEs) with its digital, collateral-free loan offerings called Michu, significantly enhancing financial access for entrepreneurs and small businesses. Michu is Ethiopia’s first uncollateralized digital lending product, powered by Kifiya’s Qena, AI-driven digital lending platform developed in partnership with Mastercard Foundation.
“This platform strengthens collaboration between fintechs and traditional banks, representing a breakthrough in unconventional banking solutions for Ethiopia,” said the governor.
CEO Derbe Asfaw highlighted the bank’s role in transforming living standards by integrating advanced technology and digital solutions. Under its leadership, the bank has launched several innovations, including the SACCO-Link application, which enables cooperatives and unions to engage in digital banking, and the first Coop Remit, a blockchain-based money transfer service in Ethiopia.
Financially, the Cooperative Bank of Oromia has seen substantial growth, with total assets now standing at ETB 189.4 billion and deposits reaching ETB 169.45 billion, reflecting a strong ETB 52.3 billion increase in the last nine months. The bank operates 745 branches and employs 15,000 individuals, positioning itself as a key player in Ethiopia’s banking sector.
The bank’s commitment to sustainability is also evident in its expansion of eco-friendly branches, which operate on renewable energy. Throughout its 20th-anniversary celebrations, the bank has focused on social responsibility and community-driven projects under the initiative “Project 20 for 20th Anniversary.”
As it looks to the future, the Cooperative Bank of Oromia remains committed to driving economic development and financial inclusion across Ethiopia, making it a vital institution in the country’s evolving banking landscape.
The Commercial Bank of Ethiopia (CBE), in collaboration with global payment leader MasterCard, has introduced both plastic and virtual international prepaid cards, a move set to enhance digital payment accessibility in Ethiopia.
The launch, officiated by CBE President Abe Sano and MasterCard Africa President Mark Elliott, marks a major step toward modernizing Ethiopia’s financial ecosystem. These prepaid cards will enable users to conduct international transactions with greater convenience, supporting online purchases, travel expenses, and cross-border payments.
CBE officials emphasized that the initiative aligns with the bank’s ongoing efforts to expand digital financial services and provide customers with secure, flexible, and globally accepted payment solutions. The virtual card, in particular, is expected to cater to the rising demand for secure online transactions, while the plastic version offers a physical alternative for international spending.
In a groundbreaking move set to transform Ethiopia’s digital financial ecosystem, Ethio Telecom and MasterCard Africa are exploring a strategic collaboration to introduce cutting-edge digital financial services.
A high-level delegation, led by Ethio Telecom CEO Frehiwot Tamiru and MasterCard Africa President Mark Elliott, engaged in discussions to leverage their respective platforms—Telebirr and MasterCard—to expand financial access, accelerate digital payments, and drive sustainable economic growth.
CEO Frehiwot Tamiru emphasized Ethio Telecom’s strong market position, highlighting its vast customer base and robust infrastructure as key enablers in unlocking new digital opportunities. “Our partnership with MasterCard is driven by a shared vision to revolutionize Ethiopia’s financial sector and empower millions through innovative digital solutions,” she stated.
Echoing this sentiment, Mark Elliott, Division President, Mastercard Africa underscored MasterCard’s commitment to the Ethiopian market, citing Ethio Telecom’s rapid growth and infrastructure capabilities as a solid foundation for success. “This collaboration aligns with our mission to drive financial inclusion and create a more connected and competitive digital economy,” he said.
The Ethiopian Electric Power (EEP) announced that it is supplying 265 megawatts of electricity per day to Kenya under the power sales agreement between the two nations.
The 500 kV Ethio-Kenya Converter Station, a critical infrastructure project in East Africa’s energy landscape, is playing a pivotal role in strengthening cross-border power connectivity.
According to Mekonnen Kassie, a maintenance and operations specialist at the station, the facility receives electricity from Wolayta Sodo Substation No. 2 through four 400 kV incoming lines. It then transmits power via 12 converter transformers and 1,680 thyristors, ensuring a steady and efficient flow of electricity to Kenya.
The station operates with two high-voltage direct current (HVDC) poles, each with a capacity of 2,000 megawatts, and facilitates power transmission through a 1,600-kilometer line stretching from Ethiopia to Kenya.
Under the current power sales agreement, Kenya receives 200 megawatts of electricity for 18 hours daily, up until 6 p.m., followed by an additional 65 megawatts for the remaining six hours.
With the capacity to scale up supply, the station is also preparing to support planned power transmission to Tanzania. The broader vision includes expanding Ethiopia’s role in the continental energy market by facilitating power exports to other countries.
To sustain and enhance its contribution, the station is undergoing various capacity-building and infrastructure improvements, aligning with Ethiopia’s long-term strategy to become a regional energy hub.
Ethiopian Airlines has introduced a Boeing 737-800 Business Jet to its fleet, dedicated exclusively to VIP and small-group charter flights. The move signals the airline’s growing focus on premium travel, catering to Africa’s investors, business leaders, diplomats, and high-profile travelers seeking world-class service with greater flexibility and privacy.
According to Ethiopian Airlines, the newly acquired aircraft is tailored for a superior in-flight experience, featuring a spacious and elegantly designed cabin with premium seating. Configured to accommodate 19 passengers for commercial operations and 32 for private use, the jet provides an exclusive, intimate atmosphere. Passengers can enjoy state-of-the-art entertainment on up to 42-inch monitors, high-speed Wi-Fi, and personalized onboard dining.
“With the addition of this Boeing 737-800 Business Jet, we are elevating our charter service to new heights,” said Ethiopian Airlines Group CEO, Mr. Mesfin Tasew. “This is yet another step in our commitment to fostering business and investment opportunities across Africa and beyond.”
Beyond luxury, the new Business Jet enhances convenience and efficiency, offering flexible flight schedules, access to private terminals, and extended range capabilities for seamless short- and medium-haul charter operations. Ethiopian Airlines’ latest offering strengthens its position as Africa’s premier aviation group, reinforcing its commitment to meeting the evolving needs of business and elite travelers.
Africa’s reliance on foreign currencies such as the U.S. dollar, and euro is draining its economies, exacerbating financial instability, and stunting growth. With essential imports—from fuel to machinery—priced in these currencies, fluctuations in their value directly drive up costs, fueling inflation and widening trade deficits. When African nations sell goods internationally, they are forced to reconvert foreign earnings into local currency, incurring additional costs in exchange rate spreads and banking fees.
A 2024 report by the United Nations Conference on Trade and Development (UNCTAD) highlighted that currency volatility further strains small businesses reliant on foreign currency transactions. The report noted that energy dependency poses another major challenge for African economies.
In an interview with Sputnik Africa on the sidelines of the 57th session of the ECA Conference of African Ministers of Finance, Planning, and Economic Development in Addis Ababa, Dr. Melaku Geboye Desta, Coordinator of the African Trade Policy Centre (ATPC), explained, “By removing non-African currencies as intermediaries and eliminating the costs associated with currency conversion and reconversion, we can significantly reduce transaction costs. This will make trade cheaper, more efficient, and highly competitive.”
Dr. Melaku further highlighted that Africa’s dependence on currencies like the U.S. dollar costs the continent approximately USD5 billion annually, according to data from Afreximbank.
He also pointed to the Pan-African Payment and Settlement System (PAPSS), an innovative solution developed by the continent to address this challenge. PAPSS allows for the direct clearing of transactions between African countries, bypassing the need for an intermediary currency.
“With PAPSS, there are vast opportunities to cut transaction costs, speed up trade, and make intra-African trade more competitive,” Dr. Melaku added.
PAPSS, supported by 15 central banks, is set to launch an African currency market platform later this year. This initiative aims to facilitate direct exchanges between local currencies, bypassing the need for intermediate currencies like the U.S. dollar.
Mintesinot Nigussie