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Banking & FinanceTsedey Bank has officially appointed Yohannes Ayalew (PhD) as its new president, marking a major leadership change for the fast-growing commercial bank. Yohannes previously served as Chief Executive Officer of Amhara Bank S.C., where he led a major restructuring program. Under his leadership, the bank moved from losses to a pre-tax profit of 655 million
Banking & FinanceAwash Bank has quietly crossed a milestone that says more about Ethiopia’s financial future than any ribbon-cutting ceremony ever could. Over the past six months, transactions processed through the bank’s digital payment platforms exceeded ETB 1 trillion, a signal that electronic payments are no longer peripheral—they’re becoming core infrastructure. The announcement came as Awash launched
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BusinessThe National Bank of Ethiopia (NBE) has issued a clarification to address confusion surrounding the use of indicative prices set by the Ethiopian Customs Commission for selected import items during foreign exchange (FX) processing. In a public notice released on February 7, the central bank said feedback from banks and market participants showed uncertainty in
BusinessTransactions conducted through Ethio Telecom’s Telebirr platform have surpassed 6.88 trillion birr since the service was launched, according to Ethio Telecom CEO Frehiwot Tamiru. Presenting the company’s 2018 fiscal year first-half performance, Frehiwot said Telebirr has delivered strong results, particularly in facilitating digital money transfers and supporting Ethiopia’s Digital Ethiopia agenda. During the first half
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the results of its 15th Foreign Exchange Auction, held on Tuesday, as part of ongoing efforts to manage liquidity and stabilize the foreign exchange market. According to the central bank, USD 70 million was allotted to commercial banks out of a total bid amount of USD 94.7
BusinessThe Council of Ministers of the Federal Democratic Republic of Ethiopia approved a set of major economic and policy reforms aimed at modernizing trade, boosting investment, and strengthening entrepreneurship. At its 52nd regular meeting, the Council unanimously agreed to forward a draft amendment to the Customs Proclamation to the House of People’s Representatives. The amendment
BusinessEthiopia is set to deepen its strategic partnership with global coffee giant Starbucks, following high-level talks aimed at expanding the role of Ethiopian coffee in the company’s global supply chain. Ato Addisu Arega held discussions today with Roberto Vega Alonso, Vice President of Starbucks, focusing on cooperation in coffee development, specialty coffee supply, and global
Banking & FinanceThe National Bank of Ethiopia (NBE) has officially lifted its long-standing grip on interest rates, allowing banks to price money based on market forces for the first time in decades. The shift comes through the Interest Rates (As Amended) Directive No. NBE/INT/13/2026, signed by Governor Eyob Tekalign (PhD) and effective January 9, 2026. In simple
BusinessFor years, rising prices have shaped everyday life in Ethiopia. Each visit to the market meant buying less with the same money. Households adjusted, cut back, and adapted as inflation ate into incomes. Now, the numbers suggest a turning point. In December EFY 2018, Ethiopia’s year-on-year inflation fell to 9.7 percent, down from 17.0 percent
BusinessCarrefour’s entry into Ethiopia does not arrive with fireworks. There are no glass towers rising overnight, no sudden takeover of city blocks, no loud declarations of a retail revolution. Instead, it comes quietly, through a franchise agreement, a rebranding exercise, and a set of supply contracts signed behind closed doors. Thirteen stores today, more tomorrow.
Banking & FinanceCommercial Bank of Ethiopia (CBE) has surpassed a major financial milestone, with its total deposits exceeding 2 trillion birr, driven by strong deposit mobilization in the first half of the 2025/26 fiscal year. The state-owned bank collected more than 325 billion birr in deposits during the first six months of the fiscal year alone, according
BusinessM-PESA Ethiopia has reached 5 million 90-day active customers, marking a major milestone in the country’s fast-evolving digital financial services landscape and underscoring growing consumer trust in mobile money platforms. The company said platform activity has doubled over the past three months, driven largely by everyday transactions and the expansion of its merchant and payments
