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BusinessNigeria’s Dangote Refinery plans to invest $14.3 billion to double its processing capacity as the company prepares for what is expected to be Africa’s largest-ever initial public offering (IPO). The expansion, outlined in the refinery’s IPO prospectus, will increase its capacity from the current 700,000 barrels per day to 1.4 million barrels per day. The
Banking & FinanceMela Finance Inc. has officially launched Mela, a digital banking and financial platform designed for members of the Ethiopian diaspora, initially focusing on financial services connecting the United States and Ethiopia. The public launch follows an early beta period and introduces services including U.S. banking access, direct deposit and payroll, digital money management, bank account
Ethiopian Airlines is reportedly nearing an order for up to 10 Boeing long-haul freighters ,industry sources told Reuter, as part of a broader push to build a new hub capable of competing with Gulf cargo carriers. Africa’s largest airline already runs 12 777F freighters as part of its 147-aircraft fleet and has been expanding its
BusinessSafaricom Ethiopia has surpassed 15 million 90-day active subscribers as the telecom operator marks five years since receiving its unified telecom operating license from the Ethiopian government. The company received its license on July 9, 2021, and began commercial operations in October 2022 after an initial period focused on building its network, business operations, and
BusinessEthio Telecom has set a revenue target of 295 billion birr for the 2019 Ethiopian fiscal year, representing a 36.7 percent increase from the 215.82 billion birr it generated in the previous fiscal year. The state-owned telecom operator announced the target on September 3 during a press conference outlining its major plans for the new
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EconomyThe National Bank of Ethiopia (NBE) and the International Finance Corporation (IFC) have signed a Framework for Cooperation to establish Ethiopia’s first dedicated Mortgage Refinance Company, Prime Minister Abiy Ahmed announced. The planned wholesale financial institution will be capitalized at 100 billion birr, with the IFC expected to contribute a minimum of $200 million, according
BusinessThe Ethiopian Commodity Exchange (ECX) traded commodities worth 48.83 billion birr during the 2025/26 budget year, exceeding its annual target by 67.8 percent, according to the Ministry of Trade and Regional Integration. The exchange had set a target of 29.1 billion birr in export commodity transactions for the fiscal year. Its actual performance was 19.73
Capital MarketiCAPITAL Investment Partners has announced that the Ethiopian Capital Market Authority (ECMA) has approved the registration of Enat Bank S.C.’s existing shares, marking the firm’s fifth successful regulatory registration in Ethiopia’s emerging capital market. The approval adds Enat Bank to iCAPITAL’s growing portfolio of capital market advisory engagements, following similar registrations involving Awash Bank S.C.,
Capital MarketThe Ethiopian Capital Market Authority (ECMA) has granted an Investment Bank license to D and T Ethiopia Management Consulting PLC, commonly known as Deloitte Ethiopia, following the completion of its license application assessment. Deloitte Ethiopia, which previously operated as a Securities Investment Advisor, is now authorized to provide non-brokerage investment banking services, including facilitating mergers
EconomyThe National Bank of Ethiopia (NBE) has issued a public awareness notice warning customers, members of the Ethiopian diaspora and the general public against using unlicensed money transfer agents and illegal Hawala networks. The central bank said unauthorized remittance operators are prohibited under Ethiopian law and may expose both senders and recipients to significant financial
Capital MarketThe Ethiopian Capital Market Authority (ECMA) has approved the registration of 6,785,310 existing shares of Enat Bank S.C., marking another step in the bank’s participation in Ethiopia’s emerging capital market. In a notice issued on August 27, 2026, ECMA said it had approved Enat Bank’s Registration Statement and registered the existing shares held by shareholders.
EconomyThe National Bank of Ethiopia (NBE) has allocated USD 125 million in its 27th foreign exchange auction held on August 26, 2026, as banks competed for foreign currency amid continued efforts to strengthen the country’s foreign exchange market. The auction attracted USD 170.51 million in total bids, with five banks participating. Only two banks were
