Your weekly dose of Ethiopia’s sharpest business, economic, and finance news.
Grab your buna and catch up on what’s moving Ethiopia’s markets and economy this week.
Finance & Banking
AABE Enforcement Brings New Hurdles for Corporate Borrowers
Ethiopia’s Accounting & Auditing Board (AABE) has started enforcing a long-standing rule requiring large companies to file Board-approved IFRS financial statements before securing bank loans. The directive targets firms earning over 50 million birr, with full IFRS required for those above 300 million birr and 200+ employees.
The move aims to prevent companies from submitting conflicting financial statements to banks and tax authorities. While accountants welcome the push for transparency, banks and businesses warn of challenges: limited Board capacity, no regional branches, high compliance costs, confusion over which firms must file, and risks of delays or corruption. Banks note accurate, Board-filed statements could improve lending quality but fear the rollout may slow credit approvals and strain borrowers—especially outside Addis Ababa. Read more
Siket Bank Posts 1.24 Billion Br Profit, Capital Reaches 9.4 Billion Br
Siket Bank reported a 1.24 billion birr net profit for 2024/25, with total capital rising to 9.4 billion birr and paid-up capital increasing to 7.84 billion birr. Assets reached 19.3 billion birr, and the customer base grew to 615,000.
Originally a city-run job-creation office that evolved into the Addis Credit & Saving Institution, Siket transitioned into a commercial bank in 2023. It focuses on financing micro and small enterprises, women, and youth, supported by branch expansion, digital services, and credit products tailored to informal-sector clients.
Amhara Bank Reports Strong Profit Growth, Plans Major FX Mobilization
Amhara Bank posted a pre-tax profit of 655 million birr for 2017—an 85% increase from last year—during its 4th Annual General Meeting. Total assets rose 23.2% to 43.4 billion birr, with loans up 29% to 25.5 billion birr and deposits up 26% to 31.5 billion birr. Income reached 5.6 billion birr.
The bank’s digital reach continues to grow, with nearly 1 million mobile banking users and a total customer base of 2.4 million. CEO Dr. Yohannes Ayalew said the bank aims to earn 3.6 billion birr in gross profit this year and is preparing to mobilize USD 250 million in foreign exchange to strengthen its international position. Read more
Zemen Bank Secures USD 85 Million to Support Trade
Zemen Bank has obtained USD 85 million in trade finance from Afreximbank and the Trade and Development Bank (TDB). The funding will enhance the bank’s capacity to support Ethiopia’s import and export activities, improve access to foreign currency, and allow faster responses to customer needs.
The partnership demonstrates international confidence in Zemen Bank and its role in driving Ethiopia’s economic growth. Read more
Awash Bank Teams Up with Mastercard to Boost Digital Payments
Awash Bank has partnered with Mastercard to expand Ethiopia’s digital payment ecosystem. The collaboration combines Mastercard’s global technology with Awash Bank’s local reach to introduce innovative payment solutions for consumers and businesses.
The partnership aims to accelerate digital finance adoption, enhance financial inclusion, and support Ethiopia’s transition to a modern, digital economy. Read more
EthSwitch Partners with Mastercard to Globalize Ethiopian Payments
EthSwitch, Ethiopia’s national payment switch, has signed a partnership with Mastercard, enabling Ethiopian banks to issue prepaid cards usable worldwide and allowing local businesses to accept international payments.
The deal connects EthSwitch to Mastercard’s global network, supports e-commerce growth, modernizes Ethiopia’s payment systems, and enhances security and financial inclusion. Read more
NBE Re-Licenses Standard Bank’s Representative Office Under New Banking Framework
The National Bank of Ethiopia has re-licensed Standard Bank’s Representative Office—the first approval under the revised Banking Business Proclamation. The updated framework shifts oversight of foreign representative offices from the Ministry of Trade to NBE, which has begun re-licensing existing REPOs and assessing new applications.
Standard Bank becomes the first foreign institution formally licensed under the new rules. Representative offices can conduct research, build relationships, and promote services but cannot offer banking products or execute transactions. Read more
Capital Markets
Wegagen Capital Submits Sidama Bank Prospectus for ECMA Review
Wegagen Capital Investment Bank (WCIB) has finalized Sidama Bank’s prospectus, a key requirement for approval by the Ethiopian Capital Market Authority (ECMA). The document outlines the bank’s operations, financials, risks, and offering details, ensuring transparency under the Capital Market Proclamation.
WCIB CEO Brutawit Dawit thanked Sidama Bank for the collaboration, while CEO Tadesse Hatiya praised WCIB for completing the work on schedule. Both institutions expressed commitment to strengthening their partnership as Ethiopia’s capital market develops. Read more
ECMA Issues Warning on Illegal Social Media Investments
The Ethiopian Capital Market Authority (ECMA) has warned the public against unlicensed promotion or sale of securities on social media.
Such activities violate Capital Market Proclamation No. 1248/2013 and can lead to up to 15 years in prison. ECMA is monitoring online platforms and urges investors to verify licenses through its official website or office before engaging with any investment offers. Read more
Business & Industry
Belated Audit Exposes Deepening Troubles at Ethiopian Sugar Industry Group
A long-delayed audit of the Ethiopian Sugar Industry Group (ESIG) reveals deep financial and governance issues. Revenues fell 13% to 7.4 billion birr, while losses reached 9.6 billion birr. Cash reserves and assets declined, and production remains below national demand.
The audit highlights unreconciled balances of 1.5 billion birr, large inventory gaps, 523 million birr in goods stuck in transit, 14 billion birr in impaired contractor advances, and losses due to unrest and outgrower issues. Conflict-hit estates such as Welkait, Arjo, Fincha, and Tendaho carry high-risk assets, with Tendaho alone holding 19 billion birr.
ESIG’s debts remain heavy, interest costs are 5 billion birr, and several estates are suspended or incomplete. Repeated privatization attempts have failed, cementing ESIG’s status as one of Ethiopia’s most troubled state-owned enterprises. Read more
Ovid Holdings Eyes Expansion into Cameroon
Ethiopian conglomerate Ovid Holdings is exploring major investment opportunities in Cameroon, according to the country’s Chamber of Commerce. The $15 billion group is assessing prospects in construction, mining, infrastructure, agribusiness, and real estate during a visit from November 23–28.
A high-level business forum on November 27 will connect Ovid Holdings with government officials and local companies seeking investment. The move highlights a growing trend of African cross-border investment supported by AfCFTA. Read more
Ethiopia Aims for 600,000 Tons and $3B in Coffee Exports
Ethiopia’s coffee sector targets 600,000 tons of exports and over USD 3 billion in revenue this year, up from 470,000 tons and USD 2.6 billion last fiscal year.
Reforms, improved farm management, and supply-chain upgrades—including planting 9 billion new seedlings and renovating 700,000 hectares—have boosted productivity, with yields averaging 9 quintals per hectare and some modern farms reaching 60 quintals. Officials say these steps strengthen Ethiopia’s global competitiveness and cement its position as a leading coffee exporter. Read more
China-Based Bank Pledges USD 500M for Ethiopian Airlines’ Bishoftu Mega-Airport
A China-based bank has pledged USD 500 million toward Ethiopian Airlines’ planned Bishoftu International Airport, CEO Mesfin Tasew announced at the Africa Investment Forum in Morocco.
The airport project, estimated at USD 12.5 billion, still faces an USD 8 billion funding gap. Ethiopian Airlines is engaging global financiers from China, the Middle East, India, Europe, and North America, with the African Development Bank also signaling interest. The CEO reassured lenders about FX risks, noting 90% of revenue is earned in foreign currency. Read more
Ethiopia Arrests 24 in Br100 Billion Tax Evasion Crackdown
Authorities detained 24 individuals linked to sports-betting firms accused of concealing over 100 billion birr in government revenue. The joint operation uncovered unlicensed operators, canceled-license firms, and foreign-run platforms offering illegal betting services.
Some licensed payment providers underreported earnings. Authorities urged the public to report suspicious activity. Read more
Technology & Digital Transformation
Council of Ministers Approves Digital Ethiopia 2030 Strategy
Ethiopia approved the Digital Ethiopia 2030 Strategy, aiming to expand broadband, deepen digital inclusion, and grow the digital economy’s share of GDP.
Building on Digital Ethiopia 2025, which increased mobile internet users from 17 million to over 42 million and expanded mobile money to 55 million+ users generating ETB 4.7 trillion in transactions, the new plan seeks to bridge gaps in rural connectivity and e-commerce. Investments in AI, cloud, IoT, and rural programs are planned, with immediate rollout.
Ethio telecom Opens Third Superfast EV Charging Station in Addis Ababa
Ethio telecom launched its third superfast EV charging station in Summit Fyele Bet, capable of charging 16 vehicles simultaneously using AI for optimal efficiency.
Since 2017, the network has delivered over 4.3 million kWh of clean energy to 165,000 cars, preventing more than 6 million kg of CO₂ emissions. More stations are planned to support Ethiopia’s green economy. Read more
Ethiopian Electric Utility Partners with Wingu Africa to Modernize Power Infrastructure
EEU partnered with Wingu Africa to digitize operations, moving key systems to a secure Tier III data centre in Addis Ababa.
The upgrade aims to improve service reliability, speed, and security for millions of customers, marking a step toward smarter, modern energy services. Read more
FSD Africa Unveils $30 Million Insurtech Fund to Close Africa’s Insurance Gap
FSD Africa launched a $25–30 million Inclusive Insurtech Investment Fund (3iF) to support early-stage startups expanding access to insurance across Africa.
The fund targets health, climate resilience, and financial inclusion solutions, with capital from FSD Africa Investments and equity from Zep Re. It will finance BimaLab alumni and other high-potential ventures. The summit highlighted investment, technology, and regulatory support as key to narrowing Africa’s insurance gap. Source: Birrmetrics
Stay tuned for next week’s insights, where we unpack more sectoral trends and policy moves shaping Ethiopia’s future.
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