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.
Foreign Exchange & Monetary Policy
NBE FX Auction Sees Wider Bank Participation
The National Bank of Ethiopia (NBE) concluded a special end-of-year foreign exchange auction on Friday, with 23 banks securing dollars—up from 13 in the previous regular auction. The weighted average rate settled at ETB 154.48/USD, slightly lower than the prior ETB 154.77.
This auction is part of Ethiopia’s post-2024 market-based FX framework, where periodic auctions allocate foreign currency and set a reference rate. Since early 2025, the official rate has climbed from about ETB 131.7/USD. The NBE confirmed that FX auctions will continue in the coming weeks, maintaining its gradual approach to market liberalization.
Ethiopian Birr Among World’s Weakest Currencies
Ethiopia’s birr ranked as the third-weakest currency globally in 2025, depreciating over 15% against the US dollar due to dollar shortages, high inflation, and cautious investor sentiment. The currency’s stability will hinge on debt restructuring under the G20 Common Framework and ongoing IMF-backed reforms, including FX liberalization, partial privatization of state enterprises, and financial sector opening. Despite easing inflation (10.9%) and rising export earnings, foreign currency shortages and the official-parallel rate gap remain key pressures.
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Banking & Financial Services
Dashen Bank Hits Record FY2017 Income
Dashen Bank reported a record total income of ETB 31.4 billion, up 34% YoY. Total assets reached ETB 254 billion, deposits totaled ETB 202.2 billion, including ETB 15.8 billion in interest-free Sharik accounts, and net profit grew 5.1% to ETB 6.7 billion. The bank emphasized its digital transformation push, highlighted by the Dashen SuperApp, strengthening its position among Ethiopia’s top financial institutions.
ECMA Approves Dashen Bank Share Registration
The Ethiopian Capital Market Authority (ECMA) approved the registration of 16.54 million Dashen Bank shares, including 2.21 million new shares. Existing shareholders will have the first option to purchase the new shares, with any remaining offered to qualified investors or the public. This move aligns with Ethiopia’s ongoing efforts to formalize and expand its capital market.
Omo Bank FY Highlights
Omo Bank posted a pre-tax profit of ETB 213 million, with capital rising to ETB 3.2 billion. Total assets surpassed ETB 9.6 billion, deposits exceeded ETB 6 billion, and the bank added 331,788 new accounts, lifting its customer base to 6.4 million. Loans of over ETB 3.5 billion were disbursed, mainly to agriculture, commerce, and SMEs. Branches now number 241 nationwide, underscoring rapid post-licensing growth.
Nib Insurance FY Performance Snapshot
Nib Insurance delivered a pre-tax profit of ETB 457.9 million, driven by strong general insurance earnings of ETB 522.9 million, offsetting a ETB 65 million loss in Life Assurance. Profit rose 14% YoY, with EPS up 30.6% to ETB 153. Total assets grew 20.6% to ETB 4.1 billion, gross written premiums increased 37% to ETB 1.74 billion (led by motor insurance), and underwriting surplus reached ETB 602.6 million, reflecting operational improvements despite inflation, security challenges, and regulatory changes.
ECMA Licenses Gadaa Securities Dealer
The Ethiopian Capital Market Authority (ECMA) granted a Capital Market Service Provider license to Gadaa Securities Dealer S.C., allowing it to operate as a securities dealer. Ethiopia now has 14 licensed CMSPs and two securities dealers, advancing the development of a liquid and efficient capital market.
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Fintech & Digital Payments
SantimPay Financial Solution Expands Rural Reach via VisionFund Partnership
SantimPay partnered with VisionFund Microfinance, integrating its digital payments platform across VisionFund’s 121-branch nationwide network, giving 1.9 million customers access to its services. SantimPay processes ~1 million transactions daily, works with 45,000+ merchants, and has deployed 2,300 POS machines, with plans to scale nationally. Future collaborations may include digital lending solutions, supporting financial inclusion beyond urban centers.
Safaricom Ethiopia Adjusts Data Bundle Prices
Safaricom Ethiopia revised its mobile data bundle prices, citing rising operational and investment costs. The adjustment aims to maintain reliable, high-quality data services while supporting ongoing network expansion. The company continues to serve over 12 million subscribers, reaffirming its commitment to service quality.
Infrastructure & Strategic Projects
CBE Backs Ethiopian Airlines Staff Housing
The Commercial Bank of Ethiopia signed a ETB 27.8 billion loan agreement with Ethiopian Airlines to finance employee housing. This builds on earlier efforts that delivered 1,200 homes, with 5,000 more units under construction. The funding is critical for completing the housing initiative and improving staff welfare.
Ethiopia Opens Coffee Trading Center in China
Ethiopia inaugurated a specialty coffee trading center in Zhuzhou, Hunan Province, strengthening access to the Chinese market. China is now Ethiopia’s fourth-largest coffee export destination, with 16,300 metric tons exported in five months, generating $113 million. The center will facilitate direct sales, cross-border e-commerce, and promote Ethiopian coffee culture.
International Cooperation & Health
Ethiopia–US Health Cooperation Deal
Ethiopia and the United States signed a $1.6 billion, five-year health cooperation framework (2026–2030) focused on HIV/AIDS, tuberculosis, malaria, maternal and child health, and epidemic preparedness. The deal includes health system strengthening, workforce development, domestic financing, and local pharmaceutical production, with $1.16 billion financed by the US. This builds on over two decades of bilateral cooperation.
Public Sector & Governance
EIH Launches Governance Overhaul of State Enterprises
Ethiopian Investment Holdings (EIH) initiated wide-ranging governance reforms across 41 state-owned enterprises. Key measures include board restructuring, performance-based leadership evaluations, and limits on officials serving on multiple boards. So far, 70 new board members and eight board chairs have been appointed, with several CEOs replaced. EIH aims to replicate Ethiopian Airlines’ governance and profitability model across other state enterprises.
Stay tuned for next week’s insights, where we unpack more sectoral trends and policy moves shaping Ethiopia’s future.
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