Grab your coffee ☕ and kickstart your week with the hottest headlines from the worlds of finance, tech, and beyond! From sleek new license plates to game-changing power deals and a sprinkle of digital finance innovation, these are the stories making a splash across the nation. Let’s dive in!
Economy
Forex Auction Sees Rate Rise
The National Bank of Ethiopia’s latest forex auction saw the Birr take another small tumble. They sold $60 million, pushing the weighted average exchange rate to 132.96 Birr per US dollar, up from 131.50 just two weeks ago. Sixteen banks managed to secure some forex. Keep an eye out for the next auction in a couple of weeks!
US Budget Cuts Could Be Africa’s Wake-Up Call
Uncle Sam is tightening the purse strings on foreign aid, proposing an $8 billion cut that will impact USAID and the State Department. This has significant implications for Africa, where US support is vital for health, food security, and humanitarian efforts. With potential reductions in funding for global health, emergency food, and multilateral institutions, Africa’s reliance on aid is being thrown into sharp relief. However, this could be the push Africa needs to focus on its own resources, develop capital markets, and boost regional trade through initiatives like AfCFTA. It might not be a crisis, but a crucial moment to build long-term financial resilience. Read here
Transportation
New National License Plates Hit the Road
Ethiopia is rolling out brand-spanking-new, standardized vehicle license plates! Forget those region-specific designs; say hello to plates proudly displaying “ETH,” the Ethiopian map, and inscriptions in both Ge’ez (ኢት) and Latin scripts. This nationwide makeover aims to boost efficiency, curb fraud, and get Ethiopia in sync with international standards. Whether your ride is fresh off the lot or a seasoned veteran, get ready to switch plates! They even come with fancy tech for tracking, fuel type indicators, and a cool “Green Transport” badge for electric and renewable energy vehicles. Keep an eye out for the rollout schedule from the Ministry of Transport!
Another Price Hike Amid Shortages
Ouch! Ethiopia’s fuel prices have taken another leap, hitting record highs for regular gasoline (122.53 birr/liter) and diesel/kerosene (116.49 birr/liter). While aviation fuel and black diesel saw a tiny dip, these persistent hikes are squeezing household budgets and making transportation pricier. Despite the government talking subsidies and blaming global markets, shortages are still a major headache nationwide. In some regions, black market prices are hitting a staggering 300 birr/liter! Public patience is wearing thin over the country’s fuel policy. Source: Addis Standard
Energy & Power
Kenya Eyes More Ethiopian Electricity
Kenya’s feeling the heat (literally, with record electricity demand!) and is knocking on Ethiopia’s door for more power. They’re looking to boost imports by 50–100 MW from the current 200 MW supply to avoid those dreaded power outages, especially during peak hours. Ethiopia’s Grand Renaissance Dam (GERD) has some spare juice, and with tariffs looking much sweeter than Kenya’s local options, it’s a deal that could keep the lights on. Kenya’s own power expansion is in a bit of a holding pattern, making Ethiopia an even more crucial partner. Let’s hope the negotiations spark some positive energy! Source: Birrmetrics
Banking
KCB Still Keen Despite Ownership Cap
Kenya Commercial Bank (KCB) isn’t letting a 49% foreign ownership cap dim their Ethiopian dreams. Despite not being able to snag full control, their CEO Paul Russo sees Ethiopia’s massive population and underserved market as a golden opportunity for long-term growth. They’re doing their homework, chatting with regulators, and plotting their entry strategy. This aligns with Ethiopia’s moves to welcome more foreign investment. Looks like the banking scene in Ethiopia might be getting a bit more Kenyan flavor soon!Source: The Africa Report
Fintech, Technology & AI
Hasab AI Speaks African Languages
Get ready for a voice tech game-changer! Hasab AI has officially launched, bringing advanced speech-to-text solutions tailored for those often-overlooked low-resource and African languages. Imagine high-accuracy transcriptions, translations, and timestamped subtitles (SRT) opening up new possibilities for telecom, media, research, and call centers. What makes Hasab AI special? It can analyze and tag audio content at scale, helping businesses understand customer sentiment and call details. This multilingual marvel is turning voice data into actionable insights – a huge leap for African language tech!
Oromia Bank Plugs into National System
Oromia Bank is making paying for fuel a whole lot easier (and potentially loan-friendly!). Their Milki Digital Financing App is now integrated with Ethiopia’s national Fuel Aggregator System. This means users can pay digitally, and even snag a microloan if their wallet’s feeling a bit light. It’s a big step in Ethiopia’s digital finance journey, aiming to reduce our reliance on cash and boost convenience. Oromia Bank is the first to bring digital fuel payments to this scale – talk about driving financial inclusion forward! Read here
Capital Markets
Ermias Amelga Under Investigation
The Ethiopian Capital Market Authority (ECMA) is on the case! They’ve launched a formal investigation into Ermias Amelga and Genesis Investment Services PLC for allegedly raising funds without the proper green light. ECMA is reminding everyone that you need their permission to offer or advertise securities in Ethiopia, and any claims of pending licenses should be double-checked with them. A multi-agency task force is actively going after unlicensed capital market activities. Investors, stay alert and report anything fishy! Read here
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Telecom Industry
Ethio Telecom Enters the Marketplace
Ethio Telecom has thrown its hat into the e-commerce ring with Zemen GEBEYA, a national marketplace integrated into the telebirr SuperApp. This platform aims to support small businesses and boost financial inclusion, offering tools for sellers, buyers, logistics providers, and administrators. While it has the potential to supercharge Ethiopia’s digital economy, some are wondering if this might stretch Ethio Telecom’s resources, considering their core service quality and expansion into traditionally startup-led sectors. Over 42 businesses are already on board as the platform goes live. Let’s see how this plays out! Read here
Revenue and Users Skyrocket
Safaricom Ethiopia is on a roll! They’ve reported a whopping 270% increase in revenue, hitting 7.2 billion birr for the fiscal year ending March 31, 2025. This impressive growth is thanks to their expanding network, with over 3,000 towers now deployed and 4G covering half the country. Their customer base has also surged to 8.8 million active users, and M-PESA is gaining serious traction with 2.4 million active users. They’re planning to keep investing in infrastructure and digital finance to help Ethiopia reach its financial inclusion goals. Talk about a growth spurt! Read here
📩 Got insights? Scoop? Feedback? Send it our way — we’re all ears, except during coffee breaks.
Stay curious, stay caffeinated ☕️
And as always, crush your week ahead! 🚀
— Written by the StockMarket.et Newsroom
Byeee 🙂
