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Addis Business Review – Tsehay Bank reported a provisional loss of 238 8 million Br

Tsehay Bank reported a provisional loss of 238 8 million Br Tsehay Bank Reports Provisional Loss Tsehay Bank has announced a provisional loss of 238.8 million birr in its latest financial report. The bank attributed the setback to rapid operational expansion that outpaced growth in resources and paid-up capital, creating a structural imbalance in its operations Subscribe to Addis Business Review Addis Business Review - አዲስ ቢዝነስ ሪቪው Official YouTube channel for Addis Business Review (ABR) We’re here to showcase Ethiopia’s newest businesses, innovative products, and unique services. Through honest reviews and engaging features, we connect audiences with the latest in the Ethiopian business world. Business owners and service providers join us to share your story and reach more customers! Let’s grow together on < A href="https://addisbusinessreview.com"> Addis Business Review ! Contact Addis Business Review : 📞 Phone: +251 090-624-0000 📧 Email: addissolutions2…

The Mastercard Foundation, Partners Enable 1.27 million Young Ethiopians to Access Employment Opportunities

The Mastercard Foundation has announced that it has enabled 1.27 million young people to access employment opportunities in Ethiopia since the launch of the country’s Young Africa Works strategy in 2019. Of the total number, 49 percent are young women.

Speaking at the second Mastercard Foundation’s Young Africa Works in Ethiopia Partners Annual Learning Summit, Samuel Yalew Adela, Mastercard Foundation Ethiopia Country Director, said that since 2019, 38 partnerships (including four COVID-19 Recovery and Resilience Programs) have been developed in Ethiopia with a commitment of $664 million.

In conflict-affected areas, psychosocial support and business development have been provided for women, organized and established enterprises, as well as the facilitation of affordable and accessible finance. Women’s peace forums have also been established, and training and grants for women-owned and informal enterprises have also been provided.

Samuel shared that the res…

St. George Football Club Inks 25 Million Br Shirt Sponsorship Deal with Betting Firm Winner.et

St. George Football Club has signed a shirt sponsorship agreement with Winner.et an online sports betting and casino firm, worth 25 million birr a year.

The deal that was signed yesterday in the capital will last for three years and will see St. George, the oldest and most successful football club in the Ethiopian Premier League, wear the logo of Winner.et on its shirt.

Winner.et, legally registered under Winner Ethiopia Sport Betting Plc, is a relatively unfamiliar name in Ethiopia’s betting scene, which is increasingly minting its influence in Ethiopia’s local league.

In 2021, another Ethiopian Premier League side, Ethiopia Coffee, signed a 5-year sponsorship deal with Kenyan betting firm Betika. The deal was reported to be worth 6 million birr per year. Meanwhile, the Lagos based BetKing was the title sponsor for the Ethiopian Premier League for three years, a deal which ended in the last season.

In a statement, the management board of the St. Geor…

M-PESA Transacts $287 Million in Three Months Since Launch in Ethiopia

Safaricom announced today its M-PESA services in Ethiopia have transacted $287 million (16 billion birr) within three months of its launch. The telecom company disclosed this information during the release of its 2023/2024 Half-Year Results.

The mobile money service has garnered 1.16 million active customers, established 22,000 agents, and onboarded 12,400 businesses. Additionally, the platform has facilitated 2 million transactions so far.

“This validates our belief in Ethiopia’s potential to significantly bolster our future growth. We are committed to sustaining this momentum in the second half of the year,” said Safaricom CEO Peter Ndegwa.

M-PESA was introduced in Ethiopia on August 16, following the issuance of the Payment Instrument Issuer License by the National Bank of Ethiopia. The app is currently available in five languages for Android devices on the Play Store and will soon be accessible on iOS devices.

Safaricom Ethiopia Telecommunications…

Lersha Partners with ATI to Scale One-Stop Digital Shop to One Million Farmers

Agritech startup Lersha has partnered with the Ethiopian Agricultural Transformation Institute (ATI) to expand its comprehensive digital solutions for smallholder farmers, with the goal of reaching one million farmers.

The partnership, which also aims to create digital profiles for these one million farmers, seeks to establish a framework that will pave the way for the efficient and seamless development and distribution of various digital agricultural services that target smallholder farmers across diverse value chains and commodities.

The two entities formalized their collaboration yesterday August 28, 2023, by signing a Memorandum of Understanding (MoU). The partnership will span a three-year period until 2026, encompassing six regions, Amhara, Oromia, Somalia, Tigray, SNNPR, and Sidama.

This geographic scope includes the potential incorporation of 150 Farmer Production Clusters woredas into the program. These Farmer Production Clusters involve groups of …

Maleda Innovative Financing Unlocks 1 Million Birr in Collateral-Free Loans for Startups, SMEs

Maleda, a collaborative initiative between Sumuni Creative Solutions, Partnership for Change, and Amhara Bank, is aiming to support startups and small and medium-sized enterprises (SMEs) in Ethiopia by providing collateral-free loans of up to one million birr.

The innovative financing, open to registered and post-revenue businesses at the pre-seed stage, provides additional assistance to the ecosystem by offering access to finance, market linkage, and media exposure as part of its support package.

The collateral-free loans, allocated by Amahara Bank, one of the recent entrants in the banking sector, come with a repayment period ranging from 12 to 18 months. These loans carry an interest rate of 17% and a grace period of 3 months.

“Maleda aims to address the ‘missing middle’ in Ethiopia. There is a disconnection between microfinance institutions and banks, where S…

Ethiopia, Kenya-based Startup Kubik Closes $3.34 Million Seed Funding Round

Kubik, a startup based in Ethiopia and Kenya that specializes in converting plastic waste into building materials, has disclosed it has completed its seed funding round, raising $3.34 million.

In a Press release sent to Shega Kubik stated that it intends to use its new capital to increase production of building materials in Ethiopia before expanding to other countries in Africa.

“We are delighted to have achieved this significant milestone in our fundraising efforts,” said Kidus Asfaw, Co-Founder and CEO of Kubik. “This investment will fuel our growth and enable us to enhance our team as we continue to advance the development of affordable housing solutions across the African...

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Rising Ethiopian Fintech Startup SantimPay Processes 13 Million Br Daily

Payment solutions provider SantimPay Financial Technologies has revealed that its online payment gateway is processing an average of 13 million birr ($240,000) in transactions per day.

The fintech startup achieved these figures six months after the launch of its payment gateway, which facilitates online payments from local and international bank accounts, debit cards, and wallets.

In an interview with Shega, SantimPay disclosed that it has successfully integrated 4100 merchants into its platform.

According to Abenezer Bekele, Co-Founder and Chief Technology Officer (CTO) at SantimPay, the success of the fintech company can be attributed to its complementary role rather than being seen as a...

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Mastercard Foundation, First Consult Launch $48.9 Million MSME Recovery, Resilience Program in Ethiopia

In a major push to bolster the Micro, Small, and Medium Enterprises (MSMEs) sector in Ethiopia, the Mastercard Foundation and First Consult have announced the launch of a novel initiative dubbed the Micro, Small, and Medium Enterprise Recovery and Resilience (MESMER) Program.

Implemented under the guidance of the Ministry of Labor & Skills, the program aims to support a total of 72,200 informal, start-up, and formal enterprises. Additionally, the program envisions the creation of 410,800 jobs within these enterprises.

The MESMER program, with its budget of $48.9 million, will also disburse funds via partner financial institutions, grants, and soft loans countrywide, focusing primarily on...

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Mobile Money Accounts in Ethiopia Climb High to Nearly 60 Million

Mobile money accounts in Ethiopia have seen a significant increase, reaching close to 60 million subscribers, according to data released by the National Bank of Ethiopia. This figure represents more than a two-fold increase between December 2021 and 2022, indicating a sweeping trend in the country’s banking habits.

The substantial growth was unveiled in a snapshot of Ethiopia’s Financial Sector Indicators as of March 2023. As per the snapshot, Ethiopia has 22 million mobile banking users, 4.8 million internet banking users, and 35 million debit card holders.

In terms of payment system activity, the Ethiopian Automated Transfer System (EATS), which is used to transfer large funds...

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