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Ethiopian Business Review

@ebr_news
Channel's geo and language: Ethiopia, English

EBR is an expertly and independently written, masterfully designed, and well-circulated magazine.

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Ethiopian Business Review

13 Nov, 14:27

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EthSwitch S.C., Ethiopia’s national payment switch, has reported notable growth in revenue, operations, and project implementation for the 2023/2024 financial year.

Chairman Solomon Desta announced the completion of the fourth year of the company’s strategic master plan, which has expanded its digital financial services. To enhance its financial capacity, EthSwitch issued new shares, raising its paid-up capital to ETB 1.79 billion.

Read more: https://ethiopianbusinessreview.net/ethswitch-achieves-97-profit-surge-amid-digital-payment-expansion/
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Ethiopian Business Review

13 Nov, 11:53

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Wegagen Bank Reports Record Income of Birr 9.8 Billion

Wegagen Bank has announced an income of ETB 9.8 billion for the 2023/24 fiscal year, representing a significant 40% increase from the previous year. This record achievement was unveiled during the Bank's 31st Ordinary and 15th Extra Ordinary Shareholders’ General Assembly.

Chairperson Abdishu Hussein emphasized the Bank's robust performance, stating, “The remarkable achievement registered in all key performance indicators signifies the Bank’s resilience and proactive response to the global and domestic challenges encountered during the fiscal year.” The Bank also reported a gross profit of ETB 2.2 billion, reflecting 86% increase year-on-year.

Read more: https://ethiopianbusinessreview.net/wegagen-bank-reports-record-income-of-birr-9-8-billion/
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Ethiopian Business Review

11 Nov, 10:00

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Breaking Down Barriers
Reforming Leadership Criteria in Ethiopia’s Insurance Sector

This analysis is penned sincerely to support the Ethiopian insurance sector, particularly in light of the existing deficiencies and the absence of a comprehensive policy and legislative framework for leadership development. This framework is essential for establishing and enforcing appropriate, non-discriminatory fit and proper criteria for selecting and appointing key personnel in leadership roles, even when compared to standards set by other financial institutions in Ethiopia.

Read more: https://ethiopianbusinessreview.net/breaking_down_barriers/
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Ethiopian Business Review

10 Nov, 14:00

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Gambling on Development
Why Some Nations Lose & Others Gain

An Exploration of Development Dynamics

Stefan Dercon’s “Gambling on Development” offers a refreshing perspective on why some nations prosper while others remain impoverished. Drawing on his extensive experience as a development economist, Dercon argues that the key to understanding development lies in the intricate interplay between political elites and the broader societal context.

Read more: https://ethiopianbusinessreview.net/gambling-on-development/
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Ethiopian Business Review

8 Nov, 17:13

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Hibret Insurance Reports ETB 525 Million Profit, Exceeding Expectations

Hibret Insurance has posted a net profit of over ETB 525 million after tax for the this concluded financial year, representing a 60% increase compared to last year.

The company achieved total premium income of nearly ETB 2 billion, with ETB 1.72 billion from non-life insurance and the remainder from life insurance. Hibret Insurance also surpassed a paid-up capital of ETB 1.068 billion. Despite paying over ETB 693 million in claims, the company maintained strong profitability, reinforcing its position in Ethiopia’s insurance sector.

During its 30th annual general meeting held yesterday, Board Chairman Wendeson Teshome acknowledged the company’s achievements, marking a significant year in Hibret Insurance’s three-decade history.
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Ethiopian Business Review

8 Nov, 16:59

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Ethiopia Ends Franco Valuta Import Scheme as Macroeconomic Reforms Advance

Ethiopia has announced the cancellation of the Franco Valuta import scheme, effective immediately, as part of its macroeconomic reforms. This policy allowed the importation of essential goods, such as cooking oil and industrial inputs, during a transitional period and helped stabilize the market.

The government confirmed that all legal documentation for commercial goods purchased under the Franco Valuta system must be submitted to the Customs Commission within two weeks for customs clearance.

This decision indicates the government's commitment to its economic reforms and its goal of establishing stable practices for trade and imports. The focus will now shift to implementing mechanisms that support continued economic growth while maintaining market stability.
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Ethiopian Business Review

3 Nov, 10:00

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Crafting Love Through Songs
The Story of Michael Belayneh

Michael Belayneh, a celebrated Ethiopian singer born in Addis Ababa, has captivated audiences with his soulful melodies and positive lyrics. His musical journey began at Yared Music School, where he honed his talents before joining Medina Band and launching a successful solo career with his debut album, Ante Godana, in 2005. Known for blending traditional and contemporary styles, Michael’s work reflects a deep emotional connection with his audience. His later albums, including Nafkot Ena Fikir, have garnered critical acclaim, showcasing his ability to evoke nostalgia and love through music. As he embraces the evolving landscape of the music industry, Michael remains committed to creating art that resonates deeply, inspiring a new generation of listeners while celebrating the rich cultural heritage of Ethiopia.

EBR’s Mesfin Feleke sat for an exclusive interview with...

Read more: https://ethiopianbusinessreview.net/crafting-love-through-songs/
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Ethiopian Business Review

2 Nov, 10:01

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Ethiopia's Real Estate A Year of Transformation

The past year in Ethiopia has been a rollercoaster for the real estate sector, marked by significant challenges and opportunities. The credit cap imposed by the Central Bank and the introduction of a floating exchange rate have significantly disrupted the market, impacting the buying power and investment decisions of stakeholders. On the other hand, the government’s plan to open the sector and allow foreigners to own properties has introduced new possibilities. Despite these challenges, the industry has not only weathered the storm but also shown remarkable resilience and adaptability. Innovative strategies from developers and a growing focus on foreign investment offer hope for a more prosperous future.

Read more: https://ethiopianbusinessreview.net/ethiopias-real-estate-a-year-of-transformation/
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Ethiopian Business Review

31 Oct, 11:13

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𝐄𝐭𝐡𝐢𝐨𝐩𝐢𝐚'𝐬 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐄𝐱𝐩𝐞𝐫𝐢𝐦𝐞𝐧𝐭
𝑭𝒓𝒂𝒏𝒄𝒐 𝑽𝒂𝒍𝒖𝒕𝒂 & 𝒕𝒉𝒆 𝑷𝒂𝒕𝒉 𝒕𝒐 𝑴𝒂𝒓𝒌𝒆𝒕 𝑳𝒊𝒃𝒆𝒓𝒂𝒍𝒊𝒔𝒂𝒕𝒊𝒐𝒏

Ethiopia’s recent liberalisation of its foreign exchange regime has significantly changed its economic landscape. One of the most notable developments is the expanded use of Franco Valuta imports.

This scheme, which allows importers to settle their obligations with foreign currency outside the domestic banking system, has been controversial. While it offers businesses greater flexibility and potentially relieves pressure on the central bank’s foreign exchange reserves, concerns remain about its potential impact on inflation, parallel exchange markets, and illicit financial flows, reports EBR’s Munir Shemsu.

Read more: https://ethiopianbusinessreview.net/ethiopias-economic-experiment/
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Ethiopian Business Review

30 Oct, 14:35

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The High Cost of Beauty
Ethiopia's Economic Dilemma

Addis Ababa’s ambitious beautification projects have undeniably transformed the city, creating a more visually appealing urban landscape. Yet, these aesthetic improvements raise critical questions about their economic feasibility and impact on the city’s residents.

While the gardens, pedestrian walkways, cycle lanes and recreational centres undoubtedly enhance the city’s quality of life, they come at a high cost. With soaring inflation, poverty, and a struggling economy, allocating a large amount of resources to such projects raises concerns about their prioritization. Critics argue that investing in the economy’s productive sector is more crucial to addressing supply-side constraints that have plagued Ethiopia for decades. City residents also ask about the fairness of the running water shortages in many neighbourhoods while the city greening projects enjoy all-day watering.

Read more: https://ethiopianbusinessreview.net/the-high-cost-of-beauty/
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Ethiopian Business Review

29 Oct, 14:23

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Ethswitch's Yelebes Addis
Paving the Way for Ethiopia's Digital Financial Revolution

EthSwitch, Ethiopia’s national switch, plays a pivotal role in fostering interoperability and facilitating seamless digital finance and payment settlement. Led by CEO Yelebes Addis, a seasoned fintech executive with a strong ICT background, EthSwitch has driven Ethiopia’s fintech landscape forward.

With over two decades of experience in banking, technology, and fintech, Yelebes brings a wealth of expertise to his role. Before joining EthSwitch, he held key leadership positions at Kifiya Financial Technology and the Commercial Bank of Ethiopia, overseeing IT projects and training initiatives. His academic credentials, including an MSc and BSc in Computer Science from Addis Ababa University, further solidify his technical prowess.

Read more: https://ethiopianbusinessreview.net/ethswitchs-yelebes-addis/
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Ethiopian Business Review

28 Oct, 09:59

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Beyond Back Pain
Dr. Selam Aklilu’s Holistic Approach to Wellness

Dr. Selam Aklilu is a renowned chiropractor and esteemed advocate for wellness. With a Bachelor of Science in Chiropractic and Medicine, and a Doctor of Medicine degree, she has dedicated over two decades to chiropractic care in the United States and Ethiopia. As the CEO of 1st Spine Clinic and the Founder of Wellness and Medical Services PLC, Dr Selam is deeply passionate about holistic healthcare.

In addition to her clinical work, she provides training and consultations on wellness-related matters and has founded the monthly Tena Yestelen magazine. This magazine, which translates to ‘Our Health’ in Amharic, is a platform for sharing health tips, success stories, and the latest developments in the field of holistic healthcare. EBR’s Dr. Brook Genene sat down with her to learn about her work

Read more: https://ethiopianbusinessreview.net/beyond-back-pain/
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Ethiopian Business Review

27 Oct, 09:59

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Behind the Microphone Mensur Abdulkeni's Legacy in Ethiopian Sports Media

Mensur Abdulkeni is a renowned Ethiopian football journalist, producer, and radio host. He is the producer and football analyst of a daily radio show called Bisrat Sport on Bisrat FM 101.1, which airs daily except Saturdays. Mensur also serves as a match-day analyst for live football games on the same station alongside popular commentator Messle Mengistu. In a career spanning more than two decades, Mensur has served as the founder and editor of Ethio Sports newspaper and, more recently, as the editor-in-chief of the French TV channel Canal+ Sport Ethiopia. EBR’s Dr. Brook Genene recently spoke with one of the best football journalists in the country.

Read more: https://ethiopianbusinessreview.net/behind-the-microphone-mensur-abdulkenis/
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Ethiopian Business Review

25 Oct, 11:15

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Investment Reforms Welcome New Retail Opportunities in Ethiopia

Country Trading PLC, a company with 35 years of experience in real estate, trading, manufacturing, electronics, and duty-free retail, has opened its second duty-free store, Millennium Duty-Free, at the Skylight Hotel in Addis Ababa.

This new store follows the success of Country Trading's first duty-free outlet at Bole International Airport, further establishing the company's presence in Ethiopia's market.

Read more: https://ethiopianbusinessreview.net/investment-reforms-welcome-new-retail-opportunities-in-ethiopia/
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Ethiopian Business Review

23 Oct, 15:43

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Ethiopia to Host Major Animal Husbandry Expo, Attracting Global Leaders

From October 31 to November 2, 2024, the Millennium Hall in Addis Ababa, Ethiopia, will host a significant event: the 13th Ethio Poultry Expo (ETHIOPEX), the 9th Africa Livestock Exhibition and Congress (ALEC), the 4th Apiculture and Aquaculture Ethiopia Trade Show, and the newly launched Bio-Energy Trade Show. Organized by Prana Events in collaboration with the Sudanese Expo Team for Service Co., Ltd, the expo aims to showcase the latest technologies and solutions in the animal husbandry sector.

Read more: https://ethiopianbusinessreview.net/ethiopia-to-host-major-animal-husbandry-expo-attracting-global-leaders/
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Ethiopian Business Review

20 Oct, 17:27

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Hijra Bank Launches Ethiopia's First Sharia-Compliant Digital Financial Platform, HalalPay

Abdusalam Kemal, Chairman of Hijra Bank's Board, discussed the bank's evolution from community-focused services to leveraging technology for greater impact. He stated, "Since our inception, we've shifted from serving the community to using technology to enhance our services." Abdusalam noted that HalalPay reflects the bank's dedication to its community and highlighted its significance.

Dawit Keno, CEO of Hijra Bank, described HalalPay as a valuable solution for individuals seeking interest-free financing. "This is a gift to the generation," Keno remarked, emphasizing the platform's potential to change financial transactions.

Read more: https://ethiopianbusinessreview.net/hijra-bank-launches-ethiopias-first-sharia-compliant-digital-financial-platform-halalpay/
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Ethiopian Business Review

19 Oct, 13:34

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Zemen Bank Reports Profit Growth Despite Economic Challenges

Zemen Bank announced a pre-tax profit of ETB 3.77 billion for the 2023/24 fiscal year, reflecting a 36.8% increase from the previous year. This was shared during the bank's Annual General Meeting at the Millennium Hall, where shareholders noted an Earnings Per Share (EPS) of 37.6%.

The bank's total assets grew by 23.9% to ETB 59.2 billion, while customers' deposits increased by 17.6% to ETB 43.61 billion. Loans and advances rose by 13.5% to ETB 35.63 billion, and foreign exchange inflows reached USD 566 million, averaging USD 47.2 million per month.

Read more: https://ethiopianbusinessreview.net/zemen-bank-reports-profit-growth-despite-economic-challenges/
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Ethiopian Business Review

19 Oct, 12:00

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Legalizing the Black Market Solves Ethiopia’s Foreign Exchange Woes

Ethiopia has been grappling with a severe foreign exchange shortage for many years, fueling a thriving black market. The government’s frequent response - a crackdown on illegal currency trade - has solved the problem.

In this commentary reprinted from 7th Year • Nov.16 – Dec.15 2018 • No. 68 of EBR, Tekie Alemu (PhD), a retired associate professor of economics at Addis Ababa University, provided an in-depth analysis into the heart of the problem, exploring the intricate dynamics of supply and demand in Ethiopia’s foreign exchange market. From the role of the diaspora to the pitfalls of government intervention, the article offers a fresh perspective on this pressing economic issue. The assistant professor explains how a legalised foreign exchange market could inject efficiency and transparency into the system while...

Read more: https://ethiopianbusinessreview.net/legalizing-the-black-market-solves-ethiopias-foreign-exchange-woes/
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Ethiopian Business Review

18 Oct, 12:49

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Forest Insurance Ethiopia's Green Shield

Ethiopia’s ambitious Green Legacy Initiative aims to transform the nation into a green paradise. However, the looming threat of climate change and natural disasters casts a shadow over this vision. Forest insurance emerges as a crucial safety net. This commentary by insurance insider Fikru Tsegaye Wordofa delves into why Ethiopia urgently needs this financial safeguard. The article shows how forest insurance can protect the country’s invaluable green assets, bolster the economy, and contribute to a sustainable future.

Read more: https://ethiopianbusinessreview.net/forest-insurance-ethiopias-green-shield/
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Ethiopian Business Review

16 Oct, 09:31

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