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Global consultancy and audit firm Deloitte has received the first securities investment advisor license issued by the Ethiopian Capital Market Authority (ECMA). With over 457,000 employees operating across more than 150 countries, Deloitte provides audit, consulting, financial advisory, risk advisory, tax, and legal services. In fiscal year 2023, the firm generated global revenues of 64.9 […]

Amhara Bank has surpassed Awash Bank to claim the top position by investing 90.6 million birr on the Ethiopian Securities Exchange (ESX). This major investment has allowed Amhara Bank to acquire a 10 percent share of the exchange, solidifying its position as a major player. Previously, Awash Bank held the title of largest private sector

Cryptocurrency mining company DeMi has announced a new partnership with data center provider BitCluster to grow its infrastructure deployment in Ethiopia. At the end of December 2023, BitCluster announced the launch of a 120 megawatt data center in Ethiopia with a total area of 30,000 square meters. This power capacity allows for over 30,000 mining

The Commercial Bank of Ethiopia (CBE) has published the name and account information of 567 individuals who have yet to return money misappropriated during a March system glitch. On March 16th, a 12-hour technical issue impacted CBE’s core banking platform. An investigation found that 25,761 accounts were involved in unauthorized transfers totaling 801.4 million birr.

For over three years, high inflation has been a persistent challenge for the National Bank of Ethiopia (NBE) and the overall Ethiopian economy. Retail and wholesale price increases above 30 percent eroded living standards and damaged confidence as the monetary authorities struggled to get inflation under control. However, the latest data from the NBE provides

In an effort to attract more foreign capital, Ethiopia will now allow foreign investors to own property for the first time. Prime Minister Abiy Ahmed (PhD) announced the loosening of property ownership laws during a meeting with investors on March 22, 2024. While Ethiopians and the Ethiopian diaspora have long been allowed to purchase property,

United Insurance Company (UNIC) has become the second private insurer to buy into the developing Ethiopian Securities Exchange (ESX). In a statement released on the ESX LinkedIn page, the exchange celebrated United’s 30 million birr commitment, calling it a “crucial step” that helps finalize the capital raising process. United follows in the footsteps of Zemen

Ethiopia has posted strengthened coffee export numbers for February in defiance of logistical challenges bedeviling Red Sea transport routes since last November. Data from the Ethiopian Coffee and Tea Authority shows shipments reaching 19,200 tons valued at 88.6 million dollars last month – a 20 percent volume and seven percent earnings increase versus February 2023.

Zemen Insurance entered the record books this week as the first private insurance company to purchase shares on the Ethiopian Securities Exchange (ESX). The company acquired a two percent stake worth 20 million Birr. While state-run Ethiopian Insurance Corporation (EIC) was an early founding shareholder, Zemen is now pioneering private insurance participation in Ethiopia’s nascent

The Commercial Bank of Ethiopia (CBE) has issued a final call for individuals who misappropriated funds during a brief system outage on March 16th to return the money by this Saturday’s deadline. A preliminary investigation found that 490,000 transactions were impacted during the 12-hour outage on March 16th, though customer accounts and data remained secure.