Nigerian Banking Tech Firm Debuts in Untapped Ethiopian Market

A Nigerian financial technology provider hopes to expand its business in Ethiopia following the successful execution of a digitalization contract with one of the scores of microfinance institutions operating in the country. Qore Technologies was recently hired to digitalize the paper-based system formerly used by the staff of Akufada Microfinance Institution, which is based in Debre Birhan. The contract marked Qore’s first foray into what Vice President for International Expansion Martin Muchine describes as a lucrative market. Muchine notes that Ethiopia’s financial technology industry is still in its infancy and expressed hope the recent approval of updated regulations for foreign financial firms will help businesses like Qore gain a stronger foothold in the market. Earlier this week, the National Bank of Ethiopia (NBE) issued a directive that officially opens Ethiopia’s banking industry to foreign investment. “Ethiopia is a great market,” Muchine said. “Look at your numbers—this is essentially now a level-two economy with 130 million people. These are people who need foundational technologies—what we call ‘plumbing’ at the core. We believe we can solve some of these foundational challenges. It’s a market that presents reasonable challenges, but also significant rewards when those challenges are addressed. We aim to bring the same solutions we’ve provided in other African markets to Ethiopia.” Muchine added that more than 10 Ethiopian banking and financial institutions have expressed interest in working with the company, which specializes in technologies that enable fast, efficient, and customer-centric services. Headquartered in Lagos, Nigeria, Qore has previously delivered banking technology projects in Kenya, Ghana, Gambia, the Democratic Republic of Congo, Tanzania, and Senegal. The services offered include the modernization of digital banking systems, rapid card issuance, merchant services, agent banking, and the establishment of comprehensive digital banking operations, including third-party system integrations. Abraham Wadajo, CEO of Akufada Microfinance Institution, praised the company’s work. The system installed by Qore allows Akufada’s network of more than 40 branches to deliver integrated services, improving accessibility for its customers. Akufada, one of 52 microfinance institutions licensed by the NBE, was established in 2022.

Ethiopia Opens Banking Sector to Foreign Investors Starting Today

Ethiopia Opens Banking Sector to Foreign Investors Starting Today Ethiopia Opens Banking Sector to Foreign Investors in Landmark Reform By Addis Insight Business Desk | June 25, 2025 ADDIS ABABA — Ethiopia has officially opened its banking sector to foreign investors for the first time, marking a historic shift in the country’s tightly regulated financial landscape. The National Bank of Ethiopia (NBE) released Directive SBB/94/2025 on Tuesday, setting out the regulatory framework for foreign investment in the banking industry. The long-anticipated move follows years of domestic debate and stakeholder consultation, and aligns with the recently ratified Banking Proclamation designed to liberalize the sector. According to the directive, foreign entities—including international banks and strategic financial investors—will now be eligible to establish operations in Ethiopia through wholly owned subsidiaries, branch offices, or representative offices. “The Ethiopian banking sector is now officially open to foreign participation,” the central bank said in a statement. Applications from eligible foreign institutions will be accepted starting immediately. This reform marks a pivotal step in Ethiopia’s broader economic liberalization agenda under Prime Minister Abiy Ahmed’s administration, which has already introduced foreign competition into telecoms, logistics, and finance. Until now, Ethiopia remained one of the last major African economies to bar foreign banks from operating within its borders. Industry analysts say the new directive could pave the way for global lenders such as Standard Chartered, Ecobank, or even Gulf-based banks to enter the market, either directly or via joint ventures. It also sets the stage for increased capital inflows, technological innovation, and greater financial inclusion in a country of over 120 million people—where formal banking penetration remains below 40%. While timelines for license issuance remain unclear, regulatory clarity and political momentum are expected to accelerate foreign interest. The central bank emphasized that the framework is designed to balance openness with stability, ensuring that foreign entrants adhere to domestic supervisory standards and contribute to the country’s financial development. More details on eligibility, capital requirements, and supervisory protocols are expected to follow in the coming weeks.

Ethiopian Startup Better Auth Raises $5M to Democratize Secure Authentication

Ethiopian Startup Better Auth Raises $5M to Democratize Secure Authentication Beyond the Valley: Better Auth Raises $5M to Democratize Authentication for the World June 25, 2025 Just three months after Addis Insight reported on their remarkable journey from Ethiopia to Silicon Valley, the story of Better Auth has taken yet another extraordinary turn. The startup—founded by Bereket Engida and Kinfe Michael Tariku—has officially closed a $5 million seed round, backed by some of the biggest names in global tech investing: Peak XV Partners (formerly Sequoia Capital India & SEA), Y Combinator, Chapter One, P1 Ventures, and several prominent angel investors. This new funding is a resounding endorsement of the team’s ambitious mission: to make secure, developer-owned authentication accessible to everyone, everywhere. A $5M Bet on Open Source Africa For a startup that started in Addis Ababa with little more than a framework and a dream, this milestone is more than just capital—it’s validation. “This funding fuels the next phase of Better Auth,” reads the company’s announcement. But beneath the modest phrasing lies a powerful vision: to shift authentication infrastructure from being a centralized, expensive, and often opaque process into a transparent, modular, and developer-first ecosystem. From day one, Bereket and Kinfe believed that developers should be able to own their authentication systems—not be locked into expensive platforms. Their open-source authentication tool, purpose-built for TypeScript, makes it dramatically easier to build secure login, verification, and session management workflows without reinventing the wheel. Now, with financial backing from some of the most respected VCs in the world, Better Auth is expanding both its team and infrastructure to serve a growing developer base. From Framework to Full Stack Security As the company grows, so too does its ambition. While their original open-source project tackled the framework, the new funding will support infrastructure-level features that many developers struggle to implement independently. The roadmap includes: A unified dashboard for managing users and analytics Enterprise-grade protection against bots, abuse, and fraud Robust email and SMS authentication services Fast, globally distributed session storage systems And more tools focused on developer experience and data privacy This evolution signals that Better Auth is no longer just a project—it’s fast becoming a comprehensive platform. Still Ethiopian at Heart Despite the international scale of their vision, the founders remain deeply rooted in their origins. For Bereket, who previously created Gebeya Search and Loglib, building from Ethiopia has always been a source of strength, not limitation. “We wanted to prove that you can build global infrastructure out of Africa,” Bereket said in a previous interview with Addis Insight. And now, with a globally distributed team and international users, they are living proof that local innovation can scale globally. The startup’s success also brings new visibility to Ethiopia’s burgeoning tech ecosystem—where talent often outpaces infrastructure. Better Auth’s rise shows what’s possible when resourcefulness meets opportunity. Y Combinator Was Just the Beginning Better Auth’s acceptance into Y Combinator’s Spring 2025 Cohort was already a Cinderella story. The founders battled visa delays, bureaucratic obstacles, and geographic bias—yet still made it to Demo Day, where they pitched in front of top Silicon Valley investors. The experience unlocked key relationships and technical mentorship. But now, the $5M round demonstrates that investors don’t just believe in their pitch—they believe in their long-term potential. “It’s still early days,” the founders note. “There’s so much more to build.” Redefining What Success Looks Like In an ecosystem where African startups often chase user acquisition or mobile payments, Better Auth stands apart. It is an infrastructure company, targeting a global developer market, and doing so with transparency, openness, and technical depth. At a time when cybersecurity threats are rising, and when developers worldwide are being asked to “do more with less,” Better Auth offers an essential solution. Not flashy. Not hype-driven. Just a smart, secure foundation. What Comes Next With this new funding, Better Auth is doubling down on hiring, product development, and community building. Developers can now join the waitlist for early access to the next-generation infrastructure. The goal: push the boundaries of what’s possible, not just for Silicon Valley—but for anyone, anywhere, trying to build software with trust at its core. As Bereket and Kinfe put it: “We’re obsessed with making high-quality authentication the obvious choice—for everyone.” And with $5 million in fresh capital, global investors behind them, and a mission rooted in freedom, trust, and developer empowerment, Better Auth might just become Ethiopia’s first unicorn. Follow the journey at better-auth.com or join the waitlist here.

Pan-African Bank Finds Middle Ground between Ethiopia Gov’t, IMF Growth Forecasts

AfDB growth forecast stands at 7.3%, Government 8.9, IMF 6.6 The African Development Bank (AfDB) forecasts Ethiopia’s economy will grow by 7.3 percent in 2025, deviating significantly from the government’s prediction of 8.9 percent and the International Monetary Fund’s (IMF) estimate of 6.6 percent. The pan-African bank indicated the figure in its Country Focus Report for Ethiopia, which was published this week. The launch of AfDB’s report coincided with a dialogue series held under the theme – ‘Ethiopia 2025 Country Focus Reports: Making Ethiopia’s Capital Work better for Ethiopia’s Development’, according to a press release by the AfDB Ethiopia office. The report was launched a day after the AfDB Group headquartered in Abidjan, Cote d’Ivoire, officially announced the subsequent launch of the CSP (Country Strategy Papers) series for all African countries. The launch ceremony for Ethiopia CSP took place on Tuesday at the Radisson Blu Hotel, Addis Ababa, in the presence of government officials, academia, development partners, and different stakeholders. Accordingly, forecast in the report is a 7.3 percent GDP growth for Ethiopia in 2025, which the bank said contrasts Ethiopia’s economic growth of 6.6 percent during the 2023/24 fiscal year.  Ethiopia, it said, was “slowly emerging from multiple overlapping shocks over the past four years.” An IMF growth outlook for Ethiopia issued months ago puts the annual growth at 6.6 percent, making for a varied picture painted by the Ethiopian government, the IMF and the AfDB. “The fiscal deficit narrowed to 2.0 percent of the Gross Domestic Product in 2023/24 from 3.3 percent. The financial sector remains stable, with a non-performing loan ratio of 3.9 percent. Yet, inflation remained high at 26.6 percent in 2023/24 and is forecasted to drop to 15.9 percent in 2025. Ethiopia faces a high risk of debt distress. Per capita income reached USD 1,937 in 2023/24,” reads the press release. The bank indicated that Ethiopia needs 13.2 percent of its GDP in additional financing requirements by 2030 to realize its ambition of structural transformation. Shrinking tax revenue growth and a tax-to-GDP ratio of just 6.2 percent mean the country has been forced to address spending pressures through cuts in capital expenditure, which have affected access to social services, according to the report. It recommends that Ethiopia consider using different revenue mobilization tools to tap into its vast capital potential, specifically its potential in investment capital, human capital, and especially its natural capital. These tools , it noted, included green bonds, carbon credit, leverage Fintechs, capital market, optimize human and natural capital, expanding the domestic resource mobilization base, and investing in strategic areas to diversify the growth frontiers. Ethiopia has sizable natural and human capital and is Africa’s fourth wealthiest nation in renewable resources. Nonetheless, the AfDB presser said, the Horn of Africa country has yet to benefit from these resources due to inadequate institutions and infrastructure, low technology adoption, poor governance, and weak capacity.

Ethiopia Mandates Federal Agencies to Accept All Licensed Digital Payments

Ethiopia Mandates Federal Agencies to Accept All Licensed Digital Payments Addis Ababa, June 2025 — Ethiopia’s Ministry of Finance has formalized Directive No. 1069/2025, requiring all federal public institutions—from tax offices to utility providers—to accept payments via any licensed payment service provider, including: Mobile money platforms Debit and credit cards Prepaid instruments Internet banking services These must be licensed by the National Bank of Ethiopia (NBE) (mofed.gov.et, africanenda.org, mfw4a.org). Key Provisions: 90-Day Compliance Deadline: All agencies must integrate with licensed digital payment providers by late August 2025, with 30-day progress reporting to the Ministry (mofed.gov.et). Non-Discrimination Clause: Agencies are forbidden from rejecting any legitimate payment method based on provider identity, so long as it’s duly licensed (mofed.gov.et). Full Fee Collection: Agencies must collect government-set fees regardless of transaction costs associated with different payment instruments . Oversight & Support: The Ministry’s Inspection Department will oversee implementation, and agencies can request technical assistance from the Treasury Department (betterthancash.org). Legal Basis: Grounded in Article 75 of the Federal Financial Administration Proclamation, this directive expands upon earlier electronic payment regulations (mofed.gov.et). Strategic Context & Sector Alignment Ethiopia’s Digital Payments Strategy: This mandate aligns with Phase Two (2025–2029) of the National Digital Payments Strategy (NDPS), focusing on deepening usage, full interoperability, and merchant adoption—including public sector payment modernization (nbe.gov.et). Recent Fintech Reforms: The NBE has been tightening its digital finance regulations, including stringent licensing norms (e.g., ONPS/10/2025), mandatory interoperability, and higher capital thresholds for payment providers (stockmarket.et). Massive Digital Adoption: Between 2023 and 2024, digital financial services users and transaction volumes surged—by December 2024, over 128 million mobile money accounts were active, and digital transaction value surpassed 9.7 trillion Birr (nbe.gov.et). Implications for the Economy & Public Services Modernizing Revenue Collection: Enabling digital payments across federal services reduces cash handling, streamlines operations, and brings greater transparency. Driving Financial Inclusion: The directive supports Ethiopia’s vision for a cash-lite economy by promoting access and convenience in public payments—bolstering inclusion of SMEs, women, and rural users. Boosting Fintech Competition: By mandating acceptance of all licensed providers, the government fosters innovation, pressures legacy providers to improve, and enhances consumer choice. Challenges & Next Steps Tech Integration: Agencies must rapidly adapt legacy systems to integrate with licensed providers. Technical support from the Treasury may be vital. Staff Training: Rollout success hinges on training frontline and back-office staff to manage digital payment workflows effectively. Monitoring Rollout: The Ministry’s inspection body will play a key role in enforcing compliance during the 90-day window. Ethiopia’s Directive No. 1069/2025 marks a pivotal move toward a digital-first public sector. Anchored in a broader reform agenda—aligned with both NDPS Phase Two and NBE’s fintech regulations—the measure promises smoother, more inclusive public services and deeper financial inclusion. As the late-August deadline looms, successful implementation will depend on inter-agency coordination, technical execution, and oversight.

Addis Ababa Reports 89% Pass Rate in 8th Grade Exit Exam, Signaling Steady Academic Progress

Addis Ababa Reports 89% Pass Rate in 8th Grade Exit Exam, Signaling Steady Academic Progress ADDIS ABABA – June 24, 2025 — The Addis Ababa Education Bureau has officially released the results of the 2017 Ethiopian calendar (2024/2025 Gregorian) 8th Grade Exit Examination, revealing that an impressive 89 percent of students have successfully passed and are now eligible to advance to the 9th grade. Speaking at a press briefing this afternoon, Dr. Zellamo Mulatu, Head of the Education Bureau, shared key statistics and insights into this year’s performance. According to the Bureau, 62,639 out of the 70,525 students who sat for the exam achieved the minimum passing criteria, a figure that underscores the capital city’s continued investment in education despite various challenges. “This is a promising outcome,” Dr. Zellamo stated, “and a reflection of the collective efforts of students, educators, families, and policymakers. While we celebrate this achievement, we also recognize areas where continued support is necessary—particularly in schools serving marginalized communities.” Top Performers: Boarding and Private Schools Lead the Rankings Among the 20 highest-scoring students in Addis Ababa, a significant number—13 students—attended government boarding schools, which are known for offering more structured academic support. Additionally, 3 of the top performers came from private institutions, suggesting that both public and private sectors are contributing to academic excellence. The remaining four top scorers were not specified in the announcement. This year’s highest individual score was 97.3, a notable benchmark that reflects academic rigor and student discipline. Digital Access to Results To ensure transparency and ease of access, the Education Bureau has made the results available online. Students and guardians can check individual scores through a dedicated link published on the Bureau’s official social media platforms, reflecting the growing integration of digital tools in public service delivery. https://aa.ministry.et Broader Educational Context The 8th Grade Exit Exam serves as a critical academic milestone in Ethiopia’s educational system, marking the transition from primary to secondary school. The exam is standardized across the country and used to assess student readiness for the more demanding curriculum in higher grades. In recent years, Addis Ababa has seen improvements in both educational infrastructure and student performance metrics. However, disparities still exist between schools in well-resourced urban neighborhoods and those in underdeveloped or overcrowded districts. Educational experts have pointed out that while high pass rates are encouraging, there must also be a focus on quality of learning, student retention, and inclusive education—particularly for girls, students with disabilities, and those from economically disadvantaged backgrounds. Dr. Zellamo concluded by encouraging all stakeholders to use the momentum from this year’s success to double down on reforms aimed at improving teaching standards, school facilities, and equity in education. “The real measure of progress is not just how many pass, but how well we prepare our students for the future,” he added.

Ethiopia Inks $3 Billion Fertilizer Deal With Dangote to Curb Import Dependence

Ethiopia Inks $3 Billion Fertilizer Deal With Dangote to Curb Import Dependence ADDIS ABABA — Ethiopia is set to sign a $3 billion agreement with Nigerian billionaire Aliko Dangote to construct a large-scale fertilizer plant in the Somali Regional State, as the Horn of Africa nation seeks to reduce its reliance on imported agricultural inputs and stabilize local supply chains. The project, expected to break ground later this year in Gode, marks one of Ethiopia’s largest industrial deals with a private foreign investor. Prime Minister Abiy Ahmed confirmed the agreement would be formalized in mid-July. “This project will ensure that Ethiopia has sufficient fertilizer for the next three years,” Abiy said in a televised address. “More importantly, it will allow us to meet future demand with domestic production.” Addressing a Structural Supply Gap The deal comes amid mounting pressure on Ethiopia’s agricultural sector. Fertilizer shortages have disrupted planting seasons and exposed vulnerabilities in Ethiopia’s external supply chains, exacerbated by Red Sea shipping delays and broader geopolitical instability. According to the Ministry of Agriculture, only 40% of the required fertilizer for the 2025 Meher planting season had arrived by April. Ethiopia currently sources most of its fertilizer from suppliers in Morocco and Russia, but foreign currency shortages and logistical constraints have repeatedly delayed distribution. The proposed plant will manufacture urea and nitrogen-based fertilizers, targeting both domestic demand and export markets in East Africa, according to officials familiar with the plans. Strategic Location and Industrial Decentralization The choice of Gode—located near the Ethiopia–Djibouti logistics corridor—offers streamlined access to ports for both raw material imports and fertilizer exports. It also aligns with the federal government’s push to attract industrial investment into historically underserved regions. The government is investing heavily in infrastructure, energy, and road connectivity across eastern Ethiopia to support new manufacturing clusters. Gode has been identified as a priority zone under this initiative. Dangote Group Expands East African Footprint The deal reinforces Dangote Group’s long-term strategic positioning in East Africa, where it has operated a cement plant in Ethiopia’s Oromia region since 2015. The group is also active in petrochemicals, energy, and agribusiness across the continent. Dangote’s $2.5 billion fertilizer complex in Nigeria, launched in 2023, is the largest of its kind in Africa with an annual production capacity of 3 million metric tons. The Ethiopian facility is expected to mirror that capacity and may scale further depending on regional demand. Reform Agenda and Investor Confidence The announcement aligns with Ethiopia’s broader Homegrown Economic Reform II (HGER II) agenda, a government-led initiative aimed at liberalizing key sectors, modernizing agriculture, and attracting FDI. Recent policy developments supporting the reform framework include: Fuel subsidy removal to reflect international price movements Digital land registration rollout for improved land governance Knowledge partnerships with Morocco and China on agri-tech Formation of a national food reserve agency The agricultural sector accounts for roughly one-third of GDP and employs close to 70% of Ethiopia’s labor force. Ensuring fertilizer availability is central to improving productivity, reducing inflationary pressures on food prices, and enhancing rural incomes. The deal is expected to be closely watched by development finance institutions, regional trade partners, and agribusiness investors. If executed effectively, the project could shift Ethiopia from a fertilizer importer to a regional production hub, while insulating its economy from future commodity price swings. As Prime Minister Abiy positions the country for agro-industrial transformation, the Dangote plant may serve as both a symbol and a mechanism of Ethiopia’s ambition to rewrite its agricultural narrative—from dependency to domestic strength.

Ethiopia’s Government Officially Ends Fuel Subsidy: Prices to Follow Global Market Rates

Ethiopia’s Government Officially Ends Fuel Subsidy: Prices to Follow Global Market Rates Addis Ababa – June 21, 2025The Ethiopian government has officially announced the complete removal of its fuel subsidy, a policy shift set to recalibrate the country’s fuel pricing structure in line with international market rates. The Ministry of Trade and Regional Cooperation confirmed that the new directive, which has been in development for over a decade, marks a significant move toward liberalizing the domestic energy market. End of a Gradual Phase-Out The fuel subsidy, introduced to protect low-income households from global price volatility, had been undergoing gradual phase-out measures since 2022. The government initially planned to fully terminate the subsidy by June 2024, but mounting concerns over its impact on economically vulnerable populations led to its partial reinstatement in July 2024. Despite these adjustments, the economic burden of maintaining fuel subsidies—coupled with increasing incidents of cross-border fuel smuggling—forced the government’s hand. “The sharp price disparity between Ethiopia and neighboring countries made it lucrative for smugglers and harmful for state revenues,” the ministry noted. Implementation Timeline According to the statement: Gasoline and jet fuel subsidies were removed effective May 9, 2025. White diesel and all remaining petroleum product subsidies were lifted as of June 4, 2025. From these dates forward, domestic fuel prices are being pegged directly to global oil market trends, with regular adjustments to reflect international fluctuations. Government’s Rationale and Public Reaction Officials cite the need to stabilize the national economy, promote energy efficiency, and combat black-market activity as the driving forces behind the policy. “Continuing the subsidy was no longer economically or strategically viable,” said a senior official at the Ministry of Trade. “It distorted the market and invited corruption and illicit fuel trade.” However, the announcement comes amid rising public concern, exacerbated by widespread misinformation on social media that triggered panic buying and long queues at fuel stations earlier this week. The ministry urged citizens to remain calm, assuring that supply remains stable and that price adjustments will be transparent and gradual. Social Impact and Mitigation Measures While critics fear the move will lead to higher transportation and commodity costs, the government insists that social protection mechanisms are being developed to shield low-income citizens from disproportionate impact. Policy analysts suggest that this moment could also be a turning point for Ethiopia to diversify its energy sources, invest in public transportation, and encourage private sector participation in renewable energy. Looking Ahead As Ethiopia joins a growing list of countries opting to reduce or eliminate fuel subsidies, the full implications of this decision will unfold in the coming months. Economic experts say the success of the policy will depend heavily on the government’s ability to communicate clearly, ensure market stability, and implement safety nets for the most vulnerable.

‎Ethiopia Slashes Capital Thresholds for Foreign Investors

‎The Ethiopia Investment Board has lowered the capital requirements for foreign investors seeking to enter previously restricted sectors—such as the export, import, wholesale, and retail trades—by more than half, revising a directive issued less than eighteen months ago. ‎The amended directive, effective June 12, 2025, signals a recalibration of the country’s investment strategy amid slowing foreign capital inflows and rising calls for equitable treatment of local and international players. ‎The preamble of the earlier directive, in force from March 2024 until last week, had acknowledged a shift in policy allowing previously restricted sectors to open gradually to capable foreign investors. ‎The revised version goes further, stating that the Board, which is chaired by the Prime Minister, deems it necessary to introduce new revisions that reinforce investor confidence and facilitate the mobilization of additional foreign capital by creating, as far as practical, procedures that promote equal treatment of foreign and domestic investors and ensuring that transparent, simplified, and predictable procedures are adopted for all permit requirements.” ‎While the new directive retains provisions from the previous version permitting foreign investors to participate in the export of raw coffee, sesame seeds, pulses, oilseeds, khat, leather, poultry, and even live livestock—traditionally sensitive sectors—it introduces a notable shift in retail trade requirements. ‎Foreign investors can now participate in retail trade with a paid-up capital of USD 2.5 million—a significantly reduced threshold compared to earlier informal benchmarks. A due diligence report prepared by a recognized national or international verification agency detailing the investor’s integrity and capacity is another requirement. The directive also stresses that any non-cash asset contributed to the paid-up capital of the investment enterprise in accordance with this provision should be evaluated by a professional assigned by the Ethiopian Investment Commission (EIC). ‎The directive also allows for exceptions, putting the investment board to issue a decision on a case-by-case basis, particularly favoring reputable single-brand retailers with smaller capital. ‎Previously, foreign entrants with at least three years of trading history had to meet stringent turnover requirements. For instance, raw coffee exporters were required to generate at least USD 10 million annually, sesame exporters USD 5 million, oilseed and pulse traders USD one million, and those in leather, gum, or poultry needed at least USD 500,000. ‎The new directive lifts those trading history and turnover limitations entirely. ‎“Without prejudice to the requirements imposed by other laws in relation to minimum capital, competence, or standards, any foreign investor can engage in the export trade of raw coffee, oilseeds, khat, pulses, hides and skins, forest products, and poultry and livestock bought on the market,” it reads. However, it also stipulates that foreign investors must present a comprehensive due diligence report—prepared either internally or by a recognized national or international verification agency—confirming their integrity, financial capacity, and absence from sanctions or criminal watchlists before engaging in export trade of select commodities. ‎The directive emphasizes that these revisions aim to restore investor trust and attract more foreign capital by fostering an environment of fairness and clarity. EIC data shows that within the fourteen months the previous directive was in effect, just over 150 foreign investors—primarily from China and the UAE—formally expressed interest in newly liberalized sectors. ‎However, the Commission declined to specify how many of these companies have actually launched operations. ‎The amended directive also reaffirms institutional mandates, aiming to eliminate ambiguity in regulatory oversight. ‎“All appropriate bodies shall establish a comprehensive institutional framework to facilitate the implementation of this Directive,” it states. ‎Regarding wholesale and retail trade, the Ministry of Trade and Regional Integration is tasked with setting up an oversight structure to curb anti-competitive behavior and protect consumer rights. The EIC will receive foreign investment applications, ensure compliance, register businesses, issue permits, and coordinate implementation jointly with the Ministry. ‎Furthermore, a permanent joint committee—comprising the EIC, ministries of Trade, Industry, Revenue, Agriculture, as well as the Customs Commission, National Bank of Ethiopia, and other designated bodies—will monitor the directive’s implementation and evaluate whether its objectives are being met. The Board will appoint the chair of this committee.