Coal imports lose duty-free status in latest tariff revision

Finance and Customs officials have declared intentions to begin levying customs duties on coal imports. Ethiopia imports hundreds of millions of dollars’ worth of coal each year, with most of it being shipped in by cement plants, who require the fossil fuel to keep their furnaces lit. Although Ethiopia produces a surplus of coal, the product is often unsuitable for use in cement factories as it is unwashed. Plans to install coal washing plants also remain unfulfilled. A recent report from the Ministry of Mines indicates that cement factories could only cover two-thirds of their coal demand through domestic supply during the last fiscal year, while the remainder was sourced from abroad. Ethiopia imported close to 490,000 tons of coal in 2023, up from 311,000 tons the year prior, and 235,000 tons in 2014, according to the report. The imports were necessary despite nearly 400 businesses holding licenses to produce coal in Oromia, Benishangul-Gumuz, Southwestern Ethiopia, and Southern Ethiopia. The decision to impose customs duties on coal imports will likely burden cement plants, despite a letter from Eyob Tekalign, a state minister of Finance, stating the latest revision of customs tariffs is necessary to “provide protection to local industries and assemblers to enable them to become competitive and succeed in import substitution.” Coal import orders placed prior to the directive can be imported duty free within a 30-day period. The revision also features changes to duties for vehicles and other products. Duty rates for motor vehicles, including station wagons and racing cars, buses and lorries, stand at 25 percent. It limits the designation of ‘new vehicle’ to those which enter the country less than three years following their manufacturing date and have less than 4,000 kilometers on their odometer. Vehicle import orders placed prior to September 16, 2024, have a 30-day window to enter the country at the old tariff rate. Clothing accessories and steel products now carry a 15 percent customs duty, while lubricants entail a five percent rate. Debele Kabeta, Customs commissioner, ordered all customs branches to begin applying the new rules this week. “The tariff regime needs frequent revisions to make sure local manufacturers and assemblers are getting necessary support and protection to stay competitive,” reads a letter signed by the Commissioner.

Exporters, logistics operators decry logistical, bureaucratic hurdles in Djibouti

Delays in loading, unexplained fees and demurrage costs, and refusals to issue bills of lading are some of the problems that frustrated Ethiopian exporters and logistics operators brought up during interviews with The Reporter over the past couple of weeks. The challenges arise from negligent and unfair practices on the part of Djiboutian authorities, as well as a lack of integration and coordination between international shipping companies, the Ethio-Djibouti Rail, and other actors in the logistics sphere. A manager at one of the leading coffee exporters based in Addis Ababa told The Reporter that a shipment of several containers of coffee has been stranded in Djibouti for several days as a result of inconsistent procedures. “It is still on the train because MSC [Mediterranean Shipping Company] and the authorities there refused to allow the cargo to pass through and be loaded onto the ship,” said the manager. Meanwhile, Ethio-Djibouti Railway charges 42,000 birr a day for each wagon the manager has been unable to offload. An executive at a logistics firm also based in Addis Ababa shared a similar experience. “My cargo was held in Djibouti for longer than a week,” said the executive, whose firm was charged demurrage fees after the ship that was supposed to pick up its cargo faced delays. “The ship was delayed but the authorities and agents asked me to pay demurrage. The delay wasn’t my fault. Why should I be charged?” asked the executive. Agents are exacerbating the problems, according to people in the industry. “Agents are typically foreigners based in Djibouti and Addis Ababa. When something happens, for instance a cargo delay, agents charge all parties demurrage fees. They take money from the shipping company, the exporter, and the inland logistics company,” said the executive. Exporters and logistics operators are growing increasingly frustrated with the unpredictable and unfair bureaucratic hurdles they face on the country’s primary international trade route. They say shipping companies impose exorbitant demurrage fees for cargo delays, while port management also demands payment for the extra time that cargo spends in their jurisdiction, no matter whose fault it is. The Ethio-Djibouti Railway also charges fees for failure to unload wagons on schedule, even if the delays are unavoidable. Industry insiders say shipping companies and Djiboutian and Ethiopian authorities are to blame. “They charge us 100 dollars for a bill of lading, which is nothing but three copies of a form printed in Addis Ababa. It isn’t security printing or some sort of expensive paper. The government intentionally took the bill of lading to Djibouti so it can charge us in dollars,” said the coffee exporter. Despite the hassle, exporters and operators say Ethiopian officials are unwilling to understand or solve the problems. “We’ve complained to the Ministry of Transport and Logistics, Customs Commission, and Freight Forwarders Association several times. But there is no solution,” said the logistics company manager. Officials at the Ministry stated they are working with Djiboutian authorities to resolve the issues.

Contractors express doubt over state’s ambitious plans for construction industry

Experts and members of the private sector have aired serious doubts over the government’s ambitious targets for the Ethiopian construction sector, which they say is still characterized by state monopoly, foreign contractor dominance, financial constraints, a lack of legal frameworks and price indices, as well as weak contract administration and supply management practices. During a recent consultation forum organized by the Urban and Infrastructure Ministry, industry players and experts expressed doubts about the feasibility of government ambitions to see Ethiopian construction firms control 75 percent of the domestic market and 25 percent of the wider regional market by the end of the decade. Samuel Sahlemariam, an engineer, presented the findings of a research study that indicates the construction sector remains heavily reliant on foreign contractors for mega projects despite the sector’s consumption of 60 percent of the federal capital budget and 22 percent annual contribution to GDP. Experts also pointed to massive budget deficits, heavy reliance on imported raw materials, weak supply chains, issues with contract administration, and the effects of the recent economic reforms as significant challenges holding back the sector. They contend that although the number of foreign contractors operating in the country is relatively low, their market share has grown to an astonishing 62 percent. “Almost all of our skyscrapers and huge public projects are handled by foreign contractors. Unless we manage to turn back this wave, we are going to be swamped by even more of them when the country becomes a member of the World Trade Organization,” cautioned Samuel. He indicated that some foreign contractors are halting projects and demanding to be paid more than what was originally agreed upon. Samuel cited an unnamed project where a foreign contractor stopped construction and demanded to be paid four times the original fee of 800 million birr. He also pointed to the Adey Abeba Stadium project in Bole as another example. “The initial cost was a little more than two billion birr. Then the contractor refused even 12 billion birr to complete the project,” said Samuel. His observations were echoed by another industry expert, who argued that dependency on foreign contractors could even compromise the country’s sovereignty. “Sadly, most of the mega projects in Ethiopia are executed by foreign contractors. The industry’s poor performance might expose the country to sovereignty issues,” he said. Data obtained from the Urban and Infrastructure Ministry shows that there are more than 35,000 local construction companies and 151,000 professionals currently engaged in the construction sector. The Ministry deems their performance unsatisfactory. The other primary concern highlighted during the discussions was the exponential time and cost overruns that have become a regular feature of construction projects in Ethiopia. Experts presented studies that indicate the average time overrun for road projects is nearly 145 percent, while the figure sits at 110 percent for other construction projects. Cost overruns average 35 and 18 percent for road and other projects, respectively. The figures dwarf the global industry averages for time overruns (six percent) and cost overruns (nine percent). Participants attributed delayed payment, heavy reliance on imported materials, improper procurement procedures, poor local contractor experience and lack of proper feasibility studies as key reasons behind the delays and extra costs. A government official noted that public projects are often initiated with insufficient budgets, creating challenges in cash flow and financing. Damtew Wole, a member of a contractors’ association, argued that the feasibility of initial cost estimates set by contractors themselves when they bid for projects is questionable. “The cost estimate we enter into bids is not holistic. It does not include a comprehensive cost analysis for the entire project, beginning to end,” said Damtew. He called on the government to immediately cease offering preferential treatment to foreign contractors. “The foreigners that enter the industry through international competitive bids can apply for price escalation whenever there are market fluctuations, even if it’s the first month of their operation. But we can’t do that,” said Damtew. Habtamu Getachew, a construction design professional, asked how the government expects the private sector to control 75 percent of the country’s construction sector within a decade while it is moving towards a monopoly. “It might be out of frustration, but recently the government is establishing its own construction and designing organizations. It is constructing projects on its own and outsourcing others to foreign contractors. The private sector’s share is growing thinner by the day,” he said. Samuel had similar sentiments. “The pressure that our contractors face due to payment makes me ask the question: ‘Do the government and the sector really know each other?’ Do you really know each other? The sector is almost dead. If payment is not made properly, the duration of the project will increase significantly. Therefore, a bridge financing system is needed to fill this gap,” he said. He did, however, concede that contractors’ poor contract administration practices lead them into unfavorable deals with consultants, restricting their right to price adjustment. Samuel cited that a recent plea from contractors to the Ministry of Finance to allow them to adjust prices was met with the question of who was preventing them from doing so. “It was the consultant that stopped us based on the special conditions and terms included in the contract we signed with them. Adjusting prices is not forbidden, ultimately,” he said. Participants at the forum urged the government to provide a solution to the security risks they face on project sites in parts of the country that are prone to conflict. They also requested access to a bridge financing system, enforceable professional standards, a price index platform, and an industry roadmap. Yetmgeta Asrat, a state minister for Urban and Infrastructure, acknowledged the need for improvements in domestic capacity and reassured those present that the government is determined to move from foreign contractors to local ones.

Ethio telecom CEO petitions Parliament for feasible land policies to back infrastructure expansion

The chief executive of the state-owned Ethio telecom says unsuitable land acquisition procedures, particularly in the country’s urban centers, are the primary obstacle to the operator’s infrastructure expansion plans. CEO Frehiwot Tamiru addressed the comments to the parliamentary committee for Public Enterprises and Institutions Affairs this week, which conducted a review of Ethio telecom and the Ethiopian Telecommunications Authority this week. MPs criticized the operator for unreliable telecom services, the absence of telecom products and services in rural areas, and the unaffordability of its products. Frehiwot outlined challenges hindering the state-owned enterprise, including land acquisition, security concerns, financial constraints, inaccessible roads, lack of commercial electricity, vandalism, and fraud. However, she emphasized difficulties in obtaining land and excessive compensation demands—especially in urban centers—as the most significant hurdles. “Addis Ababa is the most challenging city for tower installation compared to rural areas, which fare better in this regard,” Frehiwot said. She urged the committee to address the issue and advocate for more feasible land policies. Parliamentarians also voiced concerns about telecom service gaps in the Amhara, Oromia, Benishangul-Gumuz and Southern regions. Frehiwot explained that these gaps are often linked to a lack of suitable land for infrastructure and a lack of road access coupled with financial challenges Balcha Reba, director-general of the Ethiopian Communication Authority, backed Ethio telecom’s concerns, urging MPs to engage with their constituencies to facilitate land allocation for telecom development. The Director-General also revealed that the Authority is drafting a law to regulate land and building usage for telecom infrastructure. This legislation, currently under discussion, aims to streamline land acquisition and address lease complications for existing infrastructure. “If payments for land acquisition become necessary, we ask for your support to ensure the telecom sector can continue to grow,” Balcha told MPs. Ethio telecom, which serves nearly 81 million customers—including 78 million mobile subscribers—plans to invest USD 1.1 billion in major infrastructure expansion in the current Ethiopia fiscal year, according to the CEO. Frehiwot responded to complaints from MPs about internet and phone blackouts in conflict zones by saying the issue does not fall under her mandate as the CEO of a state enterprise.

Ethio-Re registers strong performance despite reinsurance shift to hard market

Despite retrocession prices and claims surging due to growing natural and man-made catastrophes, Ethiopian Reinsurance (Ethio-Re) has posted a whopping 63 percent growth in profits for 2024. The reinsurer’s net profits for the fiscal year that ended on June 30, 2024, clocked in at 400 million birr. Its reinsurance revenue, which includes revenues from policy sales, stood at 2.2 billion birr, up 29 percent from the previous year’s figure. Meanwhile, the firm’s reinsurance service expenses, which are primarily made up of claims paid out, remained steady at two billion birr, up just two percent from the year prior. Despite the encouraging performance, Ethio-Re’s executives observe their industry is shifting from a ‘soft’ market to a ‘hard’ one. A soft market is the business-as-usual scenario, where the number of catastrophes is low, competition is high due to a large number of reinsurers in the market, and premium prices go down. On the other hand, a hard market sees claims surge and premiums (retrocessions) climb as natural and man-made catastrophes become increasingly common, pushing most reinsurers out and leaving only the most competitive in the market. Ethio-Re buys retrocessions from global re-insurers. “Natural and man-made catastrophes have highly increased in the past few years. Starting from the Ukraine-Russia war, to other global, regional and domestic catastrophes, there are a lot of hazards. There is also increasing terrorism, cybersecurity threats and other disasters. Due to these catastrophes, the reinsurance industry has shifted from a soft market to hard-market,” said Fikru Tsegaye, acting CEO. “The retrocession price [the price of the premiums Ethio-Re buys from global re-insurers] has surged.” Though the increasingly common catastrophes have created more demand for reinsurers, the increment in retrocession prices have become an obstacle for business, according to Fikru. Despite these challenges, Ethio-Re registered remarkable achievements for the year. The company generated 317 million birr from investments across a range of businesses, including real estate and a plot of land in Addis Ababa. “We bought a large building in the financial district, in Lideta. We are changing it to our headquarters now,” said Fikru. The firm also acquired a 1,885 square meter plot in Arada Sub-city from the City Administration through auction in June 2024. It paid 162 million birr. “We will change it into another HQ for the future and also use the land for other property investments,” said the Acting CEO. Ethio-Re is planning to buy up equity in commercial banks and in real estate, according to Fikru. The reinsurer currently boasts 1.96 billion birr in paid-up capital, well above the central bank’s half a billion birr threshold. Ethio-Re has 2.5 billion birr in subscribed capital, through 250,000 shares each valued at 10,000 birr. The firm’s earnings per share for 2023/24 registered at 21.8 percent. Ethiopian insurance firms hold a 67 percent ownership stake in Ethio-Re, while commercial banks hold 31 percent. The remaining two percent is held by 102 individuals and one trade union. The state-owned Ethiopian Insurance Corporation (EIC) and Commercial Bank of Ethiopia (CBE) each hold a 20 percent stake. AM Best, a US-based credit rating agency that focuses on the insurance industry, gave Ethio-Re a BB rating, while GCR Ratings, an African agency, gave the firm a AA rating. “Our overall performances and investments have helped us earn good ratings. We have also launched our own IT solution system,” said Fikru. The insurance industry generated 18.4 billion birr from premiums in 2023/24, up by 24 percent from the year prior, according to regulators at the National Bank of Ethiopia (NBE). Insurers paid out 9.8 billion birr in claims over the same period.

Customs Commission extends franco valuta deadline, again

Officials at the Customs Commission have granted franco valuta importers yet another extension for the deadline to finalize their shipments. The decision, which was prompted by requests from importers, extends the deadline by another 30 days. On November 7, 2024, Finance Minister Ahmed Shide  granted importers two weeks to finalize any ongoing franco valuta transactions. The letter said the scheme had lived out its usefulness, and declared that commercial banks would henceforth be responsible for supplying foreign currency to importers. The development came one week after Prime Minister Abiy Ahmed (PhD) accused unspecified individuals and companies involved in international trade of using the franco valuta scheme as cover in the illicit trade and smuggling of commodities such as gold. However, a subsequent notice from Customs Commissioner Debele Kabeta informed franco valuta importers they had been granted an additional 30 days to wrap up ongoing transactions, setting the deadline near the end of December 2024 for importers registered at Customs branch offices. However, complaints from these importers relating to complications in the import process have pushed the Commission to extend the deadline by yet another 30 days, according to a statement released this week. Federal officials first introduced the franco scheme in a bid to cut down on the time importers would spend waiting to open letters of credit at commercial banks, who themselves were struggling with severe forex shortages. The scheme allowed individuals and businesses with forex on hand to import basic commodities directly. The list of eligible commodities was determined by the government, and included items like edible oil, sugar, and flour. The move was part of a broader rush of policy amendments aimed at preventing Ethiopia’s economy from spiraling further into crisis. Over the past six years, the government has introduced more legislative changes than in the previous decade. Yet, despite the flurry of reforms, not all of these measures have succeeded, and the government has often failed to assess their impacts, according to experts. The reintroduction of the scheme in August 2024, following the adoption of a floating exchange rate, a first in the history of this policy, raises significant questions about its effectiveness and sustainability, argue experts.

World Bank Approves $700 Million Boost for Ethiopia’s Financial Sector

WASHINGTON, December 19, 2024 – Ethiopia’s financial system is set to receive a transformative boost following the World Bank’s approval of a $700 million credit for the Financial Sector Strengthening Project (FSSP). This ambitious initiative, funded through the International Development Association (IDA), aims to fortify the stability and resilience of Ethiopia’s financial sector, laying the groundwork for sustainable economic growth. Ethiopia’s financial system currently faces significant hurdles, including outdated regulatory frameworks and struggling public financial institutions. The FSSP is designed to address these challenges by modernizing the regulatory and supervisory framework of the National Bank of Ethiopia (NBE), overhauling governance structures, and restructuring the balance sheets of key institutions like the Commercial Bank of Ethiopia (CBE) and the Development Bank of Ethiopia (DBE). The project will also support the transformation of the DBE into a sustainable development finance institution, ensuring its long-term viability in driving Ethiopia’s economic development. A critical component of the initiative is the capacity-building and implementation support for the NBE, CBE, and DBE, aimed at fostering resilience and improving financial accessibility for Ethiopians across the board. Maryam Salim, World Bank Country Director for Eritrea, Ethiopia, South Sudan, and Sudan, emphasized the project’s transformative potential. “We are proud to support Ethiopia in its journey to transform and strengthen its financial sector. This project reflects our commitment to promoting economic stability and inclusive growth in the country. By boosting the capacity of key financial institutions, we aim to build a more resilient and accessible financial system that truly meets the needs of all Ethiopians,” Salim said. The approval of the FSSP marks a pivotal moment in Ethiopia’s efforts to build a financial system that supports economic diversity and inclusivity. Beyond resolving current challenges, the initiative aims to unlock new growth opportunities by fostering a robust financial ecosystem capable of adapting to future demands. The International Development Association (IDA), the financing arm behind the FSSP, has a long-standing history of supporting low-income countries with grants and low-interest loans. Established in 1960, IDA has provided over $552 billion to 115 countries, with a significant portion directed to Africa. Ethiopia’s FSSP is the latest example of IDA’s commitment to driving economic transformation and poverty reduction. As Ethiopia embarks on this critical phase of financial reform, the infusion of $700 million is expected to catalyze meaningful change, equipping its financial institutions to better serve the country’s 120 million citizens and enabling a more stable, inclusive, and prosperous future. For more information on the Financial Sector Strengthening Project and IDA’s work in Ethiopia, visit IDA.worldbank.org. Thank you so much , for supporting at this crisis time , it will never forgotten Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );

Amhara Bank Urges Local Banks to Merge Amid Foreign Banks’ Entry

On December 18, 2024, Ethiopia’s parliament ratified a landmark banking proclamation allowing foreign banks to operate within the country. This move represents a pivotal step in Ethiopia’s ongoing economic reforms, enabling foreign banks to establish subsidiaries, open branches, and acquire up to 40% ownership in local banks. The decision to open the banking sector to foreign investment brings both opportunities and challenges. On the one hand, it can enhance competition, improve efficiency, and introduce advanced technologies. On the other hand, it poses challenges for local banks regarding competitiveness, capital strength, and management systems. Dr. Yohannes Ayalew, Chief Executive Officer of Amhara Bank, emphasized that most private banks in Ethiopia operate with limited capital. While capital is not inherently a barrier, its efficient allocation is critical for success. Foreign banks, with their substantial capital reserves, benefit from economies of scale, allowing them to lower costs per unit and offer more competitive pricing. To stay competitive, Dr. Yohannes advised local banks to consider mergers as a strategy to bolster their capital base. Furthermore, he highlighted the importance of improving asset quality, stating that clearing non-performing loans (NPLs) is vital to reducing costs and maintaining competitiveness. Dr. Yohannes also pointed out that the technological advancements of foreign banks present both opportunities and challenges for local institutions. Their extensive experience in competitive global markets gives them an advantage in management and operational efficiency. In contrast, Ethiopian banks have operated exclusively in domestic markets with policy support, creating a significant disparity. This gap poses a considerable challenge for local banks as they prepare to compete with foreign counterparts. Industry experts have noted that the higher borrowing interest rates of local banks may attract investors as foreign banks enter the market. Dr. Yohannes explained, “The primary reason for the high borrowing interest rate among local banks is policy-driven. Currently, the deposit interest rate is set at 7%. Borrowing rates are calculated starting from this base, adding operational costs and profit margins, which leads to the high rates.” He further suggested that if borrowing interest rates were liberalized, similar to foreign currency exchange, these rates could potentially decrease. However, foreign banks operating within the same market and policy environment are likely to offer comparable borrowing rates, potentially narrowing the gap between saving and borrowing interest rates. Dr. Yohannes stressed that the impact of foreign banks will largely depend on how well local banks prepare and respond to competition. He advised local banks to improve their management systems and conduct thorough research to identify gaps. With foreign currency exchange now liberalized, it is crucial for banks to strengthen their risk management through better research and forecasting. Since foreign currency rates are market-driven, they will affect all banks, and mitigating risks will be essential to avoid financial distress. “The entry of foreign banks into Ethiopia’s financial sector is vital, especially as we integrate into the global economy,” Dr. Yohannes remarked. He added that collaborating with these banks is key to expanding Ethiopia’s reach abroad, learning from their expertise, and competing on the international stage. The competition they bring will not only strengthen the banking sector but also benefit depositors and borrowers through more balanced pricing. Dr. Yohannes also noted that government restrictions on the number of foreign banks entering the market—either through establishing subsidiaries or purchasing shares in local banks—may help mitigate potential challenges. The CEO made these remarks during the launch of Aba QR, a new digital payment system aimed at transforming transactions in Ethiopia. The Aba QR app allows customers to scan a merchant’s QR code to view detailed payment information, such as product descriptions, quantities, and prices, before making quick, secure payments directly from their mobile phones. This eliminates the need for cash while ensuring accuracy and convenience. Merchants benefit from features like real-time updates of product details, prices, and service lists, daily sales report generation, cashier permission management, and instant digital receipts. Additionally, the CEO announced plans to introduce a system that would enable shareholders to participate remotely via digital platforms, eliminating the need for in-person attendance at meetings. He highlighted that other countries have already adopted such approaches and expressed optimism that Amhara Bank would follow suit. Dr. Yohannes explained that challenges encountered during this year’s 3rd Annual General Meeting of Shareholders had provided valuable lessons. As a result, efforts are underway to transition to digital solutions to prevent similar issues in the future. Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );

National Bank of Ethiopia Launches Platform for Customer Complaints

Addis Ababa, Ethiopia The National Bank of Ethiopia (NBE) has introduced an online platform and a dedicated hotline (7230) to assist customers in lodging complaints against financial institutions. This initiative reflects NBE’s commitment to addressing common issues in the financial sector, such as aggressive sales practices, deceptive advertising, and inadequate transparency, as detailed in a statement on the bank’s website. The newly launched platform enables customers to escalate complaints to NBE if financial institutions fail to resolve their issues internally within ten business days. This effort is part of a broader consumer protection framework under the Financial Consumer Protection and Education Directorate (FCPED), established following the enactment of the Financial Consumer Protection Directive in 2020. The directive requires all financial institutions to set up internal complaint-handling units capable of addressing grievances in multiple languages. These units must provide unique tracking numbers for complaints and resolve them within ten working days. Customers who find the resolution unsatisfactory or receive no response can escalate their concerns to NBE. The FCPED’s online platform, developed internally by the central bank, is designed to cater to the needs of vulnerable consumers, including low-income individuals and micro, small, and medium enterprises (MSMEs). The platform aligns with NBE’s goals of promoting financial inclusion, trust, and systemic stability. In addition to its internal development efforts, NBE has collaborated with the United Nations Capital Development Fund (UNCDF) to receive technical support and conduct educational campaigns. These initiatives focus on improving digital financial services and raising awareness of consumer rights. “The platform aims to raise awareness of consumer rights, promote financial literacy, and hold financial institutions accountable, creating a more inclusive and trustworthy financial ecosystem,” said Endashaw Tesfaye, a digital financial services expert at UNCDF. Rapid financial inclusion has led to a significant increase in account ownership across developing economies, with the percentage of adults holding formal accounts rising from 42% in 2011 to 71% in 2021, according to World Bank data. While this growth is encouraging, it also brings challenges. Low-income and inexperienced consumers often face difficulties navigating financial services and are particularly vulnerable to fraud and exploitation. The NBE’s platform aims to tackle these challenges by focusing on education, regulatory oversight, and effective complaint resolution, ensuring a safer and more accessible financial environment for all Ethiopians. That is good stuff, and very useful, but what I can’t understad is that the likes of EEU, demands one to have telebirr to refill electric card at Gurd Shola branch, while the country’s mode mode of payment is through Banks or Cash. I would wish the concerned to clarify on that!!! Thankful! This is new Insite to c.complaint Ysevit your rghit aganist to belonging for assistant in the geratest highe to Ethiopian seen Save my name, email, and website in this browser for the next time I comment. Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );