TikTok Ban Threat: Will Ethiopian Creators Lose Their Diaspora

TikTok Ban Threat: Will Ethiopian Creators Lose Their Diaspora TikTok, one of the most popular social media platforms globally, is facing a potential ban in the United States. The Supreme Court is preparing to uphold the removal of TikTok from Apple and Android app stores unless its parent company, ByteDance, sells its US operations by January 19. This drastic move has sparked debates about free speech, with TikTok and its content creators arguing that the ban would infringe on the rights of its 170 million American users. On the other hand, the US government contends that ByteDance’s ties to China present a national security risk, claiming that the platform could be used for espionage and political manipulation. Former President Donald Trump, who has long advocated for a TikTok ban, has urged the Supreme Court to delay its decision, hinting at his possible return to the White House as a factor in shaping future policies. Potential Buyers Emerge Amid this uncertainty, there are reports of potential buyers for TikTok’s US operations. According to Bloomberg News, Chinese officials are considering Elon Musk, the CEO of Tesla and SpaceX, as a prospective buyer. Meanwhile, YouTube sensation MrBeast, known for his philanthropy and viral videos, has expressed interest in purchasing TikTok to prevent its removal. These developments have fueled speculation about the platform’s future and the broader implications for the global social media landscape. The Impact on Ethiopian TikTok Creators A Local Scene with Global ConnectionsWhile Ethiopian TikTok creators primarily cater to a local audience, their reach and financial support extend far beyond the country’s borders. A significant portion of their fanbase comes from the Ethiopian diaspora, particularly in the US. This group not only engages with content but also provides vital financial support through gifts, donations, and brand collaborations. For many creators, these diaspora communities are integral to their growth, visibility, and income. Financial Risks for Live StreamersLive streaming has become a cornerstone of content creation for many Ethiopian TikTokers, offering an interactive platform to connect with audiences. From late-night gaming sessions to comedic skits, these live streams rely heavily on the financial support of viewers abroad. If the US ban goes through, creators may lose access to a significant portion of their audience, resulting in reduced income and diminished growth opportunities. Creator Perspectives Minimal Impact on Verified CreatorsHermela Medfu, a prominent Ethiopian TikToker and winner of the 2024 Ethiopia TikTok Creative Award for Funniest Female Comedian, is optimistic about the platform’s potential challenges. “The TikTok Creator Fund, which pays based on engagement and views, is not widely accessible for Ethiopian creators since many haven’t verified their accounts,” she explains. Instead, creators generate income through brand collaborations and live streaming. Hermela believes this reliance on alternative revenue streams may cushion Ethiopian TikTokers from the full impact of the US ban. The Rise of Late-Night Live StreamingMany Ethiopian creators have embraced live streaming, particularly during late-night hours, to foster deeper connections with their audiences. Beyond the fun and games, these sessions are an opportunity to build trust, grow visibility, and secure financial support from viewers abroad. However, the absence of the US-based diaspora could significantly hinder these efforts, leaving many creators struggling to maintain their presence. Diversified Content StrategiesFor some, the potential ban poses less of a threat. “It won’t have any effect on us since we focus solely on brand collaborations,” said Kiduskal, a comedian on TikTok known for her engaging team-based content. This approach highlights the importance of diversifying income sources to reduce dependency on a single platform or audience segment. A Changing Social Media Landscape As the TikTok ban looms, many US users are transitioning to alternative platforms like Red Note, a Chinese app blending short-form video, e-commerce, and lifestyle content. While primarily popular in China, Red Note has gained traction among young Americans and Ethiopian diaspora users, who see the app as a viable alternative to sustain their connection with creators. With its unique mix of video-sharing, trending topics, and live-streaming sales, Red Note offers features that resonate with creators and audiences alike. The app’s rapid growth—700,000 new users in just two days—signals its potential as a replacement for TikTok if the ban materializes. Ethiopian Creators Exploring Alternatives Ethiopian creators are increasingly aware of the need to expand their presence beyond TikTok. Platforms like Instagram, YouTube, and now Red Note are seen as critical tools for maintaining audience engagement and financial stability. This shift not only helps safeguard their careers but also allows them to tap into new markets and opportunities. Hermela, reflecting on the potential ban, emphasizes the importance of adaptability in the fast-changing social media landscape. “TikTok is the most effective platform to quickly reach a wider audience and build fame,” she notes. However, she advises creators to avoid over-reliance on a single platform and to focus on authenticity and consistency as the foundation for long-term success. The potential TikTok ban in the US has sparked global discussions about digital platforms, privacy, and the role of social media in modern society. For Ethiopian creators, the stakes are high, but so are the opportunities to adapt, innovate, and thrive in an increasingly interconnected digital world. As new platforms emerge and audiences shift, the resilience and creativity of Ethiopian content creators will undoubtedly play a vital role in shaping their future success.

Dashen Bank Unveils Ethiopia’s First Chat-Based Banking in New Super App

Dashen Bank Unveils Ethiopia’s First Chat-Based Banking in New Super App Addis Ababa (January 14, 2025) – Dashen Bank has announced the launch of its new Super App, spotlighting a first-of-its-kind “Chat Banking” feature in Ethiopia’s banking industry. The announcement was made at a formal event held at the Sheraton Addis Hotel, where bank executives and industry stakeholders gathered to discuss the app’s capabilities and the institution’s vision for integrated digital services. Chat Banking: A Key Highlight The standout innovation of Dashen’s Super App is its Chat Banking tool, which allows registered users to transfer funds via text messages on social media or other messaging platforms. According to Dashen Bank Chief Executive Officer Ato Asfaw Alemu, “Chat Banking provides an additional layer of convenience and flexibility for customers who conduct a significant portion of their day-to-day communication through chat platforms.” The feature is designed to be secure and requires both sender and recipient to be registered Super App users, ensuring proper identity verification and reducing the risk of fraudulent activities. Comprehensive Banking in One Place Beyond Chat Banking, the Super App brings together a variety of banking and lifestyle services under one roof: Account Management: Customers can open new accounts, check balances, and review transaction histories directly from the app. Instant Transfers: Users can transfer money to other Dashen Bank accounts quickly and securely. Interest-Free Services: In addition to conventional banking, the Super App supports Sharia-compliant, interest-free banking options, aiming to reach a broad customer base. Budget Feature: A built-in budget tool enables users to set daily, monthly, or annual spending limits, helping them track and manage expenses. E-Commerce and “Three-Click Shopping” Dashen Bank’s Super App also aims to enhance the customer shopping experience through its “Three-Click Shopping” feature, which lets users purchase products from partner vendors in a few simple steps. This e-commerce integration extends to: QR Code Payments: Customers can scan QR codes to pay at participating retailers, reducing the need for physical cash or cards. Digital and Virtual Cards: For secure online transactions, the app generates digital cards that substitute traditional plastic cards. Additional Lifestyle Services By hosting multiple third-party services within the same application, Dashen Bank seeks to provide an all-encompassing digital hub. Users can: Buy airline tickets, Subscribe to digital TV or streaming platforms, and Access other entertainment or travel services,all without leaving the Super App. Future Enhancements and Outlook The bank plans to roll out further functionalities in phases. Among the anticipated upgrades are micro-loans based on a user’s transaction history, more flexible saving arrangements, and expanded budgeting tools. According to Ato Asfaw, these future developments reflect Dashen Bank’s commitment to making financial services more accessible and efficient. Industry observers note that Dashen Bank’s move could encourage similar innovations across Ethiopia’s banking sector. As competition grows, more institutions may seek to introduce integrated digital solutions, including chat-based services, to keep pace with changing customer expectations. For more information or updates on the Super App, customers and stakeholders are encouraged to contact Dashen Bank’s public relations department or visit the official website.

Wegagen Bank Officially Launches Wegagen e-Birr Mobile Wallet Service

Wegagen Bank Officially Launches Wegagen e-Birr Mobile Wallet Service Wegagen Bank has announced the launch of its mobile wallet service, Wegagen e-Birr, in collaboration with e-Birr Mobile Financial Services. This service enables customers to open wallet accounts, transfer funds, make payments, and manage their accounts without visiting a bank branch. The launch event took place in Shire town in the presence of numerous customers and invited guests. Speaking at the ceremony, the bank’s Enterprise Services Executive Director, Ato Yadeshet Zewdu, emphasized that the Wegagen e-Birr mobile wallet service allows customers to transfer money and make payments anytime, anywhere. He also highlighted that the service will significantly enhance the bank’s reach and inclusivity. Ato Beteema Tafer, Chairman of the e-Birr Mobile Financial Services Board, also spoke at the event, underscoring the role of collaboration between banks and technology providers in modernizing and transforming the banking industry. He noted that such partnerships facilitate fast, reliable, and secure transactions. Ato Beteema further stated that over 2 trillion Birr worth of transactions have been processed through the e-Birr platform, contributing to increased financial accessibility and inclusivity across all segments of society. The bank’s brand ambassador, artist Selam Tesfaye, attended the event and encouraged customers to take advantage of the bank’s digital banking services, including the newly launched Wegagen e-Birr service. Customers can access the service by downloading the e-Birr app from the Google Play Store or Apple App Store or by *dialing 602# and selecting Wegagen Bank. Notably, individuals without a bank account can also benefit from this service. The Wegagen e-Birr mobile wallet service allows customers to link their wallet account to a regular Wegagen Bank account, enabling seamless transfers between the two. Additionally, users can transfer funds to other customers or individuals who are not wallet users and can access agent banking services in areas where the bank is not physically present. The service also facilitates secure payments for various services, including mobile airtime, Ethiopian Airlines flight tickets, water bills, school fees, and horse transportation. Established on June 4, 1989, by 16 shareholders with an initial capital of Birr 60 million and a paid-up capital of Birr 30 million, Wegagen Bank has since expanded significantly. The bank currently boasts a paid-up capital of Birr 6 billion and a total capital of Birr 11 billion. Its total assets have grown to Birr 74.6 billion. Wegagen Bank provides comprehensive interest-free banking services, including Wegagen Amana, through 443 branches, 394 ATMs, and 457 POS terminals, as well as digital platforms such as mobile banking, internet banking, and 4,800 agent banking service providers. Furthermore, Wegagen Bank is the first and only company to be listed on the recently launched Ethiopian Securities Market.

Ethiopia’s Parallel Forex Rate Surges to 150 ETB, Testing Government Reforms

Ethiopia’s Parallel Forex Rate Surges to 150 ETB, Testing Government Reforms Ethiopia’s forex parallel market continues to experience significant volatility, with the rate soaring to 150 ETB per USD, a sharp increase from the 130 ETB per USD recorded just two weeks ago. This fluctuation underscores the challenges of aligning the official and parallel exchange rates, despite ongoing efforts by the government and commercial banks to stabilize the market. As part of a broader economic policy reform agreed with the International Monetary Fund (IMF), the liberalization of the forex market was intended to close the gap between the official and parallel markets. The shift to a floating exchange rate was also intended to enhance market transparency, increase liquidity, and reduce reliance on informal trading. However, although the forex reserve has improved, the rise in parallel market prices underscores the ongoing challenge of balancing the supply and demand for foreign exchange. Commercial banks have intensified efforts to attract remittances, a crucial source of foreign exchange for the country. One prominent initiative is the “CashGo” mobile application, developed by EagleLion, which allows Ethiopians living abroad to send money back home quickly and securely. The app is supported by major Ethiopian banks, including the Bank of Abyssinia, Commercial Bank of Ethiopia (CBE), and Dashen Bank. While CashGo is a key part of the push to channel remittances through formal banking channels, the growth in remittance inflows, rising by 24 percent over the past three months, can be attributed to a broader set of efforts by both the government and commercial banks to promote formal remittance systems. The National Bank of Ethiopia (NBE) has also played an active role in this process. NBE launched the Debo initiative, an awareness campaign aligned with the new Foreign Exchange Directive 01/2024, aiming to educate the Ethiopian diaspora about the benefits of using Foreign Currency Accounts (FCY) and the legal remittance systems in place. Through this, NBE hopes to promote understanding of these policies and increase the flow of remittances through formal channels. Additionally, the central bank has announced a deposit of 100 billion birr across 31 banks nationwide, which the Diaspora community can access for various purposes via the unite.et app. Despite the positive strides in attracting remittances, the gap between official and parallel market rates remains a persistent issue. As of today, the official exchange rates are ETB 139.74 per USD at Rooha Forex Bureau and ETB 126.48 per USD at CBE, still considerably lower than the parallel market rate of ETB 150. This disparity signals continued pressure on the official forex market, as many individuals and businesses continue to turn to the parallel market due to the higher exchange rates offered. Prime Minister Abiy Ahmed (PhD), addressing members of parliament recently, emphasized the positive impact of the ongoing reforms, including a 161 percent growth in Ethiopia’s foreign exchange reserves over the past three months. The National Bank of Ethiopia and private banks have also benefited, with their reserves growing by 161 percent and 29 percent, respectively. In addition, remittance inflows have risen by 24 percent, a development the Prime Minister described as a significant achievement driven by reforms. As for the export sector, the plan for the past three months was to secure 1.1 billion USD. However, the country surpassed expectations, achieving 1.5 billion USD in export earnings during this period. While these efforts show promise, the widening gap between the official and parallel forex markets continues to present challenges. Ultimately, the success of these measures will depend on maintaining investor confidence, ensuring continued access to foreign exchange, and addressing the persistent demand for forex that continues to fuel the parallel market. 5 COMMENTS Mustefa Hiko Gemeda January 14, 2025 At 9:20 pm Let us use this service knowing that it is a deserted service That is inspiring Let us use this service knowing that it is a deserted service That is inspiring Ethiopia’s Parallel Forex Rate Surges to 150 ETB, Testing Government Reforms - Ethio Diaspora Hub Service January 15, 2025 At 3:25 pm […] Click here to read more […] […] Click here to read more […] Situation report: Shelling in Omdurman kills 120 people; Protests for IDPs in Mekelle; Asylum applications in the EU drop by 12% in 2024 - EEPA January 16, 2025 At 6:34 pm […] Ethiopia’s Parallel Forex Rate Surges to 150 ETB, Testing Government Reforms […] […] Ethiopia’s Parallel Forex Rate Surges to 150 ETB, Testing Government Reforms […] Mariamawit January 22, 2025 At 11:07 pm Good Good Complete Guide to the Ethiopian Exchange Rates | Ethiopian exchange bureau rate today - StockMarkET January 24, 2025 At 11:24 am […] ETB per USD in some instances, reflecting ongoing economic reforms and market dynamics 6. Such changes impact both local businesses and consumers who rely on foreign currency for […] […] ETB per USD in some instances, reflecting ongoing economic reforms and market dynamics 6. Such changes impact both local businesses and consumers who rely on foreign currency for […] Comments are closed.

Ethiopia-Djibouti Railway Reports First-Time Profitability

Ethiopia-Djibouti Railway Reports First-Time Profitability Addis Ababa, Ethiopia – The Ethiopia-Djibouti Railway has reported achieving profitability for the first time since its inception. The announcement was made by Takkele Uma, Chief Executive Officer of the Ethiopia-Djibouti Railway Transport Corporation, stating that the railway became financially viable in the last quarter of 2024. According to Takkele, this development reflects the impact of the company’s three-year strategic plan aimed at enhancing operational efficiency and financial sustainability. “The railway has shown significant progress, and this milestone indicates that the long-term strategy is yielding results,” he said. Takkele also acknowledged the contributions of both Ethiopian and Djiboutian stakeholders, as well as the employees who have played a role in the railway’s progress. “We appreciate the collaborative efforts that have contributed to this outcome,” he noted. While highlighting the achievement, Takkele emphasized the ongoing efforts to strengthen the railway’s operations and ensure sustained profitability. He reiterated the commitment to improving service efficiency and maintaining financial stability to support regional trade and economic activity. The Ethiopia-Djibouti Railway serves as a key transport corridor, linking Ethiopia to the port of Djibouti and facilitating trade activities. This financial milestone reflects its evolving role in the economic framework of both countries and its potential for further growth.

Washington Dulles Becomes Ethiopian Airlines’ Top Route for Airbus A350-1000 Flights

Washington Dulles Becomes Ethiopian Airlines’ Top Route for Airbus A350-1000 Flights Ethiopian Airlines has officially taken delivery of Africa’s first Airbus A350-1000, registered as ET-BAW, on November 5, followed by a second aircraft, ET-BAX, which arrived in Addis Ababa on December 7. While these aircraft are deployed on multiple routes, Washington Dulles is expected to see more A350-1000 flights than any other destination in the airline’s network—though operational changes and equipment substitutions may occur. Ethiopian Airlines’ Airbus A350-1000: Key Details As a member of the Star Alliance, Ethiopian Airlines has ordered four Airbus A350-1000s, with the remaining two expected to be delivered by March 2025. Each aircraft is configured with 395 seats: 46 in business class and 349 in economy, making it the airline’s second-largest capacity aircraft after the Boeing 777-300ER (which seats 399 passengers). Notably, business class makes up 12% of the total seating capacity, a higher proportion than Ethiopian’s other widebody aircraft: Airbus A350-900: 9% Boeing 777-300ER: 9% Boeing 787-8: 9% Boeing 787-9: 10% Boeing 777-200LR: 11% While 12% business class capacity is relatively low compared to some other A350-1000 operators, it marks an increase compared to most of Ethiopian’s existing widebody fleet. Ethiopian Airlines’ Expansion in North America Ethiopian Airlines has been flying to North America since 1998, when it launched Washington Dulles (IAD) flights with the Boeing 767-300ER. The airline has since expanded its network, targeting key North American cities with significant Ethiopian diaspora populations. According to OAG data, Ethiopian Airlines’ North American expansion has followed this timeline: 1998: Washington Dulles & Newark (Newark service ended in 2005) 2012: Toronto 2015: Los Angeles (service ended in 2019) 2016: Newark (resumed) 2018: Chicago O’Hare 2019: New York JFK & Houston (Houston service ended in 2020) 2023: Atlanta Washington Dulles: Ethiopian’s Largest North American Market In 2025, Ethiopian Airlines will operate passenger flights to six North American airports, with up to seven daily departures. Among these, Washington Dulles stands out as the largest and most strategically important market. It is the only U.S. or Canadian airport in Ethiopian’s network to receive more than one daily flight, with 11 weekly frequencies split between two services: Addis Ababa–Dulles (via Rome on outbound, nonstop return) Daily Airbus A350-1000/A350-900 Daily Airbus A350-1000/A350-900 Addis Ababa–Lomé–Dulles (round-trip) Four weekly Boeing 787-8 flights Four weekly Boeing 787-8 flights Washington Dulles Flight Schedule Focusing on the Addis Ababa–Dulles route (excluding Lomé flights), Ethiopian’s schedule is as follows (all times local): Addis Ababa → Rome Fiumicino (ET500): 22:50 – 03:25+1 (6h 35m) Rome Fiumicino → Dulles (ET500): 04:25 – 08:00 (9h 35m) Dulles → Addis Ababa (ET501): 10:00 – 07:15+1 (13h 15m) Due to Addis Ababa’s high elevation, which impacts takeoff performance, Ethiopian Airlines includes a refueling and crew change stop in Rome (instead of Dublin, where it previously stopped). This adjustment allows for a higher payload capacity from Addis Ababa, ensuring optimal operations. However, the airline does not hold fifth freedom rights for the Rome-Dulles sector. Passenger Trends on the Addis Ababa–Dulles Route According to U.S. Department of Transportation T-100 data, Ethiopian Airlines carried approximately 204,000 round-trip passengers on its nonstop Addis Ababa–Dulles service (excluding the Lomé flight) in the 12 months leading up to September 2024. With 239,000 seats available, the route achieved an 85% load factor, peaking above 90% between May and August. Further breakdown of passenger movement suggests: 81,000 passengers connected to another Ethiopian flight in Addis Ababa (Dulles–Nairobi was the top origin-destination pair). 65,000 were point-to-point passengers. 32,000 transited through Dulles to other destinations (Denver–Addis Ababa was the top route). 26,000 transferred at both Dulles and Addis Ababa (Columbus–Mogadishu was the top city pair). With its significant Ethiopian diaspora population and strong demand for connections across Africa, Washington Dulles remains Ethiopian Airlines’ most critical North American market. As the airline expands its A350-1000 fleet, Dulles is set to become the leading hub for this next-generation aircraft, reinforcing Ethiopian Airlines’ growing presence in the U.S. market. 1 COMMENT Jay January 15, 2025 At 6:29 am I know the Ethiopian Airlines is now sending primates caught in the wild to laboratories in America. Are these the flights that they’re on? It would seem so. I stopped flying the airline after I learned about this. I was hoping they would stop because I think it’s not only dangerous to have potentially infected animals in cargo but just cruel. I know the Ethiopian Airlines is now sending primates caught in the wild to laboratories in America. Are these the flights that they’re on? It would seem so. I stopped flying the airline after I learned about this. I was hoping they would stop because I think it’s not only dangerous to have potentially infected animals in cargo but just cruel. Comments are closed.

Addis Insight Launches Exclusive Birr Exchange Rate Plugin & Converter

Addis Insight Launches Exclusive Birr Exchange Rate Plugin & Converter Now Offering the Best Daily Exchange Rates—Exclusively for Addis Insight Users [Addis Ababa, Ethiopia] – [Date] – Addis Insight is proud to introduce its enhanced Birr Exchange Rate WordPress Plugin & Birr Converter, designed exclusively for Addis Insight’s platform. This powerful tool ensures users always get the best exchange rate of the day by automatically comparing rates from various Ethiopian banks. This feature is not available for other businesses or websites—it is built specifically to enhance the Addis Insight experience, making currency conversions faster, easier, and more transparent for our users. What Makes This Plugin a Game-Changer? ✅ Find the Best Exchange Rate—Automatically No need to check multiple bank websites manually—our system fetches and compares rates from top Ethiopian banks in real-time, ensuring you always get the most competitive rate of the day. ✅ Fast & Simple Currency Conversion Convert Ethiopian Birr (ETB) to USD, EUR, GBP, CNY, and other major currencies effortlessly. Whether you need to check the latest forex trends or plan a transaction, our converter gives you instant, accurate results. ✅ Seamless User Experience on Addis Insight This tool is fully integrated into Addis Insight’s platform, providing a smooth and reliable way for users to access exchange rate data without leaving the site. Whether you’re reading financial news or checking economic trends, the best exchange rate is just a click away. ✅ Time-Saving & Reliable By comparing rates across multiple Ethiopian banks, our tool saves you time and ensures you get the best possible deal—without the hassle of visiting different websites or relying on outdated information. ✅ Mobile-Friendly & Lightweight Designed for speed and accessibility, the plugin works seamlessly across all devices—desktop, tablet, and mobile—allowing users to check exchange rates anytime, anywhere. Exclusive to Addis Insight—Not Available for Other Businesses This plugin is a unique feature of Addis Insight, tailored specifically to enhance our platform. It is not for sale, distribution, or integration into other websites. Our goal is to provide the most accurate and user-friendly exchange rate experience for Addis Insight visitors. Start Using It Today! ? Visit Addis Insight to experience the improved Birr Exchange Rate Plugin & Converter—your go-to tool for fast, reliable, and best-in-market exchange rates.

Wegagen Bank Becomes First Company Listed on Ethiopian Stock Exchange

Wegagen Bank Becomes First Company Listed on Ethiopian Stock Exchange Addis Ababa, January 10, 2025 – Wegagen Bank has officially become the first company to list on the Ethiopian Stock Exchange (ESX), marking a historic milestone in Ethiopia’s financial sector. The announcement was made during the ESX launch ceremony at the Science Museum in Addis Ababa, attended by Prime Minister Abiy Ahmed (PhD) and other senior government officials. By meeting the necessary listing requirements, Wegagen Bank has taken a major step toward modernizing its operations and leveraging the opportunities of Ethiopia’s emerging capital market. The listing provides the bank with a structured, technology-driven platform to raise additional capital, offering shareholders real-time market pricing, access to crucial financial information, and secure share trading options. This achievement follows the bank’s strategic efforts to align with recent financial sector reforms. Wegagen Bank collaborated with international consultants to explore its capital market opportunities and invested in capacity-building programs, including training and experience-sharing initiatives for its board, management, and employees. In a statement, the bank reaffirmed its commitment to fulfilling market obligations and contributing to the growth of Ethiopia’s capital market. It also expressed pride in being a pioneer in this new financial landscape, pledging to create further investment opportunities as the country’s financial sector evolves. The launch of the Ethiopian Securities Exchange marks a transformative moment for Ethiopia’s economy, offering companies a formal marketplace to raise capital, trade shares, and enhance market transparency. Wegagen Bank’s listing is seen as a crucial step toward unlocking the potential of Ethiopia’s nascent stock market. 1 COMMENT Wegagen Bank Stock, Price and listing on the Ethiopian Securities Exchange (ESX) - StockMarkET January 22, 2025 At 8:48 am […] Stock Listing: Wegagen Bank officially listed its shares on the Ethiopian Securities Exchange on January 10, 2025. This historic event signifies the bank’s commitment to modernizing its operations and participating in Ethiopia’s emerging capital market 12. […] […] Stock Listing: Wegagen Bank officially listed its shares on the Ethiopian Securities Exchange on January 10, 2025. This historic event signifies the bank’s commitment to modernizing its operations and participating in Ethiopia’s emerging capital market 12. […] Comments are closed.

Ethiopia Launches the Ethiopian Securities Exchange (ESX)

Ethiopia Launches the Ethiopian Securities Exchange (ESX) Addis Ababa, January 10, 2025 (FM C) – Ethiopian Prime Minister Abiy Ahmed (PhD) has officially launched the Ethiopian Securities Exchange (ESX), marking a significant milestone in the country’s financial sector. In a statement shared on his social media platform, the Prime Minister declared: “In a historic step for our economy and financial system, we have officially rung the bell to launch Ethiopia’s securities exchange.” This move is expected to accelerate economic growth and create a more structured investment environment. Not the First Stock Exchange in Ethiopia Contrary to popular belief, this is not Ethiopia’s first securities exchange. Ethiopia had an earlier form of a stock market in the 1960s, but it ceased operations following the nationalization policies of the Derg regime in the 1970s. The ESX is, therefore, a revival of Ethiopia’s capital market rather than a brand-new initiative. Why the Ethiopian Securities Exchange Matters With Ethiopia experiencing rapid economic growth, the launch of the ESX is expected to: Facilitate Capital Raising: The exchange provides Ethiopian businesses with an organized platform to issue stocks and bonds, helping them attract investors. Encourage Private Investment: Ethiopian and foreign investors will now have more opportunities to participate in the country’s economic progress. Boost Economic Growth: A well-functioning stock market improves liquidity, encourages savings, and strengthens financial institutions. Enhance Market Transparency: Regulated trading and financial disclosures will increase investor confidence and corporate accountability. A Call for Investors Ethiopia’s financial future looks promising, and Prime Minister Abiy Ahmed has urged investors to participate in the stock exchange. “As Ethiopia lays the foundation for long-term financial stability and growth, we invite investors to seize this opportunity and help build a strong capital market,” he said. With this launch, Ethiopia is taking a decisive step towards integrating with global financial markets and strengthening its financial ecosystem. The success of the ESX will depend on active participation from businesses, investors, and financial institutions, paving the way for a more dynamic and resilient economy.