EthioTelecom Inaugurates Ultra-Fast Electric Vehicle Charging Station

EthioTelecom Inaugurates Ultra-Fast Electric Vehicle Charging Station Addis Ababa, Ethiopia – EthioTelecom has launched an ultra-fast electric vehicle (EV) charging station at the Bole Road junction, developed in collaboration with various partners. The initiative is part of efforts to support Digital Ethiopia and contribute to the country’s transition toward sustainable transportation. Ultra-Fast Charging Technology Introduced The newly inaugurated station features an ultra-fast charging system capable of providing 1 km of driving range in just one second. This technology is expected to improve the efficiency of EV charging, making it more convenient for users and supporting the adoption of electric vehicles in Ethiopia. 24/7 Availability and Digital Payment System The charging station will be accessible 24/7, allowing EV users to charge their vehicles at any time. Payments will be made through Tele Birr, EthioTelecom’s digital financial service, with a set rate of 10 birr per kilowatt. Expansion Plans Underway EthioTelecom has also announced that two additional charging stations are currently under construction and will be operational soon. These stations aim to expand access to EV charging infrastructure as part of broader efforts to support the country’s growing electric mobility sector. The launch of this charging station is seen as part of ongoing efforts to enhance digital and energy infrastructure, supporting both technological advancements and environmental sustainability.

Ethiopia E-Mobility Sector on the Upswing

Ethiopia E-Mobility Sector on the Upswing In a significant development for Ethiopia’s burgeoning e-mobility sector, the country’s first Electric Motorbike Owners Association has been established, marking a pivotal step toward fostering a supportive ecosystem for electric vehicle (EV) adoption. With over 280 members already onboard, the association aims to streamline licensing processes, provide resources for riders, and promote compliance with city traffic regulations, ensuring a smoother transition to sustainable urban mobility. The formation of the association comes at a critical time as Ethiopia seeks to embrace greener transportation solutions. Hilina Legesse, President of the Addis Ababa E-Mobility Association, highlighted the importance of this initiative, stating, “The launch of Addis Ababa’s first e-mobility association is a crucial step in addressing the challenges faced by riders, particularly in the absence of a dedicated support network. Beyond facilitating better communication among riders, this platform will work toward resolving key sector challenges in the coming years.” The association’s establishment has been spearheaded by Dodai Manufacturing PLC, Ethiopia’s leading electric motorbike (e-motorbike) manufacturer and distributor. Dodai has been at the forefront of the country’s e-mobility revolution, and its latest initiative to cover license plate costs for its first 250 customers further underscores its commitment to making e-motorbike ownership more accessible and affordable. Yuma Sasaki, Founder and CEO of Dodai, emphasized the company’s broader vision: “Today marks a milestone for Dodai and for Ethiopia. By covering license plate costs and supporting the formation of this association, we are not just simplifying ownership—we are accelerating Ethiopia’s electric mobility revolution. Our goal is to make sustainable transportation accessible to all.” Dodai’s efforts extend beyond financial incentives. The company is also investing in critical infrastructure, such as battery swap stations and charging facilities, to support the growing demand for electric vehicles. These initiatives align with Dodai’s mission to transform Ethiopia’s urban transportation landscape through innovative, environmentally friendly solutions. However, challenges remain. Some riders have raised concerns about stringent requirements even after obtaining licensing approvals from relevant authorities. In response, Hilina assured that the association would actively engage with stakeholders to address these issues. “We will engage in further discussions with the concerned bodies to address these challenges and work towards practical solutions,” she said. The establishment of the Electric Motorbike Owners Association and Dodai’s proactive measures signal a promising future for Ethiopia’s e-mobility sector. As the country continues to prioritize sustainable transportation, these efforts are expected to play a crucial role in driving adoption, improving infrastructure, and addressing the evolving needs of electric vehicle users.

IMF Managing Director Kristalina Georgieva Arrives in Ethiopia for Official Visit

IMF Managing Director Kristalina Georgieva Arrives in Ethiopia for Official Visit Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has arrived in Addis Ababa for a two-day official visit aimed at strengthening economic cooperation between Ethiopia and the global financial institution. During her visit, Ms. Georgieva is scheduled to meet with Prime Minister Abiy Ahmed and senior government officials to discuss Ethiopia’s economic policies, ongoing reforms, and potential areas of collaboration with the IMF. The discussions are expected to cover key financial and structural policies, debt sustainability, and macroeconomic stabilization efforts. Beyond high-level engagements, Ms. Georgieva and her delegation will visit select social development projects, highlighting Ethiopia’s economic progress and challenges. She will also engage with representatives of the private sector, focusing on investment climate improvements and the role of international financial support in fostering sustainable growth. Ethiopia has been working closely with the IMF in recent years to address economic challenges, including inflation, foreign exchange shortages, and debt restructuring efforts. Ms. Georgieva’s visit is seen as a crucial step in strengthening ties and exploring new avenues for financial and technical support. Further updates on the visit, including key agreements and discussions, are expected to be released following the official meetings.

As Digital Banking Rises, Are Ethiopian Banks Cutting Back on Branches?

As Digital Banking Rises, Are Ethiopian Banks Cutting Back on Branches? Paperless banking has become a global trend, with financial institutions transitioning to digital transactions for greater efficiency, security, and sustainability. Many countries have embraced digital banking, mobile payments, and blockchain technology to reduce reliance on physical paperwork. In Ethiopia, banks are steadily digitizing their operations, paving the way for a fully paperless banking experience. Leading this shift, the Cooperative Bank of Oromia has pioneered the transition by launching over 200 “Smart” branches nationwide. These branches provide seamless, paperless banking services using tablet technology specifically designed for this purpose. Building on this momentum, many Ethiopian banks are now planning their own transitions to paperless banking to enhance cost efficiency, align with global banking trends, and contribute to the success of Ethiopia’s Digital 2025 strategy. “It’s not possible to remain separate from the international business system,” said Yohannes Million, Chief Digital and Information Officer at Dashen Bank. “Paperless banking is the global standard, and adapting to this trend is not optional—it’s a necessity.” He added that traditional banking operations come with significant costs. “Fuel expenses, office rent, staff recruitment, and system purchases often require foreign currency. A digital banking approach eliminates these costs, saves clients’ time, and enhances convenience.” He also noted that an increasing number of clients prefer digital services over visiting physical branches. While the digitalization of banks is commendable, one critical factor must not be overlooked: digital literacy among rural communities. As banks transition to paperless services, many rural customers may struggle to adapt due to limited access to technology and digital education. Without targeted awareness campaigns and user-friendly platforms, the shift toward digital banking could widen the financial inclusion gap rather than bridge it. According to Yohannes, over half of Dashen Bank’s clients now use digital services. “In urban areas, demand is growing rapidly. Rural communities are also adapting, as seen in the Ethiopian Commodities Exchange, where farmers transact digitally,” he noted. He added that Ethiopia’s Digital 2025 initiative will further enhance digital literacy, accelerating the country’s transition toward a fully digital banking ecosystem. Yohannes made these remarks during the launch of M-PESA Safaricom’s partnership with Dashen Bank and CashGo to enhance international remittance services. The collaboration allows Ethiopians to receive money directly into their M-PESA wallets from abroad, offering a seamless and secure way to access funds. This milestone enables instant remittances, which can be used for transactions such as sending money, bill payments, airtime purchases, or cash withdrawals from agents. He stated that this partnership marks a significant step toward digitizing banking services in Ethiopia. 1 COMMENT Ittu Aba Farda February 7, 2025 At 10:37 pm I guess I started celebrating too fast thinking the earthquake in the Awash area was coming to an end. Right after I posted my previous comment, there were two tremors in the same area at 4.8 and 4.6 each. Our people are not alone in this disaster. Their familiar people in Greece and Italy have been on the receiving end on daily basis for more than a week. But those two countries are always prepared and well stocked to deal with natural disasters. Our people are not. We especially members of our Disspora should come together and extend our helping hands to those noble people who have been left homeless in both Afar and Oromia regions. Let’s go!!! I guess I started celebrating too fast thinking the earthquake in the Awash area was coming to an end. Right after I posted my previous comment, there were two tremors in the same area at 4.8 and 4.6 each. Our people are not alone in this disaster. Their familiar people in Greece and Italy have been on the receiving end on daily basis for more than a week. But those two countries are always prepared and well stocked to deal with natural disasters. Our people are not. We especially members of our Disspora should come together and extend our helping hands to those noble people who have been left homeless in both Afar and Oromia regions. Let’s go!!! Comments are closed.

Ethiopia Plans Four New Expressways to Boost Connectivity from Addis Ababa

Ethiopia Plans Four New Expressways to Boost Connectivity from Addis Ababa January 28, 2017 (Ahadu Radio) – Ethiopia is setting the stage for a transformative infrastructure upgrade with the planned construction of four new expressways extending from Addis Ababa. The Ethiopian Roads Administration has announced that a comprehensive study is currently underway to determine the feasibility and design of these ambitious road projects. The proposed expressways will connect Addis Ababa to four major cities: Dessie, Jimma, Debre Markos, and Nekemte. With an average length of 300 kilometers each, these roads will significantly enhance connectivity and reduce travel time across key trade and population centers. The Ethiopian Roads Administration has highlighted that the construction will be challenging due to the mountainous terrain along these routes, necessitating extensive excavation and engineering solutions to ensure quality and durability. A Multi-Phase Development for Sustainable Growth The expressways will be constructed in phases, with specific sections prioritized based on economic impact, accessibility, and engineering requirements. Feasibility studies, basic design frameworks, and preparatory assessments are currently being finalized to ensure the projects’ success. One of the most notable aspects of this initiative is the financing model. The government has opted for a Public-Private Partnership (PPP) approach to fund the construction. This strategy is expected to attract private investors while ensuring sustainable infrastructure development without placing excessive strain on public finances. Progress and Next Steps According to the Ethiopian Roads Administration, the Addis-Jimma and Addis-Debre Markos expressways have already been submitted to the Ministry of Finance’s Public-Private Partnership Board for evaluation and approval. The remaining two projects—Addis-Dessie and Addis-Nekemte—are expected to follow suit in the near future. If realized, these expressways will not only modernize Ethiopia’s road network but also stimulate economic growth by facilitating trade, tourism, and regional development. The enhanced road infrastructure is expected to support businesses, improve access to essential services, and contribute to the country’s long-term economic aspirations.

Ethiopian Capital Market Authority Issues Compliance Directive for Public Companies

Ethiopian Capital Market Authority Issues Compliance Directive for Public Companies Addis Ababa, February 4, 2025 — The Ethiopian Capital Market Authority (ECMA) has issued a public notice requiring all publicly held companies in Ethiopia to submit detailed information about their existing shares. This move follows the enactment of the Public Offer and Trading of Securities Directive No. 1030/2024, which took effect on November 13, 2024. The new directive is aimed at enhancing investor protection, improving market transparency, and ensuring the orderly operation of Ethiopia’s emerging capital market. The directive applies to all companies with more than fifty shareholders, regardless of sector or industry, and mandates them to provide relevant data by March 10, 2025. Key Submission Requirements Publicly held companies must submit the following information to the ECMA: Total number of shares, including subscribed and paid-up shares. A complete list of shareholders, including their contact details and share ownership. The value of the securities as of the issuance date. The timeline of past share offerings. Copies of offer documents used for share solicitations. Advertisements and media used for previous share sales. Details of ongoing public offerings, including shareholder resolutions authorizing such issuances. The submission process requires companies to sign an attestation of accuracy and completeness. Hard copies must be delivered to the ECMA headquarters at Minaye Building, 17th Floor, Kirkos, Addis Ababa, while soft copies can be sent to designated email addresses. Compliance and Regulatory Implications Failure to meet the March 10, 2025 deadline will result in shares being considered as issued post-November 13, 2024. Moreover, companies must register their existing securities within a year from the directive’s enactment. Any ongoing offers initiated before November 13 must also be registered within this period. The ECMA has emphasized that all future security offerings must undergo proper registration before any sales or promotional activities. Non-compliance will lead to penalties as per the Proclamation and Directive. Market Impact and Future Prospects This initiative marks a significant step in Ethiopia’s efforts to develop a well-regulated capital market, aligning with global best practices. By enforcing stricter compliance measures, the ECMA aims to build investor confidence and create a more transparent financial ecosystem. Publicly held companies are urged to act swiftly to avoid penalties and ensure a seamless transition to the regulated market framework.

Ethiopia and Russia Expand Non-Dollar Trade Amid Potential U.S. Tariffs

Ethiopia and Russia Expand Non-Dollar Trade Amid Potential U.S. Tariffs Ethiopia has strengthened its economic ties with Russia by reaching a new trade agreement that allows transactions in their respective national currencies, bypassing the US dollar. This move is part of Ethiopia’s broader strategy to address its persistent foreign currency shortages while deepening trade relations with global partners outside the Western financial system. The agreement aligns with Russia’s push to expand non-dollar trade mechanisms in response to Western sanctions, further integrating Ethiopia into a growing network of nations seeking alternatives to the dollar. However, such moves could expose Ethiopia to potential economic repercussions, including a 100% tariff from the United States. Ethiopia Joins Russia’s Non-Dollar Trade Network Ethiopia, along with Nigeria and Tunisia, has formally entered into an agreement with Russia to conduct trade transactions using their respective national currencies. This decision is part of Moscow’s broader strategy to establish alternative trade mechanisms following Western sanctions imposed after the war in Ukraine. With this deal, Ethiopia joins a growing list of 40 countries that have established non-dollar trade agreements with Russia, according to the Kremlin. Several African nations, including Algeria, Egypt, Morocco, and South Africa, were among the first to receive approval for similar arrangements in September 2023. Russia has been actively working to bypass US-led financial restrictions by promoting direct currency exchanges with “friendly and independent states.” Ethiopian trade representatives, along with those from Argentina, Cambodia, Laos, Mexico, Nigeria, and Tunisia, have been granted licenses to conduct foreign currency transactions under Russia’s new financial framework. The agreement is expected to help Ethiopia alleviate its persistent foreign currency shortages and streamline trade with Russia. It also strengthens bilateral economic relations, positioning Ethiopia as a key player in emerging non-dollar trade networks. Ethiopia’s UAE Currency Swap and Broader Economic Strategy Ethiopia’s engagement with Russia follows its landmark currency swap agreement with the UAE in July 2023. Under that deal, the central banks of both countries agreed to exchange 46 billion Ethiopian Birr and 3 billion UAE Dirhams, allowing businesses to conduct transactions in their local currencies. The memorandum of understanding, signed in Addis Ababa by Mamo Mehretu, Governor of the National Bank of Ethiopia, and Khalid Mohamed Balama, Governor of the Central Bank of the UAE, reflects Ethiopia’s strategic push to diversify its foreign exchange mechanisms. This deal aims to facilitate smoother trade transactions and reduce the country’s dependence on the US dollar. Potential U.S. Response: 100% Tariff on Non-Dollar Trade Ethiopia’s move toward non-dollar trade, while economically strategic, may come with significant geopolitical risks. Reports suggest that the United States is considering imposing a 100% tariff on countries that actively reduce their reliance on the dollar as the world’s primary reserve currency. Former U.S. President Donald Trump previously warned of punitive measures against nations seeking alternatives to the dollar, and Washington has closely monitored de-dollarization trends. If the Biden administration or a future U.S. government moves forward with such tariffs, Ethiopian exports could face substantial barriers in American markets, adding pressure to an already fragile economy. Ethiopia’s Balancing Act: Economic Diversification vs. Global Risks Ethiopia’s decision to engage in currency swaps with both Russia and the UAE underscores its urgent need for foreign exchange solutions. However, the global financial landscape is shifting, with increased polarization between dollar-dependent economies and those seeking alternatives. As Ethiopia continues on this path, it must carefully navigate potential economic consequences. Strengthening trade partnerships outside the dollar system could provide short-term relief from forex shortages, but it also risks triggering diplomatic and financial countermeasures from major Western economies. The coming months will be crucial in determining whether Ethiopia’s bold economic diversification efforts will bring stability—or provoke economic retaliation from the United States and its allies.

Addis Ababa Revenue Bureau Establishes Quality Assurance Unit for Tax Audits

Addis Ababa Revenue Bureau Establishes Quality Assurance Unit for Tax Audits The Addis Ababa City Administration Revenue Bureau has announced the establishment of a new quality assurance unit to enhance the accuracy and fairness of tax audit decisions. This unit will be responsible for re-auditing tax assessments to ensure their quality and correctness. The newly formed unit aims to review audit decisions that were previously solely determined by tax auditors, verifying their validity and addressing any errors or inconsistencies. This process is expected to improve the overall integrity of tax audits and strengthen accountability within the system. According to the Bureau, the unit will re-examine tax audit decisions made since July 2016 and take corrective measures where necessary. Additionally, tax assessments conducted across all branch offices will be subject to re-evaluation by this unit. In a statement to EBC, the Bureau emphasized the importance of taxpayer cooperation, urging businesses and individuals to provide requested information promptly. The Bureau assured taxpayers that the new unit’s objective is to rectify incorrect audit decisions and hold auditors accountable for any errors.

Commercial Bank of Ethiopia Surpasses 1.4 Trillion Birr in Total Deposits

Commercial Bank of Ethiopia Surpasses 1.4 Trillion Birr in Total Deposits The Commercial Bank of Ethiopia (CBE) has achieved a significant milestone, with its total deposits exceeding 1.4 trillion birr. This accomplishment was announced during the bank’s half-year performance review for the 2017 fiscal year, highlighting its robust financial growth and operational efficiency. In the first six months of the fiscal year, the CBE successfully mobilized 245.9 billion birr in deposits, contributing to the overall deposit portfolio surpassing the 1.4 trillion birr mark. This performance represents a 147.6% achievement against the bank’s initial targets, underscoring its strong market presence and customer trust. Notably, the CBE’s deposit mobilization accounted for 58.3% of the total deposits collected nationwide during the same period, which stood at 423.1 billion birr. This dominant market share reflects the bank’s pivotal role in Ethiopia’s financial sector and its ability to attract and retain customers. The bank attributed this success to its enhanced customer relationships and improved service quality, which have strengthened its reputation as a reliable financial institution. Additionally, the CBE emphasized its commitment to supporting Ethiopia’s economic growth, leveraging its extensive deposit base to drive development initiatives across the country. This achievement positions the CBE as a key player in Ethiopia’s banking industry, with its growing deposit portfolio expected to further fuel economic activities and contribute to the nation’s financial stability. 1 COMMENT Asefa Bekele February 3, 2025 At 10:17 pm thanks,by making exellent safe of my account thanks,by making exellent safe of my account Comments are closed.