The Ethiopian Capital Market: a new chapter to be seen

The Ethiopian Capital Market: a new chapter to be seen By- Beakal Anlye With a rapidly expanding economy and a favorable investment climate, Ethiopia has been working towards establishing a robust capital market to attract domestic and foreign investments. In this article, we will explore the current state of the Ethiopian capital market, its regulatory framework, key players, and the potential it holds for both local and international investors. The Evolution of the Ethiopian Capital Market The capital market in Ethiopia was established at the beginning of the Imperial era, although it was disrupted by the military regime. After much effort to establish the capital market since the early 1990s, the current government has shown a strong interest in developing the capital market and looking forward to promoting economic growth. An early step in the establishment of a capital market in Ethiopia came in the form of the Ethiopian Commodity Exchange (ECX) in 2008, which provided a platform for trading agricultural commodities. Since then, the country has taken significant steps to develop a broader capital market ecosystem. In 2014, the Ethiopian Securities and Exchange Board was established to oversee the regulation and supervision of the capital market. The board has been instrumental in creating a conducive environment for market participants and ensuring investor protection. In 2021 Ethiopia approved a Capital Markets Establishment Proclamation to provide the legal foundation for the development of capital markets in the country. In February of this year, The Ethiopian Capital Market Authority announced that it is undertaking the necessary preparations to issue licenses to capital market service providers over the coming six months. “Ethiopia’s new ESX, or the stock market, is set to become a reality in 2024-25. In the last five years, there have been continuous efforts by the Ethiopian finance ministry in association with African market specialists to pave the way for its stock market.” The Ethiopian Capital Market Authority’s official website The Ethiopian Capital Market in a Nutshell The Ethiopian capital market primarily consists of the stock exchange and the bond market. The Ethiopian Securities Exchange (ESSE) is the main stock exchange, where publicly traded companies list their shares. As of the knowledge cutoff in September 2021, there were 20 listed companies on the ESSE, representing various sectors such as banking, manufacturing, and telecommunications. The bond market, on the other hand, provides a platform for issuing and trading government bonds, corporate bonds, and other debt instruments. The Development Bank of Ethiopia and the Commercial Bank of Ethiopia are among the key issuers of bonds in the market. Regulatory Framework and Investor Protection The Ethiopian Securities and Exchange Board has implemented a comprehensive regulatory framework to ensure transparency, accountability, and investor protection. The Capital Market Proclamation and various directives guide market operations and govern the conduct of market participants. To enhance investor confidence, the Ethiopian capital market has implemented measures such as mandatory disclosure requirements, stringent corporate governance standards, and the establishment of an Investor Protection Fund. These initiatives aim to safeguard investors’ interests and foster a fair and efficient market environment. Investment Opportunities and Challenges The Ethiopian capital market presents numerous investment opportunities for both domestic and foreign investors. The country’s strong economic growth, vast natural resources, and a young and dynamic population make it an attractive destination for investment. For local investors, the capital market provides an avenue to participate in the growth of listed companies and diversify their investment portfolios. It also offers an alternative source of financing for businesses through equity and debt instruments. Foreign investors, too, have shown increasing interest in the Ethiopian capital market. The government has implemented policies to facilitate foreign investment, including allowing foreign investors to participate in the stock exchange and easing restrictions on repatriation of profits. However, there are still challenges that need to be addressed to unlock the full potential of the Ethiopian capital market. These challenges include limited liquidity, a small number of listed companies, and the need for further market infrastructure development. Efforts are underway to address these issues, including the planned demutualization of the Ethiopian Securities Exchange to enhance its efficiency and attract more listings. Conclusion The Ethiopian capital market is steadily evolving and will play a significant role in the country’s economic development. With a supportive regulatory framework, improving market infrastructure, and growing investor interest, the capital market holds immense potential for both local and international investors. As Ethiopia continues to implement reforms to enhance market efficiency and attract more participants, the capital market is expected to play an increasingly vital role in mobilizing capital, promoting investment, and driving economic growth in the country.

EIB PROVIDES €1 MILLION FOR TECHNICAL ASSISTANCE TO ETHIOPIA’S PRIMARY HEALTHCARE SYSTEM

EIB PROVIDES €1 MILLION FOR TECHNICAL ASSISTANCE TO ETHIOPIA’S PRIMARY HEALTHCARE SYSTEM Addis Ababa, 18th September 2023 The technical assistance will support the EIB’s plan to make at least €500 million available for health systems in Sub-Saharan African countries. To date, the Bank has invested over €490M (approximately BIRR 30 billion) in Ethiopia focusing in particular on the financial sector, energy, agriculture, health, and water infrastructure as well as private sector investment. The European Investment Bank (EIB) has provided the World Health Organization (WHO) with €1 million (approximately BIRR 61 million) for a technical assistance operation that will strengthen the primary healthcare system in Ethiopia. The Ethiopian government plans to accelerate progress toward universal health coverage and to build resilience of its health system through a strong primary healthcare base by 2024. The technical assistance will be implemented by the World Health Organisation in partnership with the EIB. This will allow the UN health body to leverage local, regional, and international expertise and resources for improving primary health care in the country.  It will also potentially support the implementation of the Growth and Transformation Plan II of the Government of Ethiopia, which identifies” Envisioning Ethiopia’s Path towards Universal Health Coverage through Strengthening Primary Health Care by 2035” as one of the key priorities. The technical assistance provided by the EIB also paves the way for further action by the bank and other institutions to support the health system of Ethiopia. Earlier this year, President of the European Investment Bank Werner Hoyer, joined Tedros Adhanom Ghebreyesus, Director General of WHO alongside the European Commission and fellow heads of multilateral development banks to launch a new health impact platform to improve health system resilience with a focus on primary healthcare in Sub-Saharan African countries. It comes after a pledge  from the EIB where President Hoyer said: “The European Investment Bank will make available at least €500 million to support health systems strengthening and more specifically primary health care in Sub-Saharan African countries. This aims to mobilize a total of at least €1 billion of investments, structured through a tri-alliance with the European Commission and WHO, to support the continent’s healthcare.” This latest support from the EIB is in line with the European Union’s Global Gateway strategy that seeks to strengthen healthcare capacities globally with focus on facilitating investment in health infrastructure and improving the regulatory framework for more effective, local production of medicines as well as application of better technologies. Leyla Traoré, the Head of the EIB Representative Office in Ethiopia said that access to quality healthcare is very important to a fast-growing economy like Ethiopia’s because it reduces the disease burden and improves health outcomes. This in turn leads to increased productivity and economic growth of the nation. “As the EIB, we are committed to supporting Ethiopia to build and strengthen its resilience in its healthcare industry. Working with WHO and the Federal Government of Ethiopia, we shall use effective financing tools to invest in the areas which they shall identify to benefit from a profound and positive impact,” she added. Speaking on the EIB-WHO partnership, the Acting Representative of WHO Ethiopia Country Office, Dr. Nonhlanhla Dlamini, emphasized the urgent need to strengthen the primary healthcare units as first responders for emergency and critical care services and establish referral linkages with other parts of the country’s tiered health system. “WHO is proud to partner with EIB and Team Europe on this important initiative which will help ensure that all Ethiopians have access to quality health care, regardless of their location or income,” she added. “The partnership with EIB aims at boosting priority investments in education and employment of health personnel – human capital, infrastructure, water, hygiene, and sanitation and thus effectively leverage WHO’s presence in the country, its technical capabilities, and its advisory role in guiding investments of the EIB in the health sector,” Dr. Faraz Khalid, a research officer with the Strengthening of Primary Health Care programme at WHO and the leader of the mission said. Anchored on the Health Extension Program – a flagship community-based primary health care delivery platform introduced in 2003, Ethiopia’s primary health care units comprise 17,550 health posts and 3,735 health centres nationwide. By efficiently using these, the second Health Sector Transformation Plan of Ethiopia 2020/2021-2024/25 aims to advance towards universal health coverage. The primary health care unit is the smallest division in the Ethiopian health tier system and is the unit most accessible to the general population and communities within the health system. It provides essential healthcare services, including preventive, curative, and rehabilitative services. “By serving as the cornerstone of primary healthcare provision, these units have helped millions of people in Ethiopia, especially those in rural communities, achieve equitable access to healthcare,” said Dr. Lia Tadesse, the country’s minister for health. The EIB Technical Assistance operation will contribute towards achieving the UN Sustainable Development Goal (SDG) 3 of healthy lives and well-being; SDG 10 of reducing inequality; SDG 17 of sustainable development, and to the pillar of the agenda 2030: “Leave No One Behind” ensuring that the population in the country benefits from a resilient health system, including vaccines, diagnostics and therapeutics. The European Investment Bank has been active in Ethiopia since 1984 covering both public and private sectors. Over the years, the Bank has signed 31 operations for an aggregate amount of €490M (approximately BIRR 30 billion) focusing in particular on the financial sector, energy, agriculture and water infrastructure as well as private sector investment. The Bank is represented in Ethiopia through its office in Addis Ababa. Ends//… About the EIB: The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. EIB Global is the EIB Group’s new specialised arm dedicated to increasing the impact of international partnerships and development finance outside of the EU.  EIB Global is designed to foster strong, focused partnership within Team Europe, and as part of the EU’s Global Gateway strategy alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world. About WHO: Dedicated to the well-being of all people and guided by science, the World Health Organization leads and champions global efforts to give everyone, everywhere an equal chance at a safe and healthy life. It is the UN agency for health that connects nations, partners and people on the front lines in 150+ locations – leading the world’s response to health emergencies, preventing disease, addressing the root causes of health issues and expanding access to medicines and health care. Its mission is to promote health, keep the world safe and serve the vulnerable. Press contacts: Harriet Ongaki, h.ongaki@eib.org ,  Mobile: +254114106871 / +254729467795 Website: www.eib.org/press – Press Office: +352 4379 21000 – press@eib.org

The Overdue Ethiopia’s Start-up Act: The Need to Change Subject

The Overdue Ethiopia’s Start-up Act: The Need to Change Subject By Tsegamlak Solomon | Sep 09, 2023 Start-up Ethiopia It was five years ago. I remember sitting in the meeting room of the former Jobs Creation Commission: a team of a little more than 10 people and we were gathered to discuss how to build a vibrant start-up ecosystem in Ethiopia with a focus on the Start-up and Innovative Business Proclamation. The room was full of energy; everyone in the room looked excited and the future looked bright. Everyone was trying to stretch the act in their favour, which cumulatively represented the overall interest of the private sector. The result of that is the first draft of the Start-up and Innovative Business Proclamation. Fast forward 5 years, and the enactment of the Start-up Proclamation is still a hot issue whenever delegates from the private sector and the government meet, which is very sad. Different legislations have been presented to the parliament since then and were enacted, but the Start-up Proclamation, which has drawn much attention at the start, is yet to see the light of day. By way of comparison, Nigeria started discussions on the need to have a start-up act back in June 2021 and it was signed into law in October 2022. This was made possible because of the Nigerian Government’s unwavering support to building a favourable startup ecosystem. We are in our fifth year, and it is still counting. Most importantly, we were made to believe that the Start-up Proclamation is the answer to every start-up’s question, whereas that is not the case. It was supposed to be the start—the start to everything that should follow. It was supposed to be the foundation for what comes next: a vibrant start-up ecosystem. For the past five years, whenever the issue of start-ups has been raised, the enactment of the Start-up Proclamation has been presented as the hottest topic for discussion, whereas little or no effort has been made to push the act to the finish line. Rather than the betterment of the ecosystem, who should manage the Innovation Fund and who should own the overall project has been the central element of the discussions and the real reason for the delay in enactment. We are hearing there are some positive developments in this regard, and we might see the act finally coming into effect in the near future. However, there are still a lot of things that need to change on the ground. First and foremost, the objective needs to be discussed with civil servants at the grassroots level, who handle the day-to-day activities and meet with entrepreneurs and startuppers in their day-to-day dealings. Without their buying into the idea, the ministerial-level, five-star hotel discussions about startups will not have a real-life impact on the startuppers on the ground. The objective of the Startup Proclamation is still to create an innovative ecosystem in Ethiopia that is able to effectively and efficiently promote innovation and job creation, remove barriers to entrepreneurship by easing the start, operation, and closing of businesses, and build an ecosystem that encourages innovativeness. To attain these objectives, a lot of work is still required, both from private actors, including development partners, and the government at different levels.

ETHIOPOST AND DODAI MANUFACTURING PLC STEP INTO THE FUTURE OF SUSTAINABLE DELIVERIES

ETHIOPOST AND DODAI MANUFACTURING PLC STEP INTO THE FUTURE OF SUSTAINABLE DELIVERIES As part of its commitment to technological advancement and strategic innovation, Ethiopost, a beacon of reliable postal service in Ethiopia for over a century, proudly announces its exclusive partnership with Dodai Manufacturing PLC (“Dodai”). Through this collaboration, Ethiopost continues its legacy of “Post for everyone,” further emphasizing its intent to evolve into a technology-driven service provider and setting a new standard in sustainable delivery solutions. Dodai’s e-motorbikes, which stand central to this partnership, are powered by a 3.6kWh capacity lithium battery, delivering a remarkable 120-150 km range on a single charge. With a battery lifespan three times longer than traditional lead-acid batteries, Dodai’s advanced features play a crucial role in Ethiopost’s decision for this collaboration. Ms. Hanna Arayaselassie, CEO of Ethiopost, remarked, “At Ethiopost, our century-long journey has always been about adapting and innovating. Partnering with Dodai signifies our commitment to a cleaner future and our ambition to incorporate cutting-edge technologies into our delivery solutions.” Echoing this sentiment, Mr. Yuma Sasaki, CEO of Dodai Manufacturing PLC, said, “This collaboration with Ethiopost is a testament to Dodai’s vision for sustainable e-mobility. Together, we’re not just shaping the future of deliveries in Addis Ababa but also setting a precedent for the rest of the country.” This exclusive partnership reflects a mutual goal for a greener and more efficient delivery ecosystem in Addis Ababa and beyond. As this partnership takes flight, Addis Ababa’s residents can look forward to a remarkable evolution in their delivery experiences. For further inquiries regarding this partnership, please contact: Ethiopost Email: Marketing@ethio.post Phone: +2511151555886 Dodai Manufacturing PLC Email: info@dodai.co

IFC and the Ethiopian Capital Market Authority Partner to Increase Local-Currency Financing in Ethiopia

IFC and the Ethiopian Capital Market Authority Partner to Increase Local-Currency Financing in Ethiopia IFC and the Ethiopian Capital Market Authority (ECMA) today announced a program to support the growth of the country’s domestic capital markets and increase access to local currency finance. Under the four-year Ethiopia Capital Market Development Project, IFC will work with ECMA and other key stakeholders to develop capital market regulations, increase the efficiency of the government securities market, develop the domestic institutional and retail investor base, and increase the supply and issuance of capital market transactions. Capital markets in Ethiopia have the potential to support the financing of key development sectors including housing, infrastructure, agribusiness, small businesses, and climate mitigation and adaptation activities. “A local currency bond market with strong participation from domestic institutional and retail investors has a significant impact on government finance and serves as an alternative source of finance for corporate entities. ECMA will work with all partners and stakeholders to develop a well-regulated capital market that will help actualize a functioning and burgeoning bond market in Ethiopia,” said Dr. Brook Taye, Director General, the Ethiopian Capital Market Authority. “Liquid, diverse, and well-regulated local capital markets are an essential source of local-currency financing for the government, financial sector participants, and for end users such as small businesses. Stronger domestic capital markets in Ethiopia can help allocate investment more efficiently and allow for better risk-sharing while providing an alternative funding source to complement bank financing,” said Aliou Maiga, IFC regional Director in Africa for the Financial Institutions Group. IFC works with governments and regulators to develop long-term capital markets and to create the conditions in which complex financial instruments, particularly bonds, can be traded to fuel growth and mobilize financing for development projects. The project in Ethiopia is part of IFC’s wider program in Africa. IFC’s support will enable Ethiopia’s local capital markets to play a key role in supporting the country’s economic development by improving the framework for market-based issuance of government securities and improving the capacity of institutional investors, regulators, and market participants to participate in capital market transactions and new asset classes such as green bonds. About IFC IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org. Stay Connected www.facebook.com/IFCAfrica www.linkedin.com/showcase/ifc-africa www.twitter.com/IFCAfrica www.youtube.com/IFCvideocasts www.ifc.org/SocialMediaIndex www.instagram.com/ifc_org Tags Capital Market IFC

CBE Updates Mobile Banking Service with Increased Transfer Limits and New Features

CBE Updates Mobile Banking Service with Increased Transfer Limits and New Features The Commercial Bank of Ethiopia (CBE) has updated its mobile banking service, making it more convenient and accessible for customers. One of the key changes is that all CBE branches can now provide services related to creating, resetting, and activating mobile and app services. This was previously limited to the branch where the customer opened their account. The transfer limit through the mobile app and CBE birr has also been increased. Customers can now transfer up to 300,000 birr per transaction with a daily limit of 600,000 birr. The transfer limit to your own CBE Birr account is 30,000 birr per transaction, and the transfer limit to other CBE Birr accounts is 10,000 birr per transaction. The transfer limit to other banks is 25,000 birr per transaction, with a daily limit of 100,000 birr. Tags cbe birr cbe mobile banking app commercial bank of Ethiopia

Frehiwot Tamru appointed as Chairperson of Addis Ababa University Board

Frehiwot Tamru appointed as Chairperson of Addis Ababa University Board Ethio Telecom CEO Frehiwot Tamru has been appointed as the chairwoman of the board of Addis Ababa University, which is set to be organized as an autonomous university. The appointment was announced by Minister of Education Professor Birhanu Nega on Thursday, August 31, 2023. In addition to Frehiwot Tamru’s appointment, Minister of State for Education Dr. Samuel Kefle was also appointed as the acting president of Addis Ababa University. Kefle is a professor of economics and has served in various capacities at the university, including the dean of the College of Social Sciences and Humanities. The appointment of Freihowt Tamru and Dr Samuel Kefle is part of the government’s plan to make Addis Ababa University a fully autonomous university. The university was granted autonomous status by decree in 2022, but it is still in the process of transitioning to a fully autonomous system. The minister said that the university will start working fully autonomously after the guidelines are prepared in 2024. He also noted that the university will need to develop its own financial and human resources management systems in order to operate as an autonomous institution. The appointment of Tamru and Kefle is a significant step in the process of making Addis Ababa University a fully autonomous university.

Visa Partners with Enkopa Summit as Platinum Sponsor, Elevating Entrepreneurship and Tech Innovation in Ethiopia

Visa Partners with Enkopa Summit as Platinum Sponsor, Elevating Entrepreneurship and Tech Innovation in Ethiopia ADDIS ABABA, August 31, 2023- Enkopa Summit is thrilled to announce that Visa, a global leader in digital payments will be joining as the Platinum Sponsor for its annual event, scheduled to take place on October 12th and 13th at the esteemed Science Museum in Addis Ababa, Ethiopia. Enkopa Summit, an industry event with a convergence of global entrepreneurship experts, technology innovators, startups, government authorities, and investors, aims to foster innovation, collaboration, and lasting connections within Ethiopia and the wider East-Africa region. Set against the backdrop of the newly inaugurated Science Museum, the event will feature a dynamic program of insightful panel discussions, policy debates, visionary keynotes, enterprise use-case presentations, product and program showcases, tech talks, and exclusive investor dialogues. Enkopa Summit provides a platform for attendees to explore the potential impact of cutting-edge solutions on Ethiopia’s business and technology landscape. “We are excited to welcome Visa as our Platinum Sponsor for Enkopa Summit,” says Bernard Laurendeau, Managing Partner at Laurendeau and Associates, a management consultancy pioneering and curating the event. “Visa’s global leadership in digital payments and financial technology aligns seamlessly with our event’s goals of fostering innovation within Ethiopia’s entrepreneurship and tech sector,” he added. Visa’s support emphasizes the summit’s mission to drive meaningful conversations, knowledge sharing, and collaboration among industry leaders and stakeholders. As a pivotal partner, Visa’s presence amplifies the summit’s impact on the innovation ecosystem in Ethiopia. “We are delighted to be part of the Enkopa Summit as part of our ongoing commitment to help strengthen the payments ecosystem in Ethiopia. We look forward to discussing how we can partner with other industry players to bring more Ethiopians into the financial system, empower fintechs, support eCommerce growth, and enable wider acceptance for digital payments”, said Yared Endale, Country Manager for Visa in Ethiopia. Secure your participation now and be part of the Enkopa Summit experience. Registration is open, and interested participants can reserve their spot by visiting [www.enkopasummit.com]. This is an opportunity to connect with like-minded individuals, gain insights from global tech leaders, and shape the trajectory of entrepreneurship and technology in Ethiopia and beyond. About Enkopa Summit: Enkopa Summit is an annual industry event designed to constantly inject innovation, tech, and collaboration into entrepreneurship within Ethiopia and the East-Africa region. It brings together a diverse group of decision-makers and stakeholders, including industry leaders, entrepreneurs, founders, technology innovators, startups, high-level government representatives, and investors. Enkopa Summit is pioneered by Laurendeau and Associates, and organized by Flawless Events, under the authority of the Ethiopian Ministry of Labor and Skills. For more details, please visit [www.enkopasummit.com]. About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com. Media Contacts Bryan Wesonga East Africa bwesonga@visa.com About Laurendeau and Associates: Laurendeau & Associates is a Management Consultancy whose purpose is to advance the power of digital to create lasting socio-economic impact in emerging economies. L&A provides strategic advisory to decision-makers in the private sector as well as for governmental and international development institutions.[www.laurendeau&associates.com]. About Flawless Events: Flawless Events is an international event & destination management agency that specializes in end-to-end design and production of international conferences, special corporate events, and brand activations. Our office is based in Addis Ababa, Ethiopia while our clients span an expansive spectrum of industries and countries. For more information, please visit [www.flawlessevent.com]. Media Contact: Lidya Gebrehanna Lidya.Gebrehanna@laurendeauassoc.com press@enkopasummit.com

Kacha Digital Financial Services S.C Partners with Banks to Launch Non-Collateral Digital Lending Services

Kacha Digital Financial Services S.C Partners with Banks to Launch Non-Collateral Digital Lending Services Addis Ababa, Ethiopia – August 26, 2023 Kacha Digital Financial Services S.C, a trailblazer in the digital financial service, has solidified its collaboration with multiple banks through an informative digital lending service workshop and formal agreement signing ceremony. On Saturday, August 26, 2023, Kacha Digital Financial Services S.C hosted an impactful workshop on digital lending. This event marked a pivotal juncture in Kacha’s journey, coinciding with its recent authorization by the National Bank of Ethiopia to operate as the premier private payment instrument issuer. The workshop was attended by esteemed representatives from the National Bank of Ethiopia, senior figures from public and private banks, microfinance institutions, and experts from the financial sector. This gathering resonated with the National Bank of Ethiopia’s monetary policy for the year, emphasizing the significance of digitally accessible short term small loans in fostering the growth of micro, small, and medium-sized enterprises, thereby promoting equitable economic progress. Concurrently, an agreement was inked with NIB International Bank and Global Bank Ethiopia. This agreement sets the stage for a revolutionary non-collateral digital lending service, aimed at extending financial access to underserved segments of society. The partnership also envisages collaboration in international remittance services over a five-year horizon. Kacha’s journey commenced with a license on pilot basis granted in June 2022, followed by comprehensive pilot period spanning mobile money and other financial services via multiple platforms. Approval from the National Bank of Ethiopia for full-scale operations followed successful collaborations with LendTech Investment Holdings Pte Ltd, (trading as ezra ) a globally reputable technology provider in digital and mobile financial service operating in more than 24 countries. Ezra being globally reputable technology provider in digital and mobile financial service operating in more than 24 countries, it will be Kacha’s technology partner and exclusively cater the Ethiopian market through the partnership with Kacha. CEO of Kacha, Abraham Tilahun, underscored the transformative potential of digital lending in empowering individuals and businesses, contributing to economic growth and financial inclusion. The workshop also facilitated discussions on Kacha’s role within the national digital payment strategy, involving the promotion of digital financial services in collaboration with conventional financial institutions under the aegis of the National Bank of Ethiopia. Abraham Tilahun further affirmed, “Our alliance with NIB International Bank and Global Bank  Ethiopia, serving a combined customer base exceeding 4 million, aligns with the National Bank’s initiatives to combat inflation. This partnership extends the reach of financial inclusion and makes credit services accessible to the mainstream economy.” Abreham Tesfaye, Vice President for Strategy & Marketing at NIB International Bank, stated, “Our extensive experience, regulatory frameworks, and deep understanding of the industry position us well to collaborate with Kacha. By integrating our established practices with Kacha’s innovative digital financial services, we aim to open new avenues of opportunity for Ethiopians and address their financial needs.” Sahilemichael Mekonen, Chief Retail Banking Officer at the recently rebranded Global Bank of Ethiopia (formerly Debub Global Bank), added, “Today’s partnership aligns seamlessly with our unique five-year strategic plan. Through digitally accessible small loans and innovative remittance services, we are committed to fostering the growth of small and medium-sized enterprises, as well as individuals contributing to the sustainable development of our nation.” Kacha Digital Financial Services S.C’s collaboration with banks marks a significant stride toward a future of inclusive finance, where digital lending will play a pivotal role in driving inclusive economic growth and prosperity. Exciting news! Kacha Digital Financial Services partners with NIB International Bank and Global Bank of Ethiopia to launch non-collateral digital lending services, advancing financial inclusion and empowerment. With authorization from the National Bank of Ethiopia, this collaboration will extend accessible credit services to uplift underserved segments of society. Abraham Tilahun, CEO of Kacha, emphasizes the transformative impact of digital lending, while Abreham Tesfaye from NIB and Sahilemichael Mekonen from Global Bank express commitment to innovation and growth. Together, we’re shaping a future of inclusive finance for all. #FinancialInclusion #DigitalLending #PartnershipForProgress Innovation meets Growth! Kacha Digital Financial Services is proud to announce its partnership with Global Bank Ethiopia to provide Digital Lending & Remittance Services. This alliance is set to revolutionize the financial landscape, fostering the growth of small and medium-sized enterprises. Sahilemichael Mekonen from Global Bank affirms, “Our strategic plan and the new brand aligns perfectly with this partnership. By combining forces with Kacha, we’re committed to driving sustainable development and expanding opportunities for businesses. 1 COMMENT Obsa Aliyi August 28, 2023 At 10:46 pm Thanks Thanks Comments are closed.