Startup of the Year Kubik Raises $3.34M Seed to Scale Sustainable Building Tech in First Market

Startup of the Year Kubik Raises $3.34M Seed to Scale Sustainable Building Tech in First Market Circular economy and climate tech startup, Kubik, brings multinational investors on its journey to build a livable world for all. Addis Ababa, Ethiopia – June 23, 2023 – Kubik, a pioneering startup specializing in the transformation of hard-to-recycle plastic waste into affordable, low-carbon building materials, announced today the successful completion of the initial milestone in its seed investment round. Attracting significant investor interest, an oversubscribed $3.34M was raised. Participating investors included Plug & Play, BESTSELLER Foundation, GIIG Africa Fund, Satgana, Unruly Capital, Savannah Fund, African Renaissance Partners, KAZANA Fund, Princeton Alumni Angels, and Andav Capital. In addition, strategic angel investors such as Joel Holsinger, Will Abbey, and Maex Ament provided crucial support. The funds raised will be utilized to drive the expansion of Kubik’s operations throughout Ethiopia. “We are delighted to have achieved this significant milestone in our fundraising efforts,” said Kidus Asfaw, Co-Founder and CEO of Kubik. “This investment will fuel our growth and enable us to enhance our team as we continue to advance the development of affordable housing solutions across the African continent. We are immensely grateful for the passionate and strategic investors and partners who share our vision of providing a livable world for all.” Kubik’s innovative building materials have garnered substantial traction in the market, attracting both investors and customers. The company was recently recognized as the Startup of the Year 2023 by the prestigious Global Startup Awards. Furthermore, it received acclaim from the International Finance Corporation (IFC), which hailed Kubik as the leading ClimateTech startup in Africa during the VivaTech Conference in Paris last week. “We are thrilled to invest and partner with Kubik on their transformative journey,” said Romain Diaz, co-founder of Climate Tech VC Satgana. “Their purpose-driven vision, exceptional team, and unique business model – combining positive social impact, circular economy, and low-carbon construction – positions Kubik as a scalable and sustainable solution to Africa’s most pressing challenges. We are honored to be part of this extraordinary adventure.” Being one of the first early-stage companies to raise a multi-million dollar investment focused on operations in Ethiopia, Kubik’s technology is widely being recognized as a game changer to the real estate sector with its ability to significantly drive down both material costs and carbon emissions in construction. Its ability to remove hard-to-recycle plastic waste is also creating excitement among sustainability investors. Matthew Claxton, Partner & Global Director of Sustainability at Plug and Play said, “We are thrilled to partner with Kidus and the Kubik team to amplify their solution for reducing plastic waste and enhancing city infrastructure. Witnessing their impressive growth in recent months has been truly rewarding, and we eagerly anticipate their promising future.” Mbwana Alliy, Managing Partner at Savannah Fund added “Kubik is solving two of the most pressing challenges in Africa in an innovative value proposition that cuts across construction and climate tech starting with Ethiopia- At Savannah Fund we are excited to help Kubik to expand across sub saharahan Africa.” Kubik was founded in 2021 by Co-Founders Kidus Asfaw and Penda Marre with a mission to build dignity through clean and affordable living for all. The company’s low-carbon, affordable building materials are created by transforming hard-to-recycle plastic waste to tackle Africa’s housing and waste crises and has offices in Ethiopia and Kenya. Penda Marre, Co-Founder & Chief of Country Operations of Kubik explained, “we aim to improve the working and living conditions of women waste collectors who work in poor conditions around waste fields. Our plan is to formalize the sector, providing them with safe and clean working conditions, as well as a dignified and long-lasting place to live.” She added, “We want to help them become financially independent by empowering them through Kubik’s women-first agenda in the waste management and construction sectors.” Kubik is seeking to close its next fundraising milestone through mission-aligned investors that can support its next phase of growth. END Notes to Editors For more information please visit www.buildkubik.com, or contact: Ingrid Bååth, Social Media Manager, Kubik +447879015425, ingrid@buildkubik.com About Kubik Kubik turns hard-to-recycle plastic waste into low-carbon, low-cost building materials. Their product is significantly cheaper than conventional materials, and over 5x less polluting than cement. Kubik currently operates in Ethiopia, with a wide scope to expand throughout Africa and the world. Read about some of Kubik’s accomplishments and collaborations here: https://www.buildkubik.com/news. Please find a photo library of high-quality images and assets here. Tags kubik

Visa Launches New Initiatives to Support Fintech Start-ups and Women Entrepreneurs in Ethiopia

Visa Launches New Initiatives to Support Fintech Start-ups and Women Entrepreneurs in Ethiopia Regional President for Central and Eastern Europe, Middle East and Africa Andrew Torre emphasizes Visa’s commitment to expanding digital payments in Ethiopia by working closely with government, the financial ecosystem and SMBs Addis Ababa, Ethiopia – June 19, 2023 – Visa (NYSE: V) has reinforced its commitment to expanding digital payments in Ethiopia by announcing two new initiatives to help advance fintech innovation and support women-led small and medium businesses (SMBs). During a visit by Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA) Andrew Torre to Ethiopia, Visa unveiled plans to hold a second edition of the Visa Everywhere Initiative (VEI) fintech competition and launch its She’s Next women’s empowerment initiative. Through VEI, Visa will invite fintech start-ups in Ethiopia to share innovations to solve payment challenges of tomorrow.  In 2021, ArifPay, Ethiopia’s first point of sale payments systems operator won the first VEI Ethiopia challenge.  Since 2015, VEI has helped start-ups from over 100 countries collectively raise more than $16 billion in funding. Visa’s She’s Next program is a global advocacy program that supports women-owned small businesses through funding, training and mentorship.  Since 2020, Visa has invested over $3 million through more than 250 grants and coaching for women owned businesses through the programme. Since establishing a presence in Addis Ababa in March 2020, Visa has been working across the the financial ecosystem to bring the benefits of digital commerce and money movement to consumers, merchants, financial institutions, and government partners.  Ethiopia launched its Digital Transformation Strategy 2025 in 2020 with the aim to transform and drive a digital and financially inclusive economy, expected to contribute up to 39% percent of GDP by 2025. Andrew Torre, Regional President of CEMEA at Visa said: “Visa is committed to helping strengthen the payments ecosystem in Ethiopia, and since 2020 has been working with partners to expand digital payments by building a truly local presence. We recognize the important role that fintechs and women-led small businesses can play in accelerating economic growth, and we are pleased to continue to offer global programs that provide them with the tools and resources necessary to thrive in the digital age.” Aida Diarra, Senior Vice President & Head of Sub-Saharan Africa at Visa said: “We are proud to bring Visa’s global programmes to Ethiopia as we champion and strengthen the participation of start-ups in the digital economy and country overall. We have seen the success and impact of VEI and She’s Next in helping expand financial inclusion and look forward to working to provide consumers and merchants in Ethiopia with the best way to pay and be paid.” Last week Visa also announced the launch of the new Visa Africa Fintech Accelerator program that will help enable Africa’s expanding start-up community through expertise, connections, and investment funding. ### About Visa Inc. 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 payments 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 Lesego Charlie Sub-Saharan Africa lcharlie@visa.com +27826591674

Bridging the Gap: Google Bard Extends Its Reach to Ethiopia, Outshining ChatGPT

Bridging the Gap: Google Bard Extends Its Reach to Ethiopia, Outshining ChatGPT Google’s Bard AI is now available in Ethiopia without a VPN By: Yinebeb Bahru Google Bard is Google’s new chatbot AI that uses its LaMDA (Language Model for Dialogue Applications) technology. It works like other AI chatbots such as Open AI’s ChatGPT and Microsoft’s the New Bing AI chatbot. But it has an edge: it can access real-time information from the internet. Bard was limited to USA and UK users who joined a waitlist for two months. But not anymore. On Wednesday may, Google announced that Bard will be open to 180 more countries and territories without a waitlist. And it will also run on Google’s newest Large Language Model, PaLM 2, making it smarter than ever. Google released Bard while it is still developing it to keep up with other tech giants like Microsoft and OpenAI in the AI race and to protect its search engine leadership. Recent news reports indicate that Google’s search dominance is being challenged by ChatGPT, a conversational AI service developed by Open AI and Microsoft’s Bing AI. Unlike Google’s search engine, ChatGPT and Bing AI can provide answers to questions using simple, easy-to-understand language instead of just providing a list of links. Additionally, ChatGPT can generate a variety of content such as song lyrics, poems, texts, computer codes, emails, and articles. In response to this competition, Google has released the Bard chatbot, the chatbot still under development. It’s important to note that Google Search and Google Network are responsible for 69% of Alphabet’s sales, making any loss of market share or user trust a major concern for the company’s revenue. Bing has already crossed 100 million daily active users a month after the partnership with ChatGPT. Unfortunately for Google, the release of the Bard chatbot has not gone as smoothly as planned. In its first demo, Bard produced factual errors which led to a 9% drop in Alphabet’s share value and a loss of $100 billion. This has caused investors to become increasingly concerned that Google may have already lost the AI war to Microsoft, highlighting the importance of staying ahead of the competition in the rapidly evolving world of AI. When it comes to choosing AI powered chatbot for your business or personal use, there are several factors to consider. Two popular options are Google Bard and ChatGPT. In this article, i will compare these two chatbots based on three key perspectives: availability in Ethiopia, cost, and ease of transferring chats into Google Docs. Firstly, Bard has a significant advantage over ChatGPT in terms of availability in Ethiopia. While ChatGPT requires a VPN to be accessed in Ethiopia, Google Bard is available without the need for a VPN. This makes it easier for users in Ethiopia to access and use Google Bard. Secondly, Cost, Bard is free of cost, while ChatGPT Plus charges a monthly fee of $20. This means that users can save money by choosing Google Bard over ChatGPT Plus. Finally, With Bard, it is easy to transfer chat conversations into a Google Doc for further analysis or record-keeping. This feature is not available with ChatGPT. In conclusion, based on the perspectives of availability in Ethiopia, cost, and ease of transferring chats other file formats, Google Bard has a competitive advantage over ChatGPT. Of course, other factors may also come into play when choosing a chatbot, but these three perspectives provide a strong case for choosing Google Bard. To test Bard’s capabilities, I ask a few questions about Ethiopia’s socioeconomic realities, and it provided insightful responses. Here is our unedited conversation; Me: How can the Ethiopian government create economic opportunities for rural communities and reduce poverty? Bard: The Ethiopian government can create economic opportunities for rural communities and reduce poverty by taking a number of steps, including: Investing in agriculture and rural infrastructure. This includes improving irrigation systems, building roads and bridges, and providing access to electricity and telecommunications. Promoting small and medium-sized enterprises (SMEs). This can be done by providing training and financial assistance to entrepreneurs, and by creating a business-friendly environment. Developing tourism. Ethiopia has a rich history and culture, which can be a major draw for tourists. The government can promote tourism by investing in infrastructure, marketing the country, and regulating the industry. Investing in education and health care. This will help to improve the quality of life in rural communities and make people more productive. Promoting gender equality. Women play a vital role in the economy, but they often face discrimination and lack access to opportunities. The government can promote gender equality by passing laws that protect women’s rights, providing training and support to women entrepreneurs, and investing in education and health care for women. Building strong institutions. This includes strengthening the rule of law, fighting corruption, and improving the efficiency of government services. These are just some of the steps that the Ethiopian government can take to create economic opportunities for rural communities and reduce poverty. By taking these steps, the government can help to improve the lives of millions of people and build a more prosperous future for Ethiopia.Me: What are the effects of drought and climate change on small farmers in Ethiopia and how can these challenges be mitigated? Bard: Drought and climate change have a number of negative effects on small farmers in Ethiopia, including: Reduced crop yields. Drought can lead to crop failures, which can have a devastating impact on farmers’ livelihoods. Increased livestock deaths. Drought can also lead to the death of livestock, which are a vital source of income and food for many farmers. Food insecurity. Drought can lead to food insecurity, as farmers are unable to produce enough food to meet their own needs. Migration. Drought can force farmers to migrate to other areas in search of food and water. Conflict. Drought can lead to conflict, as people compete for scarce resources. There are a number of things that can be done to mitigate the challenges of drought and climate change for small farmers in Ethiopia, including: Investing in drought-tolerant crops. Drought-tolerant crops are crops that are able to withstand periods of drought. Investing in these crops can help to ensure that farmers have a source of food even during droughts. Providing access to irrigation. Irrigation can help to farmers to grow crops even during periods of drought. Providing training on climate-smart agriculture. Climate-smart agriculture is a type of agriculture that is adapted to the challenges of climate change. Providing training on climate-smart agriculture can help farmers to adopt practices that will help them to cope with drought and climate change. Building resilience. Building resilience is the ability to withstand shocks and stresses. Building resilience can help farmers to cope with the challenges of drought and climate change. Providing social safety nets. Social safety nets are programs that provide financial assistance to people who are struggling. Providing social safety nets can help farmers to cope with the financial losses that they may experience due to drought and climate change. These are just some of the things that can be done to mitigate the challenges of drought and climate change for small farmers in Ethiopia. By taking these steps, we can help to ensure that farmers have the resources and support they need to cope with these challenges and build a more sustainable future. Me: What is the impact of foreign investment on Ethiopian industries and how can the government regulate these investments to ensure that they benefit Ethiopian communities? Bard: Foreign investment can have a positive impact on Ethiopian industries by providing capital, technology, and expertise. However, it is important to ensure that these investments benefit Ethiopian communities.The government can regulate foreign investment in a number of ways, including: Requiring foreign investors to create jobs for Ethiopians. Requiring foreign investors to use local suppliers. Requiring foreign investors to transfer technology to Ethiopian companies. Requiring foreign investors to pay taxes in Ethiopia. The government can also work to promote partnerships between foreign and Ethiopian companies. This can help to ensure that foreign investment benefits Ethiopian communities and helps to build a more sustainable economy. In addition, the government can provide support to Ethiopian companies so that they can compete with foreign companies. This can include providing training, financial assistance, and access to markets. By taking these steps, the government can help to ensure that foreign investment benefits Ethiopian communities and helps to build a more prosperous future for Ethiopia. Me: How can Ethiopia address gender inequality in the workplace, particularly in the technology and finance sectors? Bard: Gender inequality in the workplace is a global issue, and Ethiopia is no exception. Women in Ethiopia are underrepresented in the technology and finance sectors, and they often face discrimination and harassment. There are a number of things that can be done to address gender inequality in the workplace in Ethiopia, including: Raising awareness of the issue. Many people are not aware of the extent of gender inequality in the workplace. By raising awareness of the issue, we can start to change attitudes and behaviors. Promoting gender equality policies. Companies and organizations should promote gender equality policies and practices. This includes providing equal opportunities for women and men, and creating a workplace that is free from discrimination and harassment. Supporting women’s entrepreneurship. Women should be supported in starting and running their own businesses. This can be done by providing training, financial assistance, and access to markets. Empowering girls and young women. Girls and young women should be empowered to pursue careers in technology and finance. This can be done by providing them with access to education and training, and by role models who can show them that they can succeed in these fields. By taking these steps, we can help to address gender inequality in the workplace in Ethiopia and create a more equitable and prosperous future for all. Me: What policies can the Ethiopian government implement to encourage small businesses to grow and create jobs for youth? Bard: The Ethiopian government can implement a number of policies to encourage small businesses to grow and create jobs for youth, including: Providing access to finance. One of the biggest challenges facing small businesses is access to finance. The Ethiopian government can help to address this challenge by providing loans, grants, and other forms of financial assistance to small businesses. Providing training and support. Small businesses often lack the skills and resources they need to succeed. The Ethiopian government can help to address this challenge by providing training and support to small businesses, such as business development training, marketing assistance, and technical support. Reducing regulations. The Ethiopian government can also help to encourage small businesses by reducing regulations. This can include simplifying the process of starting a business, reducing the number of permits and licenses required, and making it easier to comply with tax laws. Promoting entrepreneurship. The Ethiopian government can also promote entrepreneurship by raising awareness of the benefits of starting a business, providing role models for entrepreneurs, and creating a culture that supports entrepreneurship. By taking these steps, the Ethiopian government can help to create a more favorable environment for small businesses to grow and create jobs for youth. This can help to boost the economy, reduce poverty, and create a more prosperous future for Ethiopia. Yinebeb Bahru is a Training Associate for Dutch based consulting firm R&D Group Ethiopia office, and he’s passionate about technology, startups, innovation, Finance, writing analysis, research & development. The writer can be reached at: Yinebeb251@gmail.com. The views expressed in this article don’t necessarily reflect the views of frezerh5.sg-host.com.

Google releases offline Amharic language package

Google releases offline Amharic language package By: Yinebeb Bahru In Today’s digitalized world, it is easy to translate between two languages thanks to the internet. However, this is not the case for people living in areas with costly and poor internet connectivity, such as Ethiopia. In January 2021, only 20% of Ethiopians had internet access. Most of those who did had slow and expensive satellite or fiber-optic connections. This made it difficult for people to access information and services online, including education, healthcare, and employment opportunities. Google Translate is a helpful app that can break down language barriers and connect people globally. It supports more than 130 languages, and over 70 of them can work offline. This is very useful for people in Ethiopia, where internet service is often unreliable and costly. To use Google Translate offline, you need to download the language package you want to your device before you go offline. Then you can use Google Translate to translate text, speech, and even scanned image documents. In October 2022, Google Translate added offline support package for Amharic language, the national language of Ethiopia. This is a major step forward for the millions of Ethiopians who do not have reliable internet access. With Google Translate, they can now communicate with people from all over the world, regardless of their language. Google Translate is a valuable tool that is helping to connect people around the world, and it can help the bring gaps and create a more connected world. It is especially important for people in Ethiopia, where internet access is often limited. By providing offline translation support, Google Translate is helping to break down language barriers and create a more connected world. To use Google Translate offline, you will need to download the language package you need to your device before you go offline. Once you have downloaded the languages package, you can use Google Translate to translate text, speech, and even scanned image documents. Here are the steps on how to use Google Translate offline on Android and iOS devices: Download and open Google Translate app Tap the languages choices icon in the bottom right corner of the screen Select the language you want and press the download button Once you have downloaded the offline language package, you can use Google Translate to translate text, speech, and even scanned documents even when you are offline. Google Translate is a valuable tool for people in Ethiopia and other countries with poor internet connectivity. It can help people communicate with each other, access information, and learn new languages. If you are traveling to Ethiopia or another country with poor internet connectivity, be sure to download the Google Translate app before you go. Yinebeb Bahru is a Training Associate for Dutch based consulting firm R&D Group Ethiopia office, and he’s passionate about techn ology, startups, innovation, Finance, writing analysis, research & development. The writer can be reached at: Yinebeb251@gmail.com. The views expressed in this article don’t necessarily reflect the views of frezerh5.sg-host.com. Tags Amharic english google translate

International Sanction on Ethiopia is Good for the Poor

International Sanction on Ethiopia is Good for the Poor Yonas Biru, PhD As someone who has written several articles promoting international sanctions against the Abiy government, I feel obliged to clarify misunderstandings and misconceptions that people have about the topic. Let me start with some disclaimers and background information to give readers context. First, the sanction I am championing does not include humanitarian aid. It is related to IMF and World Bank concessional loans that have very little to no effect on the poor in the short- to medium term. This is made clear in my earlier 20-page article titled: “Averting Civil War in Ethiopia: An Emergency Manifesto.” Second, the statement “economic sanction will have very little to no effect on the poor” is not a general blanket statement. It is made in the context of Ethiopia’s economic and political ills. Under the right leadership with robust economic and political policies and zero tolerance for corruption, international aid can be a critical component in Ethiopia’s development endeavors. Third, a letter that I co-signed with Professor Seid Hassan that was addressed to the World Bank and IMF did not call for sanction. The World Bank and IMF do not impose sanctions. The jointly signed letter’s aim, as explicitly stated, was to document for the record that any World Bank and/or IMF loan to Ethiopia would finance PM Abiy’s political machinery that is leading the nation to a genocidal civil. Equally importantly, the letter stressed IMF and World Bank loans in the current economic and political environment will undermine the two institutions’ fiduciary responsibility to international taxpayers. This is an issue the Joint Economic Committee of the Us Congress has raised, stating: “The IMF’s ‘hear no evil, see no evil’ approach [to corruption] has led to a crisis of confidence in the institution in the US Congress and elsewhere.” Fourth, the aim of the proposed sanctions is to force the government to change course. In this regard, specific actions are recommended as verifiable conditions to avoid sanctions. To put it differently, the sanction I am proposing is conditional. If the PM cares about the people of Ethiopia, he would have no problem meeting the proposed conditions. The conditions are targeted to address criminal endeavors that are harmful to the country. They include: holding corrupt leaders accountable, starting from the Addis Ababa mayor, stopping movement restrictions on Amhara people traveling to and through Addis Ababa, freezing land leasing in Addis Ababa and all major cities, until a full investigation of criminal practices is undertaken, a system of check and balance is established for the future, and stopping the illegal Chaka project that the PM building outside of the oversight authority of the legislative branch, and so on. Misconceptions about the Impact of Sanction Many people mention Myanmar, Iran, and South Africa as examples where long-standing sanctions have failed to achieve their goals. They fail to understand nations such as Myanmar, Iran, and South Africa are rich in natural resources and have reasonably large export sectors. Their per capita export compared with that of Ethiopia are South Africa ($2200), Iran ($934), Myanmar ($342), and Ethiopia ($37). Another way of looking at it is the ratio of export per capita to GDP per capita: South Africa (0.31), Iran (0.23), Myanmar (0.28), and Ethiopia (0.04). The governments of the three countries can survive sanctions. The Ethiopian government cannot. Therefore, PM Abiy is more than likely to fold under international sanctions. Eritrea is another country mentioned as an exemplary country that has made itself sanction-proof. True, Eritrea has managed to survive by making its economy less dependent on international aid. But this is not without cost. When Eritrea seceded from Ethiopia in 1991, its GDP per capita was twice that of Ethiopia. Today, it is significantly less than that of Ethiopia. Ethiopia cannot follow Eritrea’s example because its economy is deeply dependent on international aid. The second, sanction that I proposed is limited to developmental aid. When there is poor economic policy and blatant corruption (as is the case in Ethiopia), World Bank and IMF loans help sustain bad governments at the expense of the poor. It may sound absurd to think foreign aid does not help the poor in poor countries. In fact, there are many studies corroborating the view that where there is corruption foreign aid in the form of World Bank and IMF loans hurt the poor. This has been shown by many prominent economists, most notably Princeton Professor Angus Deaton – winner of the 2015 Nobel Prize. He is the foremost authority on the subject matter. His Nobel Prize was in recognition of his work on how the poor decision to save or spend money. What makes his study different is his research is focused on household expenditures and the purchasing power of the poor at the micro level. I know his studies up close because I had the opportunity to manage a World Bank research project to which he served as the lead senior advisor. There are many other studies that reached the same conclusion from a macro perspective. It is widely documented in leading international development journals that if a nation does not have a robust economic policy and zero tolerance for government corruption, international aid does not trickle down to the poor.  Not trickling down is half the story. The other half is it is bad for the poor. Many prominent economists have shown that foreign aid tends to be correlated with lower economic growth, meaning it is bad for the poor. Chief among such economists is William Easterly, a professor of economics at NYU. Another is Raghuram Govind, KDM Distinguished Professor of Finance at the University of Chicago and former chief economist and director of research at the IMF. Obviously, neither Easterly nor Govind suggests all aid-recipient countries fail to promote development. The focus is on countries where there is corruption and bad economic policies. Ethiopia, under PM Abiy, has seen an unprecedented level of corruption. For the first time, gold export dropped by 59 percent (US$600 million). This is not caused by a drop in the price of gold. The nation’s gold was smuggled out of the country illegally. It makes no sense to rely on international aid that burdens the future generation when the nation’s wealth is sent offshore by corrupt officials. The minister of Mines and Petroleum who needed to do some explaining was allowed to leave the country, soon after the 59 percent export drop hit the media. The current mayor of Addis Ababa, one of the top three members of the Oromo-Prosperity Party (Oromo-PP), was caught with a one-time 40 million Birr deposit in her personal bank account. At the time it was equivalent to $1 million. After a journalist broke the news, she had him arrested. Her explanation for the 40 million Birr was that she did not know who deposited it and that she has given the money to the poor. She did not explain why she failed to follow proper government procedures to transfer the money to the government. Nor did she produce evidence that she had given the money to the poor. No investigation was conducted. Not long after, another blatant and high-volume scandal came to light involving 200 Chinese-made buses. The Mayer needed to do some explaining. Once again, no investigation was conducted. The PM has conceded to the rampant corruption and resorted to trying to make a deal with corrupt officials. As Professor Hassen and I noted in our letter to the World Bank and IMF, the PM appealed to the corrupt officials to use their loot to open businesses and hire the unemployed youth. He announced on national TV that his government will not go after them if they put their loot to good use such as opening a bakery or similar private enterprise. The running joke in government offices is that they will continue to loot until they have enough money to open a five-star hotel with its own bakery. The damage such a culture causes to the nation’s economy is far more than any international sanction will cause. This is not the only problem facing Ethiopia. The PM’s economic and political policies are attributable to the economic crisis. Let me provide two examples. The President of Oromo tribal land in close collaboration with the mayor of Addis Ababa and with the full knowledge of the PM has denied people from the Amhara tribal land access to and through Addis Ababa. This is not limited to a gross violation of political and citizenship rights; it is also a violation of economic rights. Businessmen and women living in the Amhara tribal land are denied the right to sell their goods and services to people in Addis Ababa and to regions South of Addis Ababa since Addis Ababa is a transit city. The damage this causes to the economy is far more than any international economic sanction would cause. In addition, people must ask this: What will hurt the poor more: The PM’s $15.26 billion Chaka project or international sanction? Many find it hard to believe this. It is widely reported including by Le Mond, France’s flagship newspaper. The PM is financing the Chaka project by printing money, which is why Ethiopia’s inflation is nearly 500% higher than that of Kenya and 1500% higher than that in Djibouti. Here are some examples: አንድ ኩንታል (100 kg) Teff 10,000 Birr to 12,000 Birr (it used to be 30 Birr when I lived in Ethiopia 40 some years ago); አንድ ኩንታል onion 5000 Birr to 6000 Birr; one egg (12 Birr); one good size chicken (1200 Birr); one good size sheep (12,000 Birr to 15,000 Birr); and አንድ ኩንታል wheat flour 7,300 Birr. The IMF attributes Ethiopia’s high inflation to “loose fiscal policy,” meaning the government is borrowing and spending beyond its means. The consequence is a very high food inflation rate of 33.6% which is 17% higher than the general inflation rate. The total expenditure poor households spend on food represents a larger overall portion of their budgets compared to high-income households. This means they are the ones who suffer the most from food inflation. There are economic studies showing inflation increases poverty. There is no reason to think the PM will stop printing money until the Chaka project is done. This means the current inflation rate will continue at an accelerated rate. The consequence will be hyperinflation and bank runs, followed by economic collapse. The only thing that will force him from destroying the nation is international sanctions. The fact that the PM is giving priority to a vanity white elephant project rather than reconstructing the war-torn economy and resettling 5 million displaced people shows that he has no regard for the poor. He is driven by his ego to build a legacy project. There is nothing wrong to aspire for a legacy project, but Chaka is coming at the expense of the poor. If Ethiopia has $15.26 billion to spare, it should use it on projects that will help the development of the nation. A palace surrounded by three artificial lakes and shopping centers with European luxury products will have zero value to the poor. We must also remember the thousands of poor people whose houses are demolished to build his palace and surrounding luxury condominiums and shopping malls. The proposed sanction is to help protect the poor from a PM who has shown no sympathy and empathy for the poor. Ethiopia’s economy is going down the drain. The Berlin-based international transparency has reported corruption is worsening (it was improving under TPLF). The Washington DC headquartered Heritage Foundation has documented that Ethiopia is economically less free than it was in the past. The Hong Kong-based Fitch Rating has consistently downgraded Ethiopia’s credit ratings on its ability to meet its financial obligations. In 2018, when PM Abiy came to power, Ethiopia’s rating was (B+). In 2019, it was downgraded to (B) and to (CCC) in 2020. In 2022, it went down again to (CCC-). Since the PM came to office, the poor have increasingly suffered the most, be it inflation, mass murder, forced displacement, and untold social anxiety. If Ethiopians fail to avert the swirling crisis, it will not be too long before the nation falls victim to a genocidal civil war. The only force the PM responds to is international economic sanctions. People who are opposing sanctions are doing so at the peril of Ethiopia as a nation and the defenseless poor. The last question is: Is the international community amenable to imposing sanctions? The international community sees Ethiopia as the most critical geopolitical Sub-Saharan African nation. Since 2018, Ethiopia has been the number one US aid recipient every year because it is the anchor nation for the stability of the Horn of Africa. Nearly $3 trillion worth of goods passes through the Red Sea. The international community has seen how the disintegration of Somali created havoc and disrupted the safe passage of ships through the Red Sea. If the entire horn becomes unstable the Red Sea will no longer be a safe zone for big ships. Sadly, the PM and Oromo-PP are using the Oromo-Amhara nexus as a political conflict center for their divide-and-rule strategy. This is a dangerous and reckless gamble. The catastrophe can be approximated by the population size of Amhara and Oromo, the militarization of both people, the number of Amhara people living in the Oromo region (more than the entire population of Tigray), and the size of the Oromo population in the Amhara region. Further, The TPLF will see this as an opportune time to recapture Welkait and trigger another civil war. The result can be tens of millions of people flooding neighboring countries. The international community has an enormous stake (in terms of protecting its trade route) to avoid such a crisis. Recently, the US Assistant Secretary to the State Department has publicly stated the current ethnic-based system is the source of the problem. To win international support we need two strategies. First is to show that the PM who has lost credibility with the international community is a danger to the entire Horn of Africa.  Second, we need to present ourselves as stabilizing forces. The international community has come to the realization that the PM and Oromo-PP are destabilizing forces. We need to be seen as an alternative by employing a strategic position that contributes to the stability of the region. The West is not Ethiopia’s enemy. Ethiopians at home and in the diaspora need to let US and European conservative leaders know two things. First, the World Bank and IMF are lending to a country that is spending $15.26 billion to build a palace.  Second, the same country is asking US and European taxpayers to pay $28 billion for the reconstruction of war-torn areas. The Republican party is the majority in the US Congress. The House appropriation committee is chaired by Kay Garner of Texas 12th district. She is one of the leading voices demanding accountability in foreign aid. She is the right person at the right place at the right time for a campaign to impose a conditional sanction on Ethiopia. Other conservatives in the appropriations committee include Harold Rogers of Kentucky, Tom Cole of Oklahoma, and Ryan Zinke of Montana. These are all well-versed in international aid and will support the proposed campaign. Other conservative members that the diaspora can lobby are listed here. The first critical step the diaspora needs to take is to stop being geopolitically heedless. That is all.

Mastercard and EthSwitch partner to drive the digital transformation of the payments sector in Ethiopia

Mastercard and EthSwitch partner to drive the digital transformation of the payments sector in Ethiopia APRIL 5, 2023 | ADDIS ABABA, ETHIOPIA Dimitrios Dosis, President for Eastern Europe, Middle East and Africa at Mastercard and Yilebes Addis, Chief Executive Officer at EthSwitch during the signing ceremony in Addis Ababa, Ethiopia. With momentum building, EthSwitch joins hundreds of organizations that are already using Mastercard Send™ to speed up and improve fund transfers for billions of people in 100+ markets. EthSwitch will leverage Mastercard’s global network and digital payments capabilities to allow fast and secure transfer of funds. Addis Ababa, Ethiopia, 05 April 2023 – EthSwitch, Ethiopia’s national payment switch has signed a Memorandum of Understanding (MoU) with Mastercard that will enable financial institutions across Ethiopia to boost the adoption and usage of digital payments. By leveraging Mastercard Send, a payments platform that enables people and organizations to send and receive money instantly, domestically and cross-border, EthSwitch is able to continue to make digital money transfers more widely available and accessible. The advanced payment solution will deliver a simple and better user experience that will contribute towards the acceleration of Ethiopia’s transition to a cash-lite economy. “Ethiopia is quickly moving into the digital economy and EthSwitch is striving to achieve its strategic goals, which substantially contributes for the success of Digital Ethiopia 2025, National Digital Payments Strategy and National Financial Inclusion Strategies,” says Yilebes Addis, Chief Executive Officer at EthSwitch. “It is critical that we advance Ethiopia’s financial system to support the economy with an improved flow of remittances in the country. Our partnership with Mastercard is a significant step as we embrace the continued modernization of the national payments system and enhance financial inclusion in the country.” Mastercard will partner with EthSwitch to enable transfer of funds through a mobile phone application thus pushing brick-and-mortar transfers out as consumers look for more convenient and contactless transfer options. With this partnership, customers will enjoy instant pay out capabilities, secure transactions and will additionally be enabled to send and receive funds at any moment. Additionally, Mastercard will provide advisory and technical support to advance EthSwitch’s digital-first strategy, in accordance with local and global best practices. Under the terms of the MoU, EthSwitch will leverage Mastercard’s technology, expertise, partnerships, and cyber intelligence solutions to diversify its payment capability beyond person-to-person payments. “Mastercard recognizes that consumers today are looking for simple and secure financial products that add more value to their daily lives. Our partnership with EthSwitch supports our endeavor to facilitate digital remittances in this country, therefore bringing financial inclusion to the millions of Ethiopians who need it,” says Dimitrios Dosis, President of Eastern Europe, Middle East and Africa at Mastercard This is the latest collaboration between Mastercard and EthSwitch. In November last year, EthSwitch, Oromia Bank and Mastercard announced a landmark partnership that saw all the bank’s Automated Teller Machines (ATMs) in the country accept Mastercard debit, credit, and prepaid cards – the first bank to offer such a service. “Ethiopia is becoming one of the digitally connected countries in East Africa and cross-border payments have transformed the payments landscape in this market. We have been operating in this country for 14 years now and are exciting to be part of this journey. Additionally, the partnerships we have formed in Ethiopia are just one example of the many ways we are fostering financial inclusion on a continent with enormous potential and helping to forge brighter futures for African citizens and organizations,” adds Dimitrios Dosis. In Ethiopia, Mastercard’s footprint has been expanded through several partnerships recently formed with local financial institutions, as well as government departments and global organizations. The MoU aligns with Mastercard’s focus on localizing its solutions to address specific market needs and shows a deep understanding of the dynamics of the banking ecosystem in Ethiopia. Mastercard is committed to connecting and empowering an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. This forms part of Mastercard’s digitization efforts in Africa and the organization’s goal to connect one billion individuals to the global digital economy by 2025.

Arifpay and EthSwitch integration paves the way for financial inclusion in the country

Arifpay and EthSwitch integration paves the way for financial inclusion in the country Arifpay, a leading Payment System Operator (PSO) in Ethiopia, has announced its integration with EthSwitch, the National Payment Switch of Ethiopia, in a move that marks a major milestone in the country’s payment industry. This partnership is set to bring numerous benefits to customers, merchants, and banks, and will drive financial inclusion and optimize payment systems in Ethiopia. “With the introduction of interoperable #arifpos smart devices, consumers in Ethiopia will have more options for everyday payments and will no longer be limited to using their debit cards only at ATMs.” Mr. Bernard Laurendeau (ቤርናር – ベルナルド), CEO of Arifpay. Mr. Yilebes Addis, CEO of EthSwitch, expressed his enthusiasm for the partnership by stating, “EthSwitch is proud to be at the forefront of initiatives that promote financial inclusion in Ethiopia, and we are excited to support the integration of Arifpay with EthSwitch.” Tags arifpay EthSwitch

Anna Digital Health Solutions Launches Tena City App to Help Manage Diabetes

Anna Digital Health Solutions Launches Tena City App to Help Manage Diabetes Anna Digital Health Solutions, a digital health company founded in 2021, has launched a mobile application aimed at helping diabetics in Ethiopia better manage their blood glucose levels. The app, called Tena City, is now available on the Play Store and offers a range of features to help people living with diabetes take control of their condition. Tena City is the latest product from Anna Digital Health Solutions, which is committed to using technology to improve the efficiency and user-friendliness of healthcare solutions in Ethiopia. The company has already launched a digital liaison system for hospitals in the country and plans to expand its reach with a nationwide digital referral system that includes both private and government hospitals. The Tena City app is designed to help people with diabetes manage their condition more easily and effectively. It offers a range of features, including blood sugar tracking, medication reminders, community support, and different language options to make it accessible to a wider audience. With Tena City, users can easily track their blood sugar levels throughout the day by manually entering readings that will sync automatically. The app also provides insights and alerts if blood glucose levels are in the danger zone, helping users stay on top of their health. In addition, Tena City offers medication reminders to ensure that users never forget to take their diabetes medication again. The app will send reminders when it’s time to take meds, helping people stay on schedule and avoid complications. Tena City also provides access to a supportive community of people who understand what diabetics go through. Users can connect with others, share experiences, and get helpful tips and advice from certified medical doctors. To make the app accessible to a wider audience, Tena City is available in Amharic, English, Afaan Oromo, Tigrigna, and Somali languages. This ensures that users can understand their data better and get the most out of the app. Anna Digital Health Solutions founder and CEO, Dr. Lidia Tadesse, is a physician who is passionate about transforming the Ethiopian healthcare system using technology to provide reliable and quality care. Dr. Tadesse received her Doctor of Medicine degree from Saint Paul’s Hospital Millennium Medical College, Addis Ababa, and earned her postgraduate diploma from the University of South Wales Diabetes, in 2020. She is also a Mandela Washington Fellow, 2022, and worked with the world’s largest distributor of donated medical equipment, Project C.U.R.E. The launch of the Tena City app is a significant step forward for Anna Digital Health Solutions in its mission to improve healthcare in Ethiopia. The app provides diabetics with a range of features to help manage their condition and connect with a supportive community, and it is available in multiple languages for greater accessibility. The company’s commitment to using technology to transform the Ethiopian healthcare system is a promising development for the future of healthcare in the country.

Equity and leadership-centered startups and what it looks like for women in tech in Ethiopia

Equity and leadership-centered startups and what it looks like for women in tech in Ethiopia By- Semaria Kebede The Rise of Equity and Leadership in Ethiopia Ethiopia is a country that has seen significant growth in the technology sector in recent years. Startups are a unique kind of business, known for being innovative, agile, and disruptive in their respective industries. However, what sets them apart is their leadership and equity structures. In recent years, there has been a growing emphasis on equity and leadership in startups, as founders recognize the importance of creating a fair and inclusive workplace. This essay will discuss the significance of ownership distribution equity, opportunity equity with women, and leadership in startups and their impact on the success of a company. Equity in Startups Now equity could mean the distribution of ownership in a company and it can also mean being given the same resources or opportunities when it comes to factors that would otherwise be given to a more privileged sex or group. Let’s talk about the former. Startups that prioritize equity are more likely to attract and retain top talent, as well as create a sense of ownership and commitment among employees. Equity in startups is only sometimes distributed fairly. Especially in a developing country like Ethiopia, it’s hard to establish equity as important in workplaces. Tech-based environments are even more challenging when it comes to this topic. Equity can serve as a tool for startups to raise capital, as investors are more likely to invest in companies that offer equity to their employees. One of the benefits of a fair and transparent equity structure is that it can help startups attract and retain top talent. When employees feel that they have a stake in the company’s success, they are more motivated to work hard and contribute to the company’s growth. Additionally, a fair equity structure can help create a sense of community and shared purpose among employees, which can lead to better collaboration and performance. Another benefit of equity in startups is that it can serve as a tool for raising capital. Investors are more likely to invest in companies that offer equity to their employees, as it demonstrates a commitment to creating a fair and inclusive workplace. By offering equity to employees, startups can also align the interests of their employees with those of the company, which can lead to better performance and growth. Opportunity-based equity for women in Ethiopia Equity recognizes that each person has different circumstances and allocates the exact resources and opportunities needed to reach an equal outcome. Traditionally, Ethiopian women and girls have suffered economic and sociocultural discrimination. Now in recent years in the urbanized and populated parts of the country, the rise of women business owners and the rise of educated young women in many different industries and in male-dominated industries have been seen. This is a positive sign for the country as a whole. Specifically, the number of women in tech has been growing fast. But with the amount of population we have, it could have been way better. What could be the problem? Do we not have enough female role models to look up to? Does that make it difficult for us to envision ourselves in these careers? Do we lack access to education and training? Do culture and tradition really affect us to this day? The answer to all of these questions could be YES absolutely When it comes to the equity-based opportunity it’s no surprise that women in Ethiopia, especially in tech, have a harder time breaking into the industry. Sure, it’s usually a more male-dominated industry but women who are in the tech and in the creative field do find it harder to find jobs and opportunities. Like in many other countries, women here face numerous challenges when it comes to entering and succeeding in the tech industry. But the great thing is: women are now getting opportunities in the workforce and as business owners. This is because nowadays there are many incentives the rest of the world has been adapting and pushing. I have personally learned about how equity-based startups that have female founders get so much more opportunity and core developmental ability which allows them to have a strong root for growth. Despite these challenges, there has been a rise in the number of women who are breaking into the tech industry in Ethiopia. One of the key drivers of this growth is the government’s focus on promoting and supporting the tech industry, which has created more opportunities for women. In addition, there are a growing number of organizations and initiatives that are focused on supporting women in the tech industry. For example, the Ethiopia Women in Tech (eWIT) organization is dedicated to empowering and supporting women in the tech industry. The organization provides mentorship, training, and networking opportunities to help women succeed in the industry. Some other organizations like Tech women Africa (TWA), Renew capital with different and timely gender growth acceleration programs and their recently launched platform for women business owners and executives, BIC Africa with their female entrepreneurs’ acceleration program, the Ethiopian women entrepreneurs association, Africa block chain institute with their African women in blockchain online events that work on embracing Digital equality for women in blockchain, Women tech makers Addis and she leaders Africa: a high growth coaching program and so many more are some incentives that are just for women in Africa that work on building and motivating women entrepreneurs and women leaders to further grow their skills and leadership potentials. But there has been great progress that has been made in recent years and that’s encouraging. As more women continue to break into different industries esp the tech industry and succeed, they will help to create a more diverse and inclusive tech industry in Ethiopia, which will benefit everyone Leadership in Startups Leadership is another essential aspect of startups. Startups are led by founders, who are responsible for setting the vision and direction of the company. Effective leadership is critical to the success of startups, as it determines the culture, values, and strategy of the company. Leadership in startups should be collaborative and inclusive. Founders should encourage their employees to contribute to the decision-making process and provide them opportunities to take on leadership roles. This not only promotes a sense of ownership and commitment among employees but also helps startups identify and nurture future leaders within the company. My personal experience working in different teams has allowed me to understand that leadership comes from a sense of responsibility and from having an effective working delivery mindset that many do not possess. But allowing brainstorming activities and creating an environment to always sprint, do a human-centered design, and design thinking by collaboration has been one of the major development I have noticed that motivates leadership within people who don’t possess ” Leadership skills” Furthermore, effective leadership can help create a positive workplace culture that promotes innovation, creativity, and growth. When employees feel that their ideas and contributions are valued, they are more likely to feel motivated and engaged in their work. Additionally, a positive workplace culture can help attract top talent, as it demonstrates that the company is committed to creating a supportive and inclusive environment for its employees. In conclusion, By prioritizing equity and leadership, startups can create a fair and inclusive workplace, which ultimately leads to the success of the company. As startups continue to shape the future of business, and especially the private sector in Ethiopia, it will be increasingly important to prioritize equity and leadership in order to thrive in a competitive and rapidly changing market.