Amhara Bank to start operation on July 7 with 70 branches

Amhara Bank to start operation on July 7 with 70 branches Melaku Fanta, Chairman of the Board of the Amhara Bank, A total of 70 complete branches will be provided by the bank on the day of its inauguration. He said the bank would expand its branches to more than 100 by July 7. According to Melaku Amhara bank is a public bank, adding that shares have been sold in all parts of Ethiopia in accordance with the National Bank of Ethiopia (NBE) regulations so far. The chairman also mentioned that they have appointed the chief executive and deputy executives of February 9, 2022. The bank’s chief executive, Henok Kebede, on his part said 70 branches will be operational by July 7, with the opening opening on June 11. He said work has been done to provide inputs for labor and materials. Amhara Bank, which started its motto “Beyond the Bank”, has announced that it will fulfill its social responsibility. The Bank will also have panel discussions, blood donations and other programs by June 18. The Bank has announced that it will cover the cost of the bus service from 6:00 am to 9:00 pm on June 11, when the bank will start its social services. He also announced that users can also benefit from the day without charge.The bank has started operating with a capital of over six billion birr and has so far spent more than 4 billion birr. Tags amhara bank ethiopia business news ethiopian news ethiopian news daily ethiopian news today

Why Telegram is so popular in Ethiopia?

Why Telegram is so popular in Ethiopia? By- Yinebeb Bahru Why Telegram is so popular in Ethiopia. According to Google Play Store each country’s download record, Telegram is a more highly downloaded app than the Facebook messenger, WhatsApp, IMO and other messenger apps in Ethiopia, Telegram is one of the preferred social media platforms in Ethiopia, it was more popular than any other such platform. Telegram has more than 200 million users worldwide and about 1 billion WhatsApp users. So, what’s the cause with Telegram’s popularity in Ethiopia? It is not immediately clear why messaging services have become such a popular option for WhatsApp or Messenger, but there are a few reasons: 1/ Ease of use; The internet connectivity of Ethiopia is very low, the internet coverage in Ethiopia is only 20%, with only 15% of its population of over 120 million. Although more than 55 million people have mobile connections, only 6.5 million are active social media users in 2022, plus to that there’s only one state-affiliated telecom service provider Ethio-Telecom, the government’s monopoly over all mobile and internet services through the state-owned Ethio Telecom. In this regard, the economics of downloading and using Telegram is 49 MB with WhatsApp 103 MB or Messenger 125 MB is one of the amazing features of Telegram, that’s why Telegram is attractive in Ethiopia. 2/ Video call and video conference features In Sep 2020, Telegram added a video call feature, which was one of the most significant upgrades. Before, the app only supported voice calls, although its major competitor WhatsApp launched video calls a long time ago. In April 2021 Telegram is launching a video conferencing feature, it allows up to 1000 participants at once a time and records HD messages, Telegram already supports one-on-one video calls as well as group voice chats. And now Telegram video conferencing feature on top of their Voice Chats as yet another Zoom competitor. 3/ Secure connection Ethiopia severely restricts internet service and routinely closes social media. Recent studies have also shown that officials use commercial spyware to attack anti-government activities abroad. In such a secretive political environment, Telegram provides end-to-end encryption as well as a timer that can remove messages without a trace. There is also the option of scanning your secret chats using an image that serves as an encryption key. The app’s programming interface allows developers to create a free one-size-fits-all interface for applications such as WhatsApp. Telegram, which currently supports 19 languages, is expanding the number of languages developers can build in its applications. It also supports foreign-language packages that help you translate content and messages. 4/ A tool for political activism Personal data protection may not be the main reason for Ethiopian social media users. The messaging service has been hacked in the past, with hackers identifying the phone numbers of 15 million Iranians, many of whom share false information on the platform. The company’s commitment to freedom of speech, writing and expression has been questioned by the Iranian government following its removal. Another factor many Ethiopians may be attracted to is Telegram because of its unique features. The most important of these is the ability to form a large group of up to 100,000 members, thus facilitating political activity. WhatsApp, on the other hand, allows group chats and broadcasts of up to 256 people only. 5/ Marketing platform The digital finance service delivery system is still in its infancy stage in Ethiopia and the country still has a long way to go in building its e-commerce system. However, Telegram has provided a cost-effective way for retailers and entrepreneurs to promote products, and services and provide up-to-date and consistent information to their customers. Users can pay for goods and services. In general, so many Ethiopians believe that Telegram is easy to store and share large files such as videos, images, documents, attachments and audio-books with low internet connection. Tags tech news telegram ethiopia

Forty-four-storey skyscrapers are to be built in the Kazanchis area of ​​Addis Ababa

Forty-four-storey skyscrapers are to be built in the Kazanchis area of ​​Addis Ababa Forty-four-storey skyscrapers are to be built in the Kazanchis area of ​​Addis Ababa. According to The Reporter, Tewodros Yeshiwas, the owner of Quara Manufacturing, which is engaged in a number of projects, including Gomju Oil, is constructing the buildings. The 7,743-square-meter building will have forty-four floors and the other thirty floors. In particular, the forty-four-storey building will be two hundred and nineteen meters taller and taller than the Commercial Bank of Ethiopia’s headquarters building. According to the plan, the forty-four-story building will be fully commercial and office, while the thirty-four-storey apartment will have three- and four-bedroom apartments. Quara Manufacturing has signed a 13 billion birr agreement with China Civil Engineering Construction Company (CCCC) for the construction of these buildings. The project consultant was selected to be the management of Yizka Construction, owned by Professor Woubshet. The company is currently consulting with the Bank of Abyssinia and the Bank of Amhara for the construction of its headquarters. Construction is expected to be completed within six years.

Federal Housing Corporation inaugurates Gerji Village Construction Project

Federal Housing Corporation inaugurates Gerji Village Construction Project Federal Housing Corporation inaugurates Gerji Village Construction Project Aluminum formwork technology is used in the project; It is also pointed out that Ethiopian professionals have adapted the technology and completed the construction quickly. It is also known that the technology improves the quality and speed of construction. Using the technology, the corporation is said to have completed the construction of 16 ten-story buildings in Gerji village in 18 months. The village is equipped with modern security system and can accommodate more than 800 parking lots, a common hall, various sports facilities, cafes and restaurants, parks, amphitheater, children’s playground and swimming pool. Gerji settlement village also introduces modern construction technology; Featured competent government project leaders: It is said that it shows that employers, construction consultants and contractors can work together for the same purpose and achieve great things. According to ENA, the construction project has taught how to solve urban housing shortage using modern construction technologies. Some points about official housing The modern residential village is built on 3 hectares and has 16 blocks of modern apartments with 510 houses. The construction technology of the houses is known as Aluminum Formwork and it differs from conventional building construction in that it follows a method that reduces waste in terms of quality and speed. It is said that it took only 1 year and 6 months to complete the houses. The houses are Sky Villa duplex and apartments ranging from 150 square meters to 500 square meters. The village is equipped with modern security system, parking for more than 800 vehicles, common hall, gymnasium, cafe and restaurant, green space and park, amphitheater. It is also a modern village equipped with modern garbage disposal, sports field, playground and swimming pool and other amenities. Tags Federal Housing Gerji Apartment

5.6 billion birr steel factory inaugurated in Dukem

5.6 billion birr steel factory inaugurated in Dukem The 450,000-square-meter steel melt factory in Dukem town of Oromia State was inaugurated today. The inauguration ceremony was attended by Oromia Regional State Head of State Shimeles Abdissa, Minister of Mines Engineer Takele Uma, religious leaders and other senior officials. The factory was built at a cost of 5.6 billion birr.When fully operational, the factory will create jobs for 700 citizens and is expected to play a key role in curbing foreign exchange. The factory, built by Ethiopian investor Kibru Isfa at a cost of 5.6 billion birr, collects all the fallen metals and uses them as raw materials. Tags dukem steel factory kibru isfa

Addis Ababa the second most expensive city in Africa

Addis Ababa the second most expensive city in Africa A report released by Statista in 2022, showed that Kampala is the most expensive city to live in in the East African region. Dakar city in Senegal ranked as the most expensive in Africa owing to the high prices of consumer goods as of 2022. Here is a list of 15 most expensive cities in Africa. Dakar, Senegal:  50.87 cost of living index score. Addis Ababa, Ethiopia: 50.49 cost of living index score. Abidjan, Ivory Coast: 47.06  cost of living index score. Harare, Zimbabwe: 45.69  cost of living index score. Johannesburg, South Africa: 44.87  cost of living index score. Pretoria, South Africa: 42.76  cost of living index score. Gaborone, Botswana: 42.7 cost of living index score. Cape Town, South Africa: 40.98  cost of living index score. Durban, South Africa: 40.33 cost of living index score. Marrakech, Morocco: 39.94 cost of living index score. Accra, Ghana: 38.74 cost of living index score. Lagos, Nigeria: 37.33 cost of living index score. Tangier, Morocco: 36.85  cost of living index score. Casablanca, Morocco: 36.59 cost of living index score. Kampala, Uganda: 5.98  cost of living index score. In May 2022, data from the Kenya National Bureau of Statistics (KNBS) showed that consumer prices in Kenya have registered their biggest jump in more than two years since February 2020. The data showed that in May, inflation hit a high of 7.1 per cent from 6.47 per cent in April. In most countries, the rising cost of living has been linked to the ongoing war between Ukraine and Russia.

Ethiopia stripped its 19% stake at Berbera Port

Ethiopia stripped its 19% stake at Berbera Port Following Ethiopia’s failure to meet Somaliland government’s request it lost its 19% stake in the port of Berbera. According to the Somaliland Ministry of Finance, the Ethiopian government has been stripped of its ownership for failing to meet its ownership requirements on time. According to the Minister, one of the preconditions was fund contribution in which Ethiopia fails to do so.

Why Banning Cryptocurrencies in Ethiopia Is a Right Move

Why Banning Cryptocurrencies in Ethiopia Is a Right Move By- Lewoye Bantie Cryptocurrency (crypto) is defined as a decentralized digital currency intended to be used in buying or selling goods and services. Cryptocurrency is currently at the frontier of financial development. It provides both opportunities and risks in financial markets and has attracted significant attention in recent years. Accordingly, the number of market players involved in the cryptocurrency business has risen. Although many central banks issue warnings about the use of cryptocurrency and have explicitly denied its status as a currency, only a few have banned its use as a financial asset. Policy makers are concerned about the low liquidity, the use of leverage, market risks from volatility, and the operational risks of cryptocurrency. Many central banks emphasize that cryptocurrency is not legal tender and that users face the risk of unenforceability of cryptocurrency transactions. The Global Research Center (2018) compiled regulations on cryptocurrency and its report shows that, in countries where cryptocurrency is allowed, it can be legally traded as long as it follows existing rules or laws related to financial instruments. Regardless of the regulatory stance, policy makers are wary that cryptocurrency would be used for illegal activities, such as money laundering, trade in illegal or controlled substances, or terrorism finance. Policy makers are also aware of the potential lack of consumer and investor protection. Deposit insurance for holders of cryptocurrency is limited and not supplied by domestic monetary authorities. The combination of its potential benefits as well as macroeconomic risks begs the question of what determines policy openness or aversion to cryptocurrency. Uncertainty over security, the legality of its transactions, and the extent of consumer and investor protection has kept policy makers wary about its operations. Because of this, many central banks around the world try to inform the public about the difference between legal tender, which is backed by their central bank, and cryptocurrency, which is neither backed by the domestic nor other foreign monetary authorities. Furthermore, the combination of the speculative nature of cryptocurrency and its lack of supervision poses a threat to both investors and consumers. Although the cryptocurrency market itself is not large enough to pose a global risk at this time, it may still pose risks to consumers and investors in smaller countries where cryptocurrencies are being used. Cryptocurrencies are rapidly gaining popularity, but not everyone is on board, since several governments have outlawed dealing and trading in these digital tokens. While there are apparently over 5,000 recognized cryptocurrencies in the world today, analysts and experts are still anticipating a rapid rise in the value of Bitcoin, the world’s oldest and most valuable cryptocurrency, with only a few months remaining in 2021. However, while some nations, like as India, are fast expanding their crypto markets, others, such as China, Russia, and Bangladesh, have been breaking the code. China ban cryptocurrency before two months ago. he decision was made in favor of reducing energy prices and greenhouse fuel emissions associated with crypto transactions. The other country Egypt believes that cryptocurrencies might be harmful to the national security and economic health of the country. According to a source, the Ethiopian central bank has advised citizens against engaging in “illegal” cryptocurrency transactions. The central bank, according to the article, still does not recognize cryptocurrencies such as bitcoin as a payment mechanism. In Ethiopia cryptocurrencies are primarily used for money laundering schemes. In recent period there were increasing online money laundering schemes. As a digital technology, cryptocurrencies will be subject to cybersecurity breaches, and may fall into the hands of hackers. We have already seen evidence of this, with multiple ICOs getting breached and costing the country millions of dollars in different mechanism as the account is has not KYC. While cryptocurrencies have become widely known and are still gaining in popularity, it’s worth remembering that they have only been around for just over a decade. The concept only really emerged with the publication of a white paper on Bitcoin in 2008. Nobody really knows what will happen to cryptocurrencies in the future and you need to be brave to enter these uncharted waters as an investor. If a hard drive crashes, or a virus corrupts data , and the wallet file is corrupted, Bitcoins have essentially been “lost”. There is nothing that can done to recover it. These coins will be forever orphaned in the system. This can bankrupt a wealthy Bitcoin investor within seconds with no way form of recovery. The coins the investor owned will also be permanently orphaned. Since there is no central authority governing Bitcoins, no one can guarantee its minimum valuation. If a large group of merchants decide to “dump” Bitcoins and leave the system, its valuation will decrease greatly which will immensely hurt users who have a large amount of wealth invested in Bitcoins. The decentralized nature of bitcoin is both a curse and blessing. Since Bitcoins do not have a physical form, it cannot be used in physical stores. It would always have to be converted to other currencies. Cards with Bitcoin wallet information stored in them have been proposed, but there is no consensus on a particular system. Since there would be multiple competing systems, merchants would find it unfeasible to support all Bitcoin cards, and therefore users would be forced to convert Bitcoins anyway, unless a universal system is proposed and implemented.

India’s Arvind Limited cutting down its garment production capacity in Ethiopia

India’s Arvind Limited cutting down its garment production capacity in Ethiopia India’s Arvind Limited is gradually cutting down its garment production capacity in Ethiopia with uncertainty looming over renewal of the US African Growth and Opportunity Act (AGOA). The company, however, has earmarked ₹200 crore for capacity augmentation in its advanced material division and garmenting businesses, and cost optimisation projects for fabric business during fiscal 2022-23. “During the year we completed a restructuring of some of our facilities across India and also started to gradually bring down capacity in Ethiopia. We had shared that the AGOA Treaty has been kind of cancelled for now and hence duty-free exports from Ethiopia to the US have been halted. As such, the traffic for that location has come down, so we have started kind of reducing the footprint there. So, our installed capacity has come down to about 50 million pieces or so,” Samir Agrawal, chief strategy officer at Arvind, told analysts in a post-earnings call recently. Enacted in 2000, the AGOA offers sub-Saharan African countries duty-free access to the United States. It was renewed in 2015 till 2025, but faces uncertainty over its extension further. The key challenge in this segment has been the continuously rising prices of all the raw materials, most prominently cotton, which continued to climb even though the new harvest coming in the market around November, he informed. Tags ethiopia news ethiopian news daily India's Arvind