Ethiopian Business Review

Gates Foundation and AfricaNenda Name Equity's Mwangi Africa's First DPI Champion #EBR_News Jul 7, 2026 Equity Group Holdings, AfricaNenda Foundation, and the Gates Foundation have signed a Memorandum of Understanding to accelerate Digital Public Infrastructure across Africa, naming Equity Group Chief Executive James Mwangi as the continent's inaugural Continental DPI Champion. The partnership targets the 400 million Africans still outside any formal financial system, with Rwanda and the Democratic Republic of the Congo designated as the first pilot markets, and a plan to scale across 20 to 30 African countries within two years. Digital Public Infrastructure refers to shared government-built digital systems covering identity, payments, and data that allow citizens, businesses, and public services to operate on common digital rails, in the same way physical infrastructure once provided common economic foundations. Speaking at the signing ceremony, Mwangi argued that physical infrastructure alone can no longer drive Africa's transformation and that digital infrastructure is now the essential foundation, particularly for the continent's predominantly young population. The Gates Foundation's Nanjira Sambuli said the foundation's inclusive financial systems programme, which closes in 2030, has as its core deliverable ensuring every African country has an inclusive instant payment system by that year. She said the foundation identified Mwangi by March this year as the private sector champion needed to drive adoption, noting that infrastructure availability has never been Africa's primary problem. AfricaNenda Chief Executive Robert Ochola cited Ethiopia as a concrete model for the partnership's approach. According to his remarks at the ceremony, Ethiopia had near-zero registrations on its national digital identity system, known as FIDA, three years ago. After the government opened the platform to private sector participation, enrolments reached 45 million. The example positions Ethiopia, often seen as a latecomer in digital financial services, as a continental reference case for the public-private DPI model. The partnership also incorporates cross-border payments and stable coins within its scope, signaling the alliance is looking beyond conventional banking infrastructure. The international benchmarks cited are ambitious, India's digital identity and payments stack moved financial inclusion from roughly 20 percent to over 90 per cent across a billion people, while Brazil's PIX instant payment system doubled its banked population to 140 million within two years of launch. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Ethiopia's Reserve Now Exceeds Double Its Entire Historical Peak, Abiy Tells Parliament #EBR_News Jul 7, 2026 Ethiopia's foreign currency reserves have surpassed double the highest level ever recorded in the country's history growing more than 20 times their pre-reform baseline, Prime Minister Abiy Ahmed (PhD) told members of parliament in an address delivered today According to the Prime Minister, merchandise exports exceeded $11 billion during the current fiscal year, matching the country's total merchandise export earnings over the previous 17 years. Coffee generated $3.1 billion in export revenue, while gold exports contributed $5.5 billion, making them the country's two largest merchandise export earners. Abiy also said Ethiopia earned $9.5 billion from service exports, attracted about $4 billion in foreign direct investment, received $7.9 billion in remittances and secured around $5 billion from external assistance and other sources. Combined, the various foreign currency inflows reached approximately $38 billion during the fiscal year, which the Prime Minister said reflected the impact of the country's ongoing economic reform programme. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

World Bank-Backed Plan Reveals Ethiopia's $10m+ Push to Overhaul Core Financial Systems, From IFMIS to Zero Trust Cybersecurity #EBR_News Jul 7, 2026 A procurement plan published under Ethiopia's World Bank-financed Governance Modernization to Enable Efficient Service Delivery Project reveals the full scope of the country's push to digitise and strengthen its public financial management infrastructure, a programme spanning a $4 million upgrade of the Integrated Financial Management Information System (IFMIS), a $3.65 million data centre build-out, and the introduction of a Zero Trust cybersecurity architecture for government financial systems. The plan, implemented by the Ministry of Finance under IDA Credit No. 76190 and most recently revised in July 2026, maps out estimated procurement activities totalling more than $10 million across technology, consulting, and capacity-building contracts providing the clearest public picture yet of how Ethiopia intends to modernise the institutional plumbing of its public finances. IFMIS, the software system that processes government payments, budget execution, and financial reporting across federal and regional entities sits at the centre of the overhaul. According to the procurement plan, a $4 million contract for IFMIS technology solution upgrade and patching is already under implementation, procured through direct international selection. Alongside it, a $3.65 million contract for data centre equipment supply and installation is also under implementation following an open international tender. A further $180,000 consultancy has been commissioned to conduct a comprehensive impact, functionality, and utilisation analysis of the existing IFMIS deployment, and a separate $100,000 engagement covers an analysis of the system's chart of accounts against international standards work that will inform how the system is reconfigured as Ethiopia moves toward International Public Sector Accounting Standards (IPSAS) compliance. The procurement plan shows that three individual IPSAS reform experts, each budgeted at $80,000, are under implementation, alongside a $300,000 lead IPSAS expert and project coordinator. On cybersecurity, the project marks a notable policy shift. The plan includes a $300,000 consultancy to develop a PFM Cyber Security Strategy, Zero Trust Architecture framework, and accompanying policies and guidelines and a separate $100,000 contract for automated PFM Cyber Security Awareness Training. Its application to Ethiopia's public financial management infrastructure signals official recognition that the expansion of digital government systems has materially increased the country's fiscal data exposure, and that conventional perimeter-based security is no longer adequate. Both contracts are listed as under implementation according to the plan. Two further strands of the project carry significant implications for Ethiopia's accounting and procurement ecosystems. The first is a $500,000 contract for a twinning partner to support the Ethiopian Institute of Certified Public Accountants (ETiCPA) in achieving accreditation from the International Federation of Accountants (IFAC) the global body whose member organisations set auditing and accounting standards in more than 130 countries. The second is a $350,000 direct selection contract for the enhancement and regional rollout of Ethiopia's electronic government procurement (e-GP) system to all federal procuring entities and regions, a measure that, when completed, would significantly expand the transparency and accessibility of public contracting across the country. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Capital Market Authority Registers Hibret Insurance Securities Under Capital Market Rules #EBR_News Jul 7, 2026 The Ethiopian Capital Market Authority (ECMA) has approved the registration of Hibret Insurance S.C.'s securities, marking another step in the implementation of Ethiopia's capital market regulatory framework. According to a notice issued by the Authority, ECMA approved Hibret Insurance's Registration Statement on 29 June 2026 and registered 1.5 million shares already held by existing shareholders. It also registered 476,190 new shares approved to be offered to the company's existing shareholders. The registration was carried out in accordance with the Public Offer and Trading of Securities Directive No. 1030/2024, which requires securities offered or sold to the public to be registered with the Authority. The directive also requires issuers to register securities held by shareholders before the directive came into effect. ECMA stressed that the registration should not be interpreted as an endorsement of the securities or an invitation to buy shares. The Authority said the notice is intended solely to inform the public that the securities have been registered in line with Ethiopia's capital market regulations. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Innovation Ministry Says Ethiopia Reaches 97 Million Mobile Users, 61 Million Internet Subscribers #EBR_News Jul 6, 2026 Ethiopia recorded 97 million mobile subscribers and 61 million internet users over the past year, according to the Ministry of Innovation and Technology, which also reported advances in technology development, startup support and job creation. Presenting the Ministry's annual performance, Azmach Desalegn, Executive Director for Strategic Affairs, said 183 technologies were developed and supported through research, innovation and startup initiatives during the year. The Ministry said these efforts contributed to the creation of 18,173 jobs through technology transfer and innovation-driven activities. Azmach said the achievements reflect progress against the Ministry's annual plans but stressed that sustaining economic growth and strengthening the country's innovation ecosystem will require greater effort and improved coordination in the coming fiscal year. The Ministry also reported that during the fiscal year, 420 business institutions joined electronic commerce (e-commerce) in the digital transformation sector. In addition to this through the 'Mesob One-Stop Service,' online government services reached 32 percent, and it was stated that the number of national ID (Fayda) registrants was successfully brought to 48 million. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Awash Insurance Reports 35% Growth in Premium Income to Surpass ETB 6 Billion #EBR_News Jul 6, 2026 Awash Insurance says it generated more than ETB 6 billion in gross written premiums (GWP) during the 2025/26 fiscal year, representing a 35% increase from the previous year as the insurer reported growth across its core business lines. According to the company, the performance was driven by sustained expansion in its non-life, life, health and Takaful insurance businesses. Awash Insurance also said it maintained its leadership in Ethiopia's life and health insurance and Takaful segments while continuing to hold a leading position among private insurers across its major lines of business. Board Chairperson Tadese Gemeda said exceeding the company's targets across all business segments reflects its ability to execute its long-term strategy and create value for customers and shareholders. He added that the insurer aims to build on the performance as it advances its Vision 2030 strategy. Chief Executive Officer Jibat Alemneh Faji attributed the results to the commitment of the company's employees, the confidence of shareholders, and the support of customers, agents, brokers, business partners and regulators. He said Awash Insurance will continue investing in innovation, digital transformation, operational efficiency and customer service to support future growth. Awash Insurance is one of Ethiopia's private insurance companies, offering non-life, life, health, Takaful and microinsurance products. The company said it remains focused on expanding its insurance services while contributing to the development of Ethiopia's insurance industry. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

ECMA Registers Gadaa Bank’s Existing and New Share Capital #EBR_News Jul 6, 2026 The Ethiopian Capital Market Authority (ECMA) has approved the registration of Gadaa Bank S.C.'s securities, marking another step in implementing Ethiopia's emerging capital market framework. According to a notice issued by ECMA, the Authority approved Gadaa Bank's Registration Statement on 29 June 2026 and registered a total of 230,713 shares already held by existing shareholders. It also registered one million new shares that the bank has been authorised to offer to both existing and prospective shareholders. The registration was carried out in accordance with the Public Offer and Trading of Securities Directive No. 1030/2024, which requires securities offered or sold to the public to be registered with the Authority. The directive also obliges issuers to register securities already held by shareholders that were issued before the regulation came into effect. ECMA emphasised that the registration should not be interpreted as an endorsement of the securities or an invitation to invest. The Authority said the notice is intended solely to inform the public that the securities have been registered in line with the country's capital market regulations. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Ministry of Revenues Orders Offline E-Invoicing Capability Across 26 Business Sectors #EBR_News Jul 6, 2026 The Ministry of Revenues has singled out 26 business sectors spanning retail shops, restaurants, hospitals, transport operators, beauty salons, and veterinary clinics and imposed on them a legally binding requirement that their electronic invoicing systems must be capable of functioning without an active internet connection. The provision, contained in the Electronic Invoicing System Administration Directive No. 1142/2026. According to the directive, the offline functionality requirement technically termed an "Offline Business Continuity System" means that affected businesses must deploy invoicing software capable of continuing to record and process transactions during periods when the system's direct, real-time connection to the Ministry's central Electronic Invoice Registration System is interrupted. The software must store transaction data locally during the outage and transmit all offline records to the central system within 72 hours of reconnection. According to the directive, the specific offline technical specifications that systems must meet are defined in a separate standard issued by the Ministry, and any software submitted for accreditation must pass a dedicated offline functionality test before it can be approved for use by businesses in the affected sectors. The 26 sectors listed in the directive's annex cover a cross-section of the Ethiopian economy that accounts for a substantial share of daily consumer transactions. Food, beverage, tobacco, textile, pharmaceutical, clothing, and second-hand goods retailers are all included, alongside automotive fuel sellers and motor vehicle parts dealers. Service businesses face equally comprehensive coverage, restaurants and mobile food vendors, short-term accommodation providers, camping and recreational vehicle parks, hospitals, medical and dental clinics, hairdressers, beauty care providers, day spas and steam baths, veterinary services, and amusement parks are all named. Passenger transport operators covering urban and suburban land transport, intercity rail, and other passenger services and postal service providers round out the list. According to the directive, the Ministry retains the authority to modify this list of mandatory offline sectors over time as connectivity conditions and business practices evolve. Systems operating on mobile devices such as smartphones or mobile point-of-sale terminals face further requirements, including the ability to periodically report their geographic location to the Ministry, record the exact location of each transaction at the time of sale, and restrict operation to authorised geographic zones. According to the directive, when a system cannot connect to the central registration platform, businesses in the named sectors may continue issuing invoices using their offline-capable software and are then required to retroactively register all offline transactions with the central system once connectivity is restored. Manual paper invoices with QR codes remain available as a further fallback in extreme circumstances, subject to the same 72-hour catch-up requirement and only for as long as the outage persists. The directive says if a system failure cannot be resolved within seven days, the taxpayer must transition to an alternative sales registration system, either temporarily or permanently. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

EPC Report Sees Ethiopia-Somaliland Maritime Cooperation Deepening Despite Recognition Hurdles #EBR_News Jul 6, 2026 Economic and logistical cooperation between Ethiopia and Somaliland is likely to expand in the coming years, even as formal diplomatic recognition remains unlikely in the near term, according to a new analysis published by the Emirates Policy Center (EPC). The report, Between Maritime Access and Recognition: Geopolitical Implications of Rapprochement Between Ethiopia and Somaliland, argues that Ethiopia's long-standing search for diversified sea access and Somaliland's ambition to strengthen its regional economic role are creating conditions for closer cooperation centred on Berbera Port. According to the Abu Dhabi-based think tank, practical commercial collaboration is currently a more realistic outcome than any agreement involving formal recognition. The analysis says Ethiopia's heavy reliance on Djibouti for maritime trade has increased interest in developing alternative logistics corridors. It identifies Berbera Port as an increasingly strategic gateway that could help reduce supply chain risks, improve trade resilience and strengthen Ethiopia's connectivity to international markets as competition over Red Sea shipping routes intensifies. According to the report, Somaliland is also adopting a more pragmatic approach by prioritising trade, logistics and infrastructure partnerships over immediate diplomatic recognition. The EPC argues that positioning Berbera as a reliable commercial hub could generate greater long-term economic value than pursuing political recognition alone. The report identifies three possible scenarios for future relations. It considers the most likely outcome to be a gradual expansion of cooperation in areas such as trade, transport infrastructure and port services without changing Somaliland's political status. A second, less likely scenario envisages negotiations leading to long-term maritime arrangements that could eventually support broader political agreements, while a third foresees continued political deadlock despite Ethiopia's persistent demand for sea access. Despite the economic opportunities, the analysis notes that several challenges continue to limit deeper cooperation, including Somaliland's lack of international recognition, Somalia's opposition to bilateral agreements involving Hargeisa, and the diplomatic commitments contained in the Ankara Declaration between Ethiopia and Somalia. According to the EPC, developments surrounding Berbera Port extend beyond bilateral relations and could influence regional trade corridors, investment flows, Red Sea maritime security and economic integration across the Horn of Africa. The report concludes that future progress will largely depend on whether economic interests can be advanced while navigating the region's complex political and diplomatic landscape. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Uganda Begins Processed Beef Exports to Ethiopia Under New Monthly Supply Deal #EBR_News Jul 4, 2026 Uganda has begun exporting processed beef to Ethiopia for the first time under a new commercial agreement that will see about 20 tonnes of premium meat products shipped every month, marking a step toward expanding regional trade in higher-value agricultural products. The first consignment, produced by Kampala-based Ranchers Finest Ltd, was dispatched this week to Ethiopia's Diamond Hotel and Restaurant Group, which will import processed beef, steaks, sausages and lamb under the supply agreement. The export was flagged off at Ranchers Finest's processing facility in Kampala by Uganda's Senior Presidential Advisor on Agribusiness, Hillary Emmanuel Musoke Kisanja, who described the shipment as a significant development for the country's livestock industry. According to the company, the contract requires monthly deliveries of around 20 tonnes of processed meat products and was secured through a competitive procurement process. Ranchers Finest Chief Executive Officer Collin Muyanja quoted, saying the company was selected because it complies with internationally recognised food safety standards, including ISO 22000:2018 and Hazard Analysis and Critical Control Point (HACCP) certification. The company said the agreement demonstrates growing regional demand for Ugandan processed food products and could create opportunities for further exports to Ethiopia and other neighbouring markets. Uganda has traditionally exported live animals and unprocessed meat, limiting the value retained within the domestic economy. Speaking during the flag-off ceremony, Musoke argued that processing livestock before export creates additional employment in slaughtering, processing, packaging, logistics and quality assurance while increasing returns for farmers. Muyanja said exporting processed meat instead of carcasses allows Uganda to capture a larger share of the value generated by the livestock sector. "For long, we have been exporting carcasses. We do not gain value as a country by exporting carcasses because those same carcasses are processed elsewhere and sold at much higher prices," he said. To meet the supply agreement, Ranchers Finest said it will source livestock from its network of outgrower farmers across Uganda. The company currently employs more than 200 people and manufactures over 120 processed meat products. Besides Ethiopia, it exports to Kenya, the Democratic Republic of the Congo, Rwanda, Tanzania, Burundi and the United Arab Emirates. The shipment also highlights expanding regional trade under the African Continental Free Trade Area (AfCFTA), as East African food processors increasingly seek neighbouring markets for value-added agricultural products rather than relying solely on exports outside the continent. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)