Ethiopian Business Review

None of 45 Reporting African Countries Met Malabo Farm Benchmark, FAO Says #EBR_News Oct 28, 2026 None of the 45 African countries that reported to the African Union's latest agriculture review met the continent's overall Malabo benchmark, the Food and Agriculture Organization of the United Nations (FAO) said at the opening of a continental science and innovation forum in Addis Ababa on Tuesday. Abebe Haile-Gabriel (PhD), FAO's Assistant Director-General and Regional Representative for Africa, said the finding shows a gap between political promises and results on the ground. Citing the fifth Comprehensive Africa Agriculture Development Programme (CAADP) Biennial Review, Abebe said only four countries allocated at least 10 percent of public spending to agriculture, and only five spent the equivalent of 1 percent of agricultural GDP on research. He asked whether science and innovation can be called strategic priorities when the national research institutions responsible for them lack predictable funding. "Africa does not need another declaration of the importance of transformation," he told delegates. The review's takeaways add some balance. According to the document, 35 of the 45 reporting countries scored better than in the previous review, with Morocco, Rwanda and Egypt recording consistent gains, although no country met the Malabo targets. African leaders adopted the Kampala Declaration in January 2025, committing to raise agrifood output by 45 percent, cut post-harvest losses by 50 percent, triple intra-African agrifood trade and mobilise $100 billion in public and private investment by 2035. Moses Vilakati, the African Union Commissioner for Agriculture, said in a video message that the challenge is no longer commitment but implementation. The economic stakes were set out by Hanan Morsy (PhD), Deputy Executive Secretary of the United Nations Economic Commission for Africa. She said Africa spends between $70 billion and $100 billion a year on food imports, with wheat the largest item, while as much as one-third of production in some value chains is lost after harvest. FAO Director-General Qu Dongyu (PhD) said in a video message that Africa accounts for only about 8 percent of global public spending on agricultural research and development. Abebe added that internet use in Africa stood at 36 percent in 2025 against 74 percent worldwide, a gap he said could widen competitiveness between regions. Host country Ethiopia used the opening to promote its record. Sofiya Kassa (PhD), State Minister of Agriculture, cited the country's wheat self-sufficiency and Green Legacy initiative, which she said FAO recognised at the World Food Forum in 2025. She said Ethiopia expects the forum to deliver an actionable agenda with priorities, financing opportunities and ways to track progress. Sofiya also noted that Ethiopia will host the 32nd UN climate conference, COP32, in 2027 and the FAO Regional Conference for Africa in 2028. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Minister Frehiwot Directs Communications Regulator to Prove Its Worth in Measurable Public Benefits #EBR_News Oct 28, 2026 Minister of Innovation and Technology Frehiwot Tamru has directed the Ethiopian Communications Authority (ECA) to shift its focus from issuing licences and directives to delivering outcomes that citizens can measure and feel, the Ministry of Innovation and Technology said in a statement. The Minister led a delegation of directors general from institutions accountable to the Ministry on a visit to the regulator on October 27, 2026 in Addis Ababa. According to the Ministry, the delegation reviewed the Authority’s achievements over the past five years, its first-quarter performance for the current budget year, ongoing projects and preparations for its next five-year strategy. ECA Director General Balcha Reba presented the regulator’s responsibilities, institutional capacity and the challenges that still need attention, including telecom, postal and courier licensing, spectrum management, and equipment type approval and conformity certification. While acknowledging progress in building legal frameworks, systems and professional capacity, the Minister stressed that licences and procedures are only foundations, the Ministry said. Their value, she argued, must show up in better access, affordability, service quality, consumer protection and public trust. She directed the Authority to review its key performance indicators to capture market performance, inclusion and consumer satisfaction, and to judge licensing beyond the number of licences issued and fees collected, by asking whether licences are being used, what innovations and jobs they have produced, and how they contribute to sector growth. Spectrum and consumer protection featured prominently. The Minister described radio frequency spectrum as a scarce national resource that demands rigorous planning, monitoring and oversight, and called for qualified professionals, appropriate equipment and reliable information to manage it, according to the statement. The Authority was also told to ensure that quality-of-service standards and enforcement reflect actual conditions on the ground, and to work with operators and regional administrations to extend services to rural and underserved communities. On the investment climate, the Minister said the regulatory system should promote fair competition while making efficient use of investment resources. The Ministry said regulatory requirements should be weighed against their costs and benefits, and conditions that divert money from network expansion into unnecessary expenditure should be removed. The Ministry also pointed to the legal framework governing postal services, noting that the Ethiopian Postal Service still operates under a proclamation issued in 1958 E.C. The ECA was directed to work with the Ministry and stakeholders to begin urgently reviewing the services regulatory framework and to prepare a new one that enables digital modernisation, better service quality and wider access. Other directives included an evidence-based assessment of staffing and skills gaps as part of the next strategy, closer work with universities, particularly Addis Ababa University, on curricula in fields such as spectrum management and telecommunications engineering, and a move towards data-driven regulation. The Ministry said the Authority has been asked to prepare a five-year strategy aligned with its mandate, national priorities and the Medemer Grand Strategy, with clear expected outcomes, baseline data and targets. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Nyala Insurance Reports Unaudited Profit of Over 1 Billion Birr #EBR_News Oct 28, 2026 Nyala Insurance S.C. said it closed its latest fiscal year with an unaudited profit of more than one billion Birr, as it unveiled a new logo and a wider rebranding drive at a ceremony in Addis Ababa on Tuesday. The private insurer said in a press release that the figure is still pending an audit. Yared Molla (PhD), chief executive officer of the company, said in his speech that Nyala was founded 30 years ago with a paid-up capital of seven million Birr, following the opening of the economy to private investment. The founding shareholders included Mohammed Al Amoudi, his family and affiliated enterprises. According to Yared, paid-up capital has since grown to more than two billion Birr, roughly 285 times the initial amount, while total assets have risen to over seven billion Birr. Yared said Nyala has consistently registered profits year after year, and that it has paid more than 1.7 billion Birr in taxes to the government over the past 15 years. He added that the insurer has provided cover for major national projects, including the electromechanical works of the Grand Ethiopian Renaissance Dam and the civil works of the Koysha Hydroelectric Power Plant. The rebranding, which the company calls "Nyala Reimagined" or "NISCO Reimagined", goes beyond a visual makeover, according to Yared. He described it as an effort to carry the founders' vision into the digital age, with goals that include understanding customers' evolving needs, strengthening employee skills and building financial capacity to compete in what he called a volatile insurance market. Much of the strategy centres on service delivery, an area where the industry often draws criticism. Nyala said it has replaced the traditional "branch" model with what it calls "Customer Homes", with more than 50 outlets nationwide, designed as customer experience hubs. It has also introduced a Claims Concierge Service, which Yared said aims to simplify the settlement of complex claims, and says it has deployed digital tools to improve service. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Dashen Bank Launches "Air Pay" to Let Customers Pay Nearby Businesses Without Account Numbers or QR Codes #EBR_News Oct 28, 2026 Dashen Bank has introduced a new payment service, Dashen Air Pay, aimed at making it easier for customers to pay businesses without entering account numbers, scanning QR codes or typing phone numbers. The bank unveiled the service on Tuesday at the Sheraton Addis Hotel in Addis Ababa. The service is built into the Dashen SuperApp. The Bank said that a customer opens the app and taps "Dashen Air Pay", which then lists nearby businesses. After selecting the merchant and entering the amount, the customer confirms the payment details, enters a confidential PIN and completes the transaction within seconds. The bank said this makes the service simpler than its earlier payment options. Asfaw Alemu, chief executive officer of Dashen Bank, said the bank is stepping up efforts to modernise digital payments. "With Air Pay, we are not just providing a means of payment; rather, we are also creating an option that directly connects our customers with local businesses," Asfaw stated at the launch. He explained that the service responds to a familiar scene in shops, where counters are often crowded with QR code posters and customers scribble numbers on scraps of paper to complete payments. Asfaw also used the occasion to review the SuperApp's performance since its launch at the same venue in January 2025. According to him, more than two million customers now use the app, which has processed about 48.9 million transactions worth roughly 545.9 million Birr. He said that, if the current pace continues, annual transaction volume could approach the trillion mark by the end of the year. The app has also received about 360 upgrades, and its second version followed customer feedback surveys, he said. On the merchant side, Asfaw said more than 100 food and beverage establishments now promote their products on the SuperApp, while about 56,000 locations have been registered on the platform. Businesses wishing to be listed for Air Pay will need to register through the bank's merchant platform, with technical staff expected to explain the process in detail, he added. Beyond payments, the bank has introduced virtual cards and the Cobra Debit Card on the app. The CEO credited the bank's board of directors for backing the project with sustained investment and said the app was designed and built by Ethiopian developers. He also told guests the bank would keep adding services to the platform in response to customer feedback. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

28 of 30 Banks Win Dollars as NBE’s 31st FX Auction Is Oversubscribed #EBR_News Oct 27, 2026 The National Bank of Ethiopia (NBE) allotted USD 140 million in its 31st foreign exchange auction held today, as banks submitted bids totalling USD 150.83 million, according to results announced by the central bank. The total bids exceeded the amount on offer by USD 10.83 million, extending the oversubscription recorded in the previous round. In Auction No. 30 on October 13, lenders had bid USD 152.09 million against the same USD 140 million allocation. The latest outcome suggests that the stronger demand seen in that round has carried over, after two earlier auctions, Nos. 28 and 29, were undersubscribed. According to the results, the marginal, or cut-off, rate stood at 158.1820 birr per US dollar, marginally higher than the 158.1724 birr recorded in the previous auction. The weighted average rate of successful bids, however, eased to 159.7014 birr per dollar from 160.1072 birr, a decline of roughly 0.41 birr. The bids ranged from a high of 160.9994 birr to a low of 158.1816 birr per dollar. The lowest bid was close to the cut-off rate, whereas the previous auction saw bids as low as 153 birr per dollar. This points to a much narrower spread in banks' offers, which suggests lenders are bidding with greater confidence about where the market is likely to clear. Participation also increased. Thirty banks took part in the auction, up from 29 in the previous round, and 28 of them secured foreign currency, compared with 26 earlier. The marginal rate is the lowest rate at which bids were accepted, while the weighted average reflects the average price paid across all successful bids. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Ethiopian Investment Commission wins 2026 UN award for digital economy investment #EBR_News Oct 27, 2026 The Ethiopian Investment Commission (EIC) has won a 2026 United Nations Investment Promotion Award for its work in attracting investment into the country's digital economy, according to a statement from UN Trade and Development (UNCTAD). The award was presented at the 9th World Investment Forum in Doha, Qatar, on 25 October 2026. UNCTAD said the commission was selected from 48 entries submitted by 40 countries. Four other bodies were also honoured: the Caribbean Export Development Agency, Invest KOREA, Invest Qatar and Morocco's Tanger Med Zones. UNCTAD said the winners were recognised for innovative approaches to investment promotion, their effectiveness in mobilising sustainable foreign direct investment, and their contributions to digital transformation and sustainable development. According to UNCTAD, Ethiopia's award was linked to the commission's role in facilitating investment in digital connectivity and financial inclusion, particularly through its support for Safaricom Ethiopia and the expansion of the M-PESA mobile financial services platform. UNCTAD said that, as of 31 March 2026, Safaricom Ethiopia had 13.6 million active subscribers and 3,504 network sites, with 4G coverage reaching 59 percent of the population. M-PESA, it added, had attracted 5.2 million customers. UNCTAD said the project helps strengthen competition, expand broadband access and digital payments, and supports the development of e-commerce, fintech and digital public services. The telecom market opened to private operators only recently, so the figures offer an early indication of how quickly new entrants can build scale. In its own statement, the EIC described the award as recognition of its contribution to promoting investment, accelerating digital transformation and fostering sustainable development. The commission said the honour reflects Ethiopia's effort to build an investment ecosystem conducive to technology and innovation, one that creates new opportunities and ensures sustainable economic growth. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

African Development Bank Raises $2.5 Billion Through Dollar Bond Issuance #EBR_News Oct, 2026 The African Development Bank (AfDB) has raised $2.5 billion through a US dollar bond issuance, attracting investor orders worth $4.8 billion, according to an announcement published by the Bank on October 23, 2026. The three-year global benchmark bond was priced on October 21, 2026, and is scheduled to mature on January 18, 2030. The transaction marks the Bank’s third US dollar benchmark bond issuance of 2026, following a $1 billion 10-year bond in January and a $2 billion five-year bond in February. The bond carries a fixed annual coupon of 4.875%, with interest payable every six months. The Bank reported a re-offer yield of 4.933% and a re-offer price of 99.837% of the bond’s face value. According to the Bank, the final order book closed at $4.8 billion, including $50 million in interest from the joint lead managers. The Bank said indications of interest had exceeded $3.7 billion by the time the order book formally opened on October 21. Following investor demand, the final spread was set at 28 basis points above SOFR mid-swaps, compared with initial guidance of approximately 30 basis points. In simple terms, this spread is the additional interest investors receive above a reference market rate for lending their money through the bond. The Bank reported that investors in Europe, the Middle East and Africa accounted for 54% of allocations, while investors in the Americas received 40% and those in Asia received 6%. By investor category, banks accounted for 48% of allocations, central banks and official institutions received 39%, and asset managers accounted for 13%. The transaction attracted more than 80 orders, with 71 orders receiving allocations. The settlement date is scheduled for November 2, 2026. The African Development Bank said the transaction forms part of its international borrowing programme, which raises funds to support the Bank’s operations and development priorities across Africa. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Ethiopian Airlines Launches Thrice-Weekly Nacala Service, Its Third Mozambique Destination #EBR_News Oct 27, 2026 Ethiopian Airlines has launched a new passenger service to Nacala, Mozambique, operating three times a week and making the coastal city its third destination in the country after Maputo and Beira. The service was officially inaugurated on October 27, 2026, with flights scheduled three times a week. The airline said the new route will strengthen connectivity between Ethiopia and Mozambique while supporting tourism and business activity in Nacala. The launch makes Nacala the latest addition to Ethiopian Airlines’ network in Mozambique, following its existing services to Maputo and Beira. The airline had previously announced that the Nacala service would begin on October 27, after postponing an earlier launch schedule. The route was initially expected to start in July 2026. Earlier reports indicated that the service would operate as a triangular route linking Addis Ababa with Blantyre, Malawi, before continuing to Nacala and returning to Addis Ababa. The route was expected to be operated using a Boeing 737-800 aircraft. The Nacala service follows discussions between Ethiopian Airlines and the Mozambican government over expanding air connectivity between the two countries. During Mozambican President Daniel Chapo’s visit to Ethiopia in April 2026, he said his government was negotiating with the airline to increase services to Mozambique, including additional flights to Beira and a new route to Nacala. Nacala, located in Mozambique’s northern Nampula Province, is a major commercial and port centre. The expansion of air links could provide additional access for business travellers and tourists while connecting the city more directly to Ethiopian Airlines’ wider international network through Addis Ababa. The airline said the new service is expected to contribute to the growth of tourism and business while strengthening continental connectivity. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

National Bank Offers USD 140 Million at 31st Foreign Exchange Auction #EBR_News Oct 26, 2026 The National Bank of Ethiopia (NBE) has announced that it will offer USD 140 million to commercial banks in its 31st foreign exchange auction, scheduled for tomorrow, Tuesday, October 27, 2026. According to the notice, interested banks will submit their bids through the Central Securities Depository (CSD)-based FX auction system between 10:00 AM and 12:00 noon. The central bank will announce the results at 3:00 PM, with settlement due by the end of the day on October 27. The allocation matches the USD 140 million offered in the previous auction, held on October 13, 2026. That round was USD 15 million higher than the USD 125 million that had been offered in each of the earlier regular auctions. The previous auction drew strong interest from lenders. Banks submitted bids totalling USD 152.09 million, exceeding the amount on offer by USD 12.09 million, according to the results of Auction No. 30. The outcome reversed the trend of the two preceding rounds, both of which were undersubscribed, with bids of USD 123.49 million in Auction No. 29 and USD 120 million in Auction No. 28. In that auction, the marginal, or cut-off, rate was 158.1724 birr per US dollar, while the weighted average rate of successful bids stood at 160.1072 birr per dollar. A total of 29 banks participated, and 26 of them secured foreign currency. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

WFP Faces $251 Million Funding Gap, Keeps Food Rations at 60% #EBR_News Oct 26, 2026 The World Food Programme (WFP) says its Ethiopia operation faces a $251 million funding gap for the six months from November 2026 to April 2027, at a time when El Niño-related weather shocks, insecurity and displacement are raising food needs. According to the agency's October 2026 Ethiopia Country Brief, requirements for the period are only 46 percent funded. The brief adds that humanitarian needs are expected to stay elevated into early 2027, while funding shortfalls continue to constrain the response. The scale of the work is already large. The brief says WFP reached around 2.1 million food-insecure people in September, up from 1.9 million in August, delivering 14,212 metric tonnes of food and $4.5 million in cash assistance. Women made up 45 percent of those assisted. Within that total, the agency reported helping 407,000 crisis-affected people in the Somali and Gambella regions, equal to 80 percent of its monthly target there, and 762,335 refugees across 30 camps. Limited resources are already forcing hard choices. According to the brief, WFP kept cereal distributions at 60 percent of the standard ration, equivalent to 9 kg per person, while preserving full rations of pulses and vegetable oil. Refugees who have lived in the country for long periods also receive 60 percent rations because of funding limitations, while newly arrived Sudanese and South Sudanese refugees continue to receive full rations given their greater vulnerability. Ethiopia hosts over 1.13 million refugees and asylum-seekers, the brief notes. The agricultural outlook adds to the pressure. The report says El Niño-related rainfall deficits have made the Kiremt rains uneven, helping crop development in western areas but hurting production, pasture and water availability in parts of Tigray, Amhara, Afar and eastern Oromia The Meher harvest is expected to improve food availability in surplus areas, the brief states, but drought-affected households are likely to face reduced harvests, earlier depletion of stocks and continued dependence on markets. Food inflation, which the report lists among the factors heightening food security concerns, makes that dependence more costly. In the south and southeast, the brief says above-normal October to December rainfall may improve pasture and water, but also raises the risk of flooding, displacement, infrastructure damage and disease outbreaks. WFP said it is preparing for El Niño-related flooding in the Somali Region, either through anticipatory action or by expanding its support to the government's Productive Safety Net Programme (PSNP). Supporting an estimated 100,000 people with three rounds of multipurpose cash transfers would cost about $1.3 million, according to the document. Operations are also being hampered on the ground. The brief reports that hostilities have disrupted supply routes and delayed food assistance in some regions, while insecurity, transport constraints and fuel shortages have interrupted distributions. In Amhara, insecurity disrupted teaching and school feeding in 45 schools. WFP is nonetheless preparing to launch distributions for 223,100 people in Afar, Amhara and Tigray once cooperating partners are onboarded, focusing on districts with acute needs linked to El Niño. It also says targeting for the sixth phase of the PSNP remains delayed in all regions because updated poverty data is unavailable. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)