The National Bank of Ethiopia has launched an interoperable QR code standard to enhance the country's digital payment system. This initiative aims to reduce reliance on cash, improve financial access for small merchants and unbanked individuals, and align with international security standards.
The new system supports dynamic and static QR code use, enabling transactions across all payment providers for both local and international operations. Complying with the EMVCo global standard, the move seeks to create a secure, unified, and cost-effective digital payment solution for Ethiopia.
@linkupbusiness
The new system supports dynamic and static QR code use, enabling transactions across all payment providers for both local and international operations. Complying with the EMVCo global standard, the move seeks to create a secure, unified, and cost-effective digital payment solution for Ethiopia.
@linkupbusiness
Forwarded from LinkUp Addis
Congratulations to Ermias Tefera – Winner of TotalEnergies Startupper of the Year Edition 4 under the Cycle'Up category!
Ermias’ groundbreaking project, Korojo Eco Package and Bags, turns agricultural residues (banana pseudo-stems, Enset, rice straw) into eco-friendly, biodegradable packaging. His innovative work is a game-changer for sustainable solutions, replacing plastic with materials that are better for our environment and communities.
Let’s celebrate Ermias for leading the charge toward a cleaner, greener future!
@linkupaddis
Ermias’ groundbreaking project, Korojo Eco Package and Bags, turns agricultural residues (banana pseudo-stems, Enset, rice straw) into eco-friendly, biodegradable packaging. His innovative work is a game-changer for sustainable solutions, replacing plastic with materials that are better for our environment and communities.
Let’s celebrate Ermias for leading the charge toward a cleaner, greener future!
@linkupaddis
Ethiopian Airlines has signed a strategic management agreement with the South Sudanese government to establish and operate a new national carrier. Building on a 2023 MoU, this partnership represents a significant step for South Sudan, which has faced challenges creating a national airline since its 2011 independence due to political instability and conflict. The move aligns with the Yamoussoukro Decision aimed at liberalizing African air transport, promising to boost regional connectivity and stimulate economic growth in the region.
@linkupbusiness
@linkupbusiness
Sewasew Design, known for crafting jackets and hoodies from traditional Ethiopian Gabi fabric, has announced the upcoming opening of its second shop, with a third store planned soon after. The clothing line blends Ethiopia's cultural heritage with modern Western styles, creating unique fashion pieces that bridge traditional and contemporary design.
@linkupbusiness
@linkupbusiness
A recent poll by ET Polls reveals low confidence in the government’s economic direction following the Prime Minister's appearance in parliament. According to the results, 55% of respondents expressed a lack of confidence in the economic direction, with only 7% feeling "Very Confident" and 9% "Cautiously Confident." Additionally, 29% of participants were undecided or chose "Can't Say." These findings suggest significant public uncertainty and concern regarding the current economic strategies and policies.
@linkupbusiness
@linkupbusiness
Forwarded from ET Polls
What is your two biggest concern when you use local ecommerce platforms in Ethiopia? (Please Pick a Maximum of two options)
Anonymous Poll
77%
The Difference between the Advertised Quality and the Actual Quality of the Delivered Product
33%
The Merchant Going MIA after You Pay
23%
The Delays in the Delivery of Your Order
23%
Not Being able to Negotiate the Price
13%
Other
Ethiopia has shipped vegetable products to the European market for the first time, according to the Ministry of Agriculture. Ethio Vegi Private Limited Company has successfully exported 12 tons of Snap Pea and Mangetout to the Netherlands. The shipment, transported via a modern refrigerated container using advanced technology, traveled to the port of Djibouti with a transit time of 23 days to reach its European destination.
@linkupbusiness
@linkupbusiness
Safaricom Ethiopia is considering renegotiating its lease agreements to address the financial pressure caused by currency depreciation. Learn more about Safaricom’s strategic response, the profit reports of various Ethiopian banks, insights into the Franco-Valuta policy, and more in this edition of the Linkup Business Newsletter.
Read the full news here: https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
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Read the full news here: https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
The International Monetary Fund (IMF) has revised its inflation forecast for Ethiopia for the fiscal year 2024/25, now projecting a rate of 25%, down from an earlier estimate of 30.1%.
In its latest report, the IMF highlighted Ethiopia's progress in curbing inflationary pressures, especially following the successful implementation of key reforms. Although the initial months after the reform saw slower-than-expected responses in foreign exchange supply, the overall economic outlook remains positive, with inflation rates in July and August lower than expected.
The IMF projects further inflation control, with a goal of bringing inflation down to single digits by 2028/29. This marks a significant milestone, as Ethiopia has not seen such low inflation rates in nearly two decades, following the aftermath of hyperinflation in the mid-2000s.
@linkupbusiness
In its latest report, the IMF highlighted Ethiopia's progress in curbing inflationary pressures, especially following the successful implementation of key reforms. Although the initial months after the reform saw slower-than-expected responses in foreign exchange supply, the overall economic outlook remains positive, with inflation rates in July and August lower than expected.
The IMF projects further inflation control, with a goal of bringing inflation down to single digits by 2028/29. This marks a significant milestone, as Ethiopia has not seen such low inflation rates in nearly two decades, following the aftermath of hyperinflation in the mid-2000s.
@linkupbusiness
Forwarded from LinkUp Addis
Big cheers to Menberu Zeleke – Winner of TotalEnergies Startupper of the Year Edition 4 in the Innov'Up category!
With his project, SolarMekes, Menberu is changing the game for farmers everywhere!
This solar-powered, automatic onion root and leaf cutting machine is here to save time, boost productivity, and give farmers a well-deserved break.
No more back-breaking work – just sun-powered, efficient onion prep!
Let’s give it up for Menberu, who’s making farm life a little easier, one onion at a time!
@linkupaddis
With his project, SolarMekes, Menberu is changing the game for farmers everywhere!
This solar-powered, automatic onion root and leaf cutting machine is here to save time, boost productivity, and give farmers a well-deserved break.
No more back-breaking work – just sun-powered, efficient onion prep!
Let’s give it up for Menberu, who’s making farm life a little easier, one onion at a time!
@linkupaddis
Emebet is a user-friendly, secure platform designed to serve as a comprehensive repository for the personal and professional information of service providers, particularly skilled women in roles such as maids, adult caregivers, tutors, housekeepers, waitresses, and private nurses.
Find out more about Emebet here: https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
Find out more about Emebet here: https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
EthSwitch reported substantial growth in its 2023/24 annual performance, as revealed at its 11th Annual Shareholders Meeting on November 12, 2024. Key highlights included 94.5 million interoperable ATM transactions, totaling ETB 123.2 billion—a 32% rise from the previous year—and a 125% increase in POS transactions, reaching 2.1 million and ETB 5.7 billion. P2P transfers saw a dramatic 251% increase with 49.69 million transactions, valued at ETB 270.7 billion. EthSwitch’s net profit before tax reached ETB 1.05 billion, a 97% year-over-year growth. The company also honored key participants for their role in advancing Ethiopia's financial infrastructure and expanding modern banking services.
Check out our weekly newsletter here: https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
Check out our weekly newsletter here: https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
The National Bank of Ethiopia (NBE) has introduced a major policy shift allowing exporters to retain more control over their foreign exchange earnings. Starting Thursday, exporters can now sell 50% of their foreign exchange income immediately, while keeping the remaining 50% in their accounts without any time restrictions. This change replaces the previous rule, which required exporters to sell half their earnings to banks upon receipt and the other half within a month.
Governor Mamo Mihretu stated that the new, more flexible policy supports long-term goals to boost foreign exchange reserves and trade performance. Ethiopia’s export revenue is expected to grow to $5 billion this year, up from $3.5 billion last year, with the policy shift likely supporting this increase.
Check out our weekly newsletter here: https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
Governor Mamo Mihretu stated that the new, more flexible policy supports long-term goals to boost foreign exchange reserves and trade performance. Ethiopia’s export revenue is expected to grow to $5 billion this year, up from $3.5 billion last year, with the policy shift likely supporting this increase.
Check out our weekly newsletter here: https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
UK-based KEFI Gold and Copper PLC has unveiled a $30 million investment opportunity for Ethiopian investors as part of its $500 million Tulu Kapi Gold Project. This step aligns with KEFI’s commitment to foster local ownership and contribute to Ethiopia’s economic inclusivity.
With $470 million already conditionally secured from international banks and investors, including commitments from the Ethiopian government and the Oromia Regional State, KEFI is finalizing the invitation for qualified local investors. The company’s gold-linked investment scheme provides potential returns in gold or USD, helping mitigate inflation and currency risks.
The Tulu Kapi project is set to bolster Ethiopia’s export earnings, job creation, and mining profile, with expectations that gold exports could surpass coffee by 2027.
@linkupbusiness
With $470 million already conditionally secured from international banks and investors, including commitments from the Ethiopian government and the Oromia Regional State, KEFI is finalizing the invitation for qualified local investors. The company’s gold-linked investment scheme provides potential returns in gold or USD, helping mitigate inflation and currency risks.
The Tulu Kapi project is set to bolster Ethiopia’s export earnings, job creation, and mining profile, with expectations that gold exports could surpass coffee by 2027.
@linkupbusiness
The Alibaba Global Initiatives Reunion Summit in Addis Ababa marked a transformative moment for African e-commerce as Shoplazza and AliExpress announced a collaboration.
This partnership is set to empower African entrepreneurs by leveraging Shoplazza’s user-friendly PrimeDrop platform, which allows swift establishment of online stores and seamless importation of diverse, high-quality products from AliExpress.
Additionally, Shoplazza’s marketing tools, which integrate with platforms like TikTok, Google, and Meta, provide African businesses with robust advertising capabilities to reach wider audiences and compete globally.
@linkupbusiness
This partnership is set to empower African entrepreneurs by leveraging Shoplazza’s user-friendly PrimeDrop platform, which allows swift establishment of online stores and seamless importation of diverse, high-quality products from AliExpress.
Additionally, Shoplazza’s marketing tools, which integrate with platforms like TikTok, Google, and Meta, provide African businesses with robust advertising capabilities to reach wider audiences and compete globally.
@linkupbusiness
Abyssinia Bank announced a net profit of 5.28 billion birr for the fiscal year 2023/24, representing a 0.92 percent increase from the previous year. This achievement was disclosed during the bank's 28th general meeting of shareholders, showcasing strong financial growth despite economic challenges.
According to the performance report, the bank's deposits saw a significant rise of 33.97 billion birr, totaling 192.51 billion birr by the end of the fiscal year. The bank continues to hold over 66 percent market share in deposits. Additionally, loans and advances increased by 21.2 billion birr, bringing the total to 167.7 billion birr. The bank's total assets exceeded 222 billion birr, with total capital reaching 23.19 billion birr.
For more insights into the financial performance of Ethiopian banks, check out this week's newsletter featuring an in-depth profit analysis across the sector.
https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
According to the performance report, the bank's deposits saw a significant rise of 33.97 billion birr, totaling 192.51 billion birr by the end of the fiscal year. The bank continues to hold over 66 percent market share in deposits. Additionally, loans and advances increased by 21.2 billion birr, bringing the total to 167.7 billion birr. The bank's total assets exceeded 222 billion birr, with total capital reaching 23.19 billion birr.
For more insights into the financial performance of Ethiopian banks, check out this week's newsletter featuring an in-depth profit analysis across the sector.
https://linkupaddis.com/publications/linkup-business-newsletter-12-november-2024/flipbook
@linkupbusiness
NBE to undergo major reorganization ahead of banking liberalization
To ensure the stability of the financial system as it moves toward liberalization, the central bank, expected to receive the new establishment proclamation at the beginning of the New Year, will undergo institutional reorganization, including the establishment of new departments.
With the upcoming banking business proclamation, the central bank has clarified that it will not be deregulating the financial industry.
Source: Ethiopian Business Daily
@linkupbusiness
To ensure the stability of the financial system as it moves toward liberalization, the central bank, expected to receive the new establishment proclamation at the beginning of the New Year, will undergo institutional reorganization, including the establishment of new departments.
With the upcoming banking business proclamation, the central bank has clarified that it will not be deregulating the financial industry.
Source: Ethiopian Business Daily
@linkupbusiness
Enzirt Engineering recently concluded a fruitful discussion with TruLuv Granola’s management to enhance grain processing methods. This collaboration aligns with Enzirt Engineering’s mission to advance local manufacturing and support sustainable social and economic growth./
The partnership aims to introduce innovative solutions that not only improve processing efficiency but also strengthen Africa's industrial sustainability. This effort reflects a commitment to merging local expertise with global standards, fostering a more resilient and eco-friendly manufacturing sector in the region.
@linkupbusiness
The partnership aims to introduce innovative solutions that not only improve processing efficiency but also strengthen Africa's industrial sustainability. This effort reflects a commitment to merging local expertise with global standards, fostering a more resilient and eco-friendly manufacturing sector in the region.
@linkupbusiness
Explore this week's edition of the LinkUp Business Newsletter to stay updated on impactful local startups, essential industry insights, and emerging opportunities. This issue highlights how ventures such as Blu Delivery are revolutionizing regional logistics with eco-friendly food delivery, while TW Luxury Clothing integrates Ethiopian heritage with high-end tailoring to offer an exceptional fashion experience. Additional topics also include industry trends and developments.
Read the full publication here: https://linkupaddis.com/publications/18-november-2024-linkup-business-newsletter/flipbook
@linkupbusiness
Read the full publication here: https://linkupaddis.com/publications/18-november-2024-linkup-business-newsletter/flipbook
@linkupbusiness
NKG (Neumann Kaffee Gruppe) announced a bilateral coffee marketing agreement with MIDROC Investment Group.
MIDROC, known for managing the world’s largest Arabica coffee farms through Horizon Plantations and Ethio Agri-CEFT, along with processing and warehousing facilities in Addis Ababa, has partnered with NKG to elevate Ethiopian coffee on the global stage.
Check out our newsletter here: https://linkupaddis.com/publications/18-november-2024-linkup-business-newsletter/flipbook
@linkupbusiness
MIDROC, known for managing the world’s largest Arabica coffee farms through Horizon Plantations and Ethio Agri-CEFT, along with processing and warehousing facilities in Addis Ababa, has partnered with NKG to elevate Ethiopian coffee on the global stage.
Check out our newsletter here: https://linkupaddis.com/publications/18-november-2024-linkup-business-newsletter/flipbook
@linkupbusiness
The Ethiopian Broadcasting Corporation (EBC) has announced that it will soon premiere the much-anticipated film adaptation of 'Fikir Eske Mekabir' after a legal resolution. The corporation emphasized its commitment to honoring the legacy of the author, Dr. Hadis Alemayehu, by producing the film with respect to his vision and in a way that upholds national pride and historical preservation. According to EBC, its efforts were met with praise from Dr. Hadis Alemayehu himself, recognizing the narrative's faithful adaptation.
However, the screening faced legal challenges when individuals claiming to be heirs of Dr. Hadis Alemayehu sought to block the film’s release. A court initially issued an order in September 2024 to halt the film. EBC contested this decision, arguing for the film's right to air. On 18 November 2024, the Court ruled in favor of EBC, lifting the suspension and directing the matter to the Federal First Instance Court for further hearings.
@linkupbusiness
However, the screening faced legal challenges when individuals claiming to be heirs of Dr. Hadis Alemayehu sought to block the film’s release. A court initially issued an order in September 2024 to halt the film. EBC contested this decision, arguing for the film's right to air. On 18 November 2024, the Court ruled in favor of EBC, lifting the suspension and directing the matter to the Federal First Instance Court for further hearings.
@linkupbusiness