Ethiopian Business Review

Ethiopian Business Review Ethiopian Business Review (EBR) is an English business magazine published by CHAMPiON Communications

As a magazine dedicated to promote private sector development, The Ethiopian Business Review (EBR) covers topics as diverse as Business Leadership, Entrepreneurship and Enterprise Development, Marketing Strategy, Organizational Change, Human Capital, International Trade, Finance, Tax, Customs, Public Policy, Public Sector Development, Privatization, Technology, Commercial and Legal issues.

Dashen Bank Commemorates 30th Anniversary with Series of Events Jan 3, 2025Dashen Bank has officially commenced celebra...
03/01/2026

Dashen Bank Commemorates 30th Anniversary with Series of Events

Jan 3, 2025

Dashen Bank has officially commenced celebrations for its 30th anniversary, marking three decades of operations in Ethiopia's financial sector. The bank announced that a series of commemorative events will unfold over the next three months, beginning on January 1, 2026.

In a message marking the occasion, CEO Asfaw Alemu expressed gratitude to customers, shareholders, employees, and partners. He attributed the bank's success to the vision of its founders and the contributions of its dedicated workforce and board. "Our success is no mere coincidence," Asfaw stated.

Since its establishment with 11 branches, Dashen Bank has grown significantly. The company reports it now operates 906 branches nationwide, serving a customer base exceeding 8 million. Its paid-up capital has grown from 14.9 million birr to 14.3 billion birr.

The bank highlighted its financial performance for the 2024/25 fiscal year, announcing that total assets surpassed 254 billion birr and customer deposits reached 202.2 billion birr. The anniversary celebrations will reflect on the bank's role in modernizing Ethiopia's financial landscape and reaffirm its commitments to customers.

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Ethio Telecom Awards Two Electric Cars, Draws Lottery for Six More Jan 3, 2025Ethio telecom has presented two new elect...
03/01/2026

Ethio Telecom Awards Two Electric Cars, Draws Lottery for Six More

Jan 3, 2025

Ethio telecom has presented two new electric cars to customers in Addis Ababa and Jimma as part of its ongoing 130th-anniversary promotion. According to a company announcement, the awards were made through the "Ethio 130 Mega Promo" and "Ethio 131 Lucky Slot" reward programs.

The telecom operator stated that, including today's winners, it has now awarded a total of six electric cars and 13 three-wheeled vehicles to customers across various cities over the past 65 weeks. The company also reported distributing over 372 smartphones, awarding 40.8 million birr in electronic money to more than 2,000 customers, and providing mobile packages valued at over 127.8 million birr to date.

In a separate event, the company conducted a public lottery draw for the final six electric cars to be awarded under the promotion. The draw was broadcast live on the company's social media channels in the presence of senior management and representatives from the National Lottery Administration. Ethio telecom announced that the winners have been identified and will receive their cars in a future handover event.

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Ethiopia, Ad Hoc Committee of Bondholders Reach Agreement on $1 Billion Eurobond Terms Jan 2, 2025The Ministry of Fina...
02/01/2026

Ethiopia, Ad Hoc Committee of Bondholders Reach Agreement on $1 Billion Eurobond Terms

Jan 2, 2025

The Ministry of Finance has announced it has reached an agreement in principle with an Ad Hoc Committee of international bondholders on the principal financial terms for restructuring the country's $1 billion Eurobond.

The deal, covering the country's 6.625% Notes due in 2024, marks a significant breakthrough following a period of stalled negotiations.

This development comes after a previous round of talks concluded without an agreement in October 2025.

At that time, Ethiopia had proposed terms that included an 18% haircut for investors, which was rejected by bondholders including major firms like VR Capital Group Ltd. and Faralon Capital Europe LLP.

The current agreement in principle, negotiated from December 23, 2025, to January 1, 2026, was reached with a committee representing holders of more than 45% of the notes.

In an official statement, the ministry stated that the terms are consistent with the targets of Ethiopia's International Monetary Fund (IMF) program and adhere to the Comparability of Treatment principle set by Ethiopia's official creditor committee. The terms have been communicated to both the IMF and the official creditor committee for their review and confirmation.

The ministry has committed to working collaboratively with the Ad Hoc Committee to finalize the non-financial terms of the new instruments and to expedite implementation through an exchange offer or consent solicitation as early as possible in 2026.

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Revenue Ministry, CBE Sign Pact to Digitize Tax Collection Jan 2, 2025The Ministry of Revenue and the Commercial Bank o...
02/01/2026

Revenue Ministry, CBE Sign Pact to Digitize Tax Collection

Jan 2, 2025

The Ministry of Revenue and the Commercial Bank of Ethiopia (CBE) have signed an agreement to jointly provide digital services for the collection and administration of income taxes. The pact, signed on January 2, 2026, aims to modernize the tax system and facilitate electronic payments.

According to a statement from the Ministry of Revenue, the agreement was signed by Minister Aynalem Nigusse and CBE Acting President and Senior Vice President for Corporate Services Ephrem Mekuria.

Aynalem stated that the collaboration will leverage the institutions' reform experiences to enhance service delivery, allowing taxpayers to pay taxes electronically without visiting a physical center, thereby saving time and cost.

Ephrem noted that the agreement aligns with the principle of creating a 'Digital Ethiopia'. He indicated that the initiative is designed to establish a secure and simplified electronic payment system for collecting national taxes, contributing to broader development goals.

The ministry expressed its belief that both institutions will continue working to improve technology use and link their activities, establishing a system for easy information exchange to support the new digital tax collection framework.

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CBE Deposits Surpass Two Trillion Birr as Half-Year Mobilization Tops Birr 325 Billion | Jan 02, 2026 The Commercial Ba...
02/01/2026

CBE Deposits Surpass Two Trillion Birr as Half-Year Mobilization Tops Birr 325 Billion

| Jan 02, 2026

The Commercial Bank of Ethiopia (CBE) said its total deposits have surpassed two trillion birr, after mobilizing more than 325 billion birr in the first half of the 2025/26 fiscal year.

In a statement, CBE said the performance was presented during an internal half-year performance review attended by senior management.

Speaking at an internal performance review, Ephrem Mekuria, Representative of the President and Senior Vice President for Corporate Services, said the bank had doubled its deposit base in less than three years, attributing the milestone to the implementation of CBE’s 2030 strategic plan.

Ephrem noted that the performance reflects coordinated efforts across the bank’s regions, districts, and branches, as well as growing customer confidence. He added that the achievement has strengthened the bank’s resolve to improve performance in the second half of the fiscal year, with a target to mobilize 750 billion birr in total deposits by year-end.

CBE Business Vice President Dereje Fufa said the bank’s deposit growth demonstrates sustained capacity expansion, noting that CBE has doubled its operational scale within 34 months despite internal and external challenges.

“The deposits mobilized in just six months indicate that the bank is consistently scaling up its capacity each season,” Dereje said.

Department heads also called for continued coordination across the institution to sustain momentum and achieve higher growth targets in the remaining months of the fiscal year.



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Capital Market Authority Registers Over 3.6 Million Shares for Habesha Breweries Jan 2, 2025The Ethiopian Capital Marke...
02/01/2026

Capital Market Authority Registers Over 3.6 Million Shares for Habesha Breweries

Jan 2, 2025

The Ethiopian Capital Market Authority (ECMA) has officially registered the securities of Habesha Breweries S.C., a significant regulatory milestone as the company progresses toward a planned listing on the Ethiopian Securities Exchange (ESX). According to a public notice issued on December 31, 2025, the authority approved the registration of a total of 3,687,724 shares.

The registration comprises two categories: 3,517,228 shares already held by existing shareholders and an additional 170,496 new shares approved for offer to current shareholders. This fulfills a key requirement of ECMA's Directive No. 1030/2024, mandating that shares of public companies be registered and held in dematerialized form before any public trading.

This step follows a protracted registration process managed by CBE Capital Investment Bank and comes amid shareholder discussions regarding the company's capital strategy. In 2023, shareholders approved a capital increase, leading to the issuance of new shares that allowed dividends to be reinvested, a move that had caused some investor dissatisfaction. The formal registration with ECMA is a prerequisite for resolving these matters through the official capital market channels.

The registration also paves the way for the company's next phase, following its strong 2024 financial performance where revenue grew 28.6% to 7.76 billion birr. The authority's notice explicitly stated that the announcement is for informational purposes only and "shall not be construed as an offer to sell or a solicitation of an offer to buy any securities."

Habesha Breweries is a funded company based in Addis Ababa Ethiopia, founded in 2009. It operates as a Brand of beer. Habesha Breweries has raised an undisclosed amount in funding. The company has 4 active competitors, including 1 that has exited. Its top competitors are Diageo, BGI Ethiopia and Dashen Breweries.

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Ethio-Re Board Approves Record 495.5 Million Birr Dividend Payout Jan 1, 2025The Board of Directors of the Ethiopian ...
01/01/2026

Ethio-Re Board Approves Record 495.5 Million Birr Dividend Payout

Jan 1, 2025

The Board of Directors of the Ethiopian Reinsurance Company (Ethio-Re) has approved a substantial dividend distribution of 495.5 million birr for the 2024/25 fiscal year, to be disbursed to its 139 shareholders. The announcement was made during the company’s 10th Annual General Meeting on December 30, 2025 in Addis Ababa, capping a year of exceptional financial results for the nation's pioneering reinsurer.

The dividend allocation follows the company's declaration of a net profit of 551.7 million birr, itself derived from a robust profit before tax of 616.7 million birr, a 45.3% year-on-year surge. This shareholder return represents a dividend payout ratio of approximately 90% of the annual net profit, underscoring a strong commitment to delivering value directly to investors while retaining capital for regulatory and strategic needs.

The distribution framework will see the 495.5 million birr allocated proportionally among shareholders, which include 7 banks, 17 insurance companies, 114 individual investors, and one labor union. The payout follows the deduction of statutory allocations, including directors’ remuneration and transfers to the legal reserve, from the net profit.

This decision is further supported by Ethio-Re's historic earnings performance, achieving its highest-ever Earnings Per Share (EPS) of 2,619 birr, a 20.4% increase from the previous year's 2,176 birr, translating to an EPS performance rate of 26.19%.

The generous payout aligns with a period of significant growth for the broader Ethiopian insurance sector. According to National Bank of Ethiopia (NBE) data, the industry’s total premium income grew by 45% to 41.2 billion birr in the reviewed period. The sector remains dominated by general insurance, accounting for 93.6% of premiums, while long-term insurance constitutes 6.4%. Total assets of all insurance companies collectively soared by 130% to 85.4 billion birr, highlighting the market's rapid expansion.

The dividend distribution coincides with strategic milestones for Ethio-Re, including the reaffirmation of a B (Fair) Financial Strength Rating from AM Best and the maintenance of a national AA(ET) rating from Global Credit Rating (GCR) for the fourth consecutive year. The company has also progressed in operational modernization through new technology implementations.

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EIH Launches Digital Platform to Report Corruption Jan 1, 2026Ethiopian Investment Holdings (EIH) has launched a new di...
01/01/2026

EIH Launches Digital Platform to Report Corruption

Jan 1, 2026

Ethiopian Investment Holdings (EIH) has launched a new digital platform named 'Adera' to receive confidential reports of corruption and malpractice within its portfolio of state-owned development organizations. The initiative, announced on January 1, 2025, aims to enhance institutional transparency and accountability through technology.

According to the EIH's press release, the platform accessible via website and mobile app allows employees, customers, or any observer to submit reports anonymously and securely. Users can provide feedback not only in writing but also by uploading images, audio files, and documents.

In the announcement, EIH Deputy CEO Habtamu Hamikael stated that corruption "undermines a country's integrity, wastes resources, weakens institutions, and erodes efficiency." He emphasized that the 'Adera' system is designed to prevent such issues by enabling faster information flow and protecting whistleblowers from fear or intimidation. The platform delivers reports directly to relevant departments within seconds, moving away from traditional paper-based systems.

The EIH, established as the strategic investment arm of the Ethiopian government, manages a portfolio of state-owned enterprises. The organization stated that the platform also includes a dashboard for executives to track the number of reports received, investigated, and resolved, aiming to foster greater public trust and shared responsibility in oversight.

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Chemical Industry Corporation, Ethio Engineering Group Form Strategic Partnership Jan 1, 2026The Chemical Industry Corp...
01/01/2026

Chemical Industry Corporation, Ethio Engineering Group Form Strategic Partnership

Jan 1, 2026

The Chemical Industry Corporation (CIC) and the state-owned Ethio Engineering Group (EIG) have signed a long-term strategic partnership agreement.

The memorandum of understanding, signed on December 31, 2025, aims to enhance collaboration on industrial inputs and technology transfer between the two major public enterprises.

In a statement, EIG CEO Shegaw Mulugeta confirmed the group's readiness to supply the chemical corporation with the industrial products it requires, emphasizing quality, timeliness, and competitive pricing.

CIC CEO Hundessa Desalegn (PhD) stated the partnership aligns with the government's mission for the institutions and will contribute to national prosperity.

The agreement formalizes an existing supply relationship, as various products manufactured by EIG's industries are used as inputs for CIC's operations.

Hundessa highlighted EIG's significant potential in terms of machinery and human resources, stressing that coordinated and honest collaboration between the two entities holds great promise for the country.

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M-PESA Ethiopia Reaches 5 90-Day Million Active Users Jan 1, 2026M-PESA Ethiopia has reached 5 million 90-day active cu...
01/01/2026

M-PESA Ethiopia Reaches 5 90-Day Million Active Users

Jan 1, 2026

M-PESA Ethiopia has reached 5 million 90-day active customers, signaling rapid adoption of digital financial services in the country. The platform doubled its growth rate over the last three months, driven by expanding merchant networks and user adoption.

Since its launch in August 2023, M-PESA has built a network of 50,000 merchants nationwide, offering services such as money transfers, bill and utility payments, and merchant payments with transaction fees capped at a maximum of 5 birr, according to M-PESA. The platform is interoperable, integrated with 18 banks and the national payment switch EthSwitch

Beyond payments, M-PESA's digital credit service, Errif Be M-PESA, has registered 1.6 million users. The platform also supports school and water utility payments in several cities, with plans to expand to Addis Ababa soon.

Through its open API portal, over 2,500 developers have registered, building more than 900 applications to support local innovation.

In a press statement, the company said the growth reflects its commitment to advancing Ethiopia’s national digital strategies, fully aligned with the Digital Ethiopia 2030 strategy and the principles of the National Digital Payment Strategy (NDPS 2.0).

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Siinqe Investment Bank Becomes Ethiopia's Fifth Licensed Investment Bank Dec 31, 2025The Ethiopian Capital Market Autho...
31/12/2025

Siinqe Investment Bank Becomes Ethiopia's Fifth Licensed Investment Bank

Dec 31, 2025

The Ethiopian Capital Market Authority (ECMA) has granted a capital market business license to Siinqe Investment Bank, officially licensing the company as an investment bank.

The license, issued on December 31, 2025, brings the total number of licensed market intermediaries in the country to fifteen. Siinqe Investment Bank becomes the fifth firm to join the investment banking sector, alongside existing players Awash Capital, CBE Capital Investment Bank, Wegagen Capital Investment Bank, and First Addis Investment Bank.

In a statement, Siinqe Investment Bank said it is ready to play a major role in the development of the country's growing capital market, strengthen the securities market, and support sustainable economic growth. The bank, a sister company of Sinqe Bank, will provide services including experience-based advisory and capital raising support for institutions.

The broader capital market ecosystem includes two licensed securities dealers and eight licensed investment advisory firms.

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