Browsing: Ethiopia

remittances to Ethiopia
  • Cash transfer service M-PESA is eyeing a chunk of the remittances to Ethiopia which are estimated at $5 billion annually.
  • Last year, the World Bank stated that the remittances flow to countries in sub-Saharan Africa reached $54 billion.
  • Through a new M-PESA-Onafriq agreement, friends and relatives from 40 countries will now be able to send money directly to Safaricom Ethiopia M-PESA subscribers.

Safaricom Ethiopia is betting on remittances to grow cash transfer service M-PESA uptake in Ethiopia following an agreement with one of Africa’s largest digital payments network Onafriq. Through the deal, friends and relatives from 40 countries where Onafriq has a presence will now be able to send money directly to M-PESA subscribers in Africa’s second most populous country.

Through the agreement, individuals within Ethiopia will receive remittances from different parts of the world through M-PESA, based on the authorisation received from the National Bank of Ethiopia to start …

Africa debt crisis
  • As national debts grow, many African countries find themselves spending more on debt than on health.
  • IMF says the debt ratio in Sub-Saharan Africa surged to 60% from 30% of the countries’ GDP between 2013 and December 2022.
  • Kenya is for instance using nearly 60% of its annual revenues on paying debt obligations.

As the Africa debt crisis roils, over half of the countries have found themselves spending more money in servicing their loan obligations than even the amount they have budgeted for health services to their citizens.

This unfolding scenario is further burdening millions of their citizens who have little choice but to shoulder heavy tax burdens to settle mountains of debt.

Prof Danny Bradlow, a Senior Research Fellow at the Centre for the Advancement of Scholarship in Pretoria, South Africa, captures the dire situation, stating: “over the  last three years (2019/22), more than 25 African governments allocated …

Borana region
  • Borana region is home to an estimated 1.2 million people, half of whom are women.
  • These communities rely heavily on pastoralism for their livelihoods, making them particularly vulnerable to the impacts of climate change.
  • In March 2023, over 3.3 million livestock perished due to lack of water, leaving more than 67,000 households without means of economic support.

For decades, millions of people in Ethiopia’s Borana region have borne the brunt of the loss of livelihoods as climate change-induced disasters cause the death of their livestock, leaving them vulnerable to economic difficulties.

This story is, however, set to change following the African Development Fund’s $46.02 million grant to the Borana region to improve water access and sanitation in the area.

This funding, designated for Phase 2 of the Borana Resilient Water Development for Improved Livelihoods Program, is a vital investment in the well-being and future of the region’s pastoral communities.…

education systems AI in Africa
  • Artificial Intelligence (AI) plays a crucial role in Africa’s socio-economic and political development.
  • Currently, tech giant Google is funding the deployment of AI in Africa.
  • Google is exploring how AI can address poverty, hunger, and disease in Sub-Saharan Africa.

The Executive Council of the African Union (AU) has resolved that education systems provide the basis for building a strong foundation for Africa’s future, with the powblack friday wig sale custom sublimated hockey jerseys durex intense vibrations ring custom nfl football jerseys custom nfl football jerseys johnny manziel jersey deuce vaughn jersey brock purdy jersey custom maple leafs jersey custom youth hockey jerseys brock purdy jersey fsu football jersey nike air max 90 futura brock bowers jersey blundstone uomo er of Artificial Intelligence (AI) taking center stage.

The resolution was reached at the 44th Ordinary Session held in Addis Ababa from Valentine’s Day through to February 15, 2024.

This meeting …

  • Registered customers for M-Pesa Ethiopia rose to 3.1 million from 1.2 million as of half the Financial Year 2023/2024, transacting worth $115.63 million.
  • Ethiopia’s National Financial Inclusion Strategy 2021–2025 aims to increase financial inclusion from 45 to 70 per cent of all adults by 2025, partly by scaling digital payments through mobile money services.
  • The country also aims to increase the use of digital payments from 20 per cent of all adults in 2020 to 49 per cent by 2025.

Revenue growth for M-Pesa Ethiopia

Safaricom’s M-Pesa in Ethiopia reported revenue returns of $277,139.43 over the nine months ending in December 2023.

Following its August 2023 launch, the operations generated $45,000 over the first four months, with further commitment to grow the numbers.

Registered customers for M-Pesa Ethiopia rose to 3.1 million from 1.2 million as of half the Financial Year 2023/2024, transacting worth $115.63 million.

However, the opportunity for …

horticulture production horticulture sector
  • Tanzania Agricultural and Horticulture Association (TAHA) is leading sector revival.
  • The global horticulture market is projected to reach US$40.24 billion by 2026.
  • The Tanzanian horticulture industry has the potential to earn US$3 billion per annum.

The fresh produce market is projected to reach US$40.24 billion by 2026 growing at an annual rate of 10.2 percent and Tanzania is angling for a pie of these billions from its horticulture sector.

These statistics by Global Market Estimates (GME) show that the global horticulture market averages US$20.77 billion in 2021 and is growing rapidly.

However, African countries such as Tanzania, which has enormous agricultural production potential still lag behind and only get to enjoy a small percentage of the over US$30 billion horticulture market.

“We believe, when we ensure access to information and knowledge including the adoption of appropriate technologies, market access, and advocating for business enabling environment, there is a potential of

Kenya's Electricity Imports
  • Kenya’s electricity imports from its neighbours have more than doubled
  • For years, Ethiopia has supplanted Uganda from position one, Kenya’s top source of power imports.
  • The East African nation has revealed that it needs $5.3 billion to overhaul power transmission lines and forestall frequent blackouts.

Kenya’s electricity imports from its neighbours have more than doubled in the past year amid increased demand and a slower pace of investment in energy infrastructure.

Data by the Kenya National Bureau of Statistics (KNBS) said the country imported 706.9 million kWh of electricity from Ethiopia and Uganda in the first 11 months of 2023, up from 288.27 million kWh in a similar period in 2022.

The bulk of the power imports — 546.5 million kWh — were sourced from Ethiopia during the period, according to KNBS, with the country emerging as Kenya’s biggest electricity supplier in the region. Ethiopia has supplanted Uganda from the …

social bond
  • An ongoing diplomatic row in Addis Ababa has prompted the AfDB to withdraw its international expatriates from Ethiopia.
  • At the same time, fears of a possible shift of the African Union’s (AU) headquarters from Addis Ababa to Nairobi have been voiced in response to the worsening political situation and growing violence in Ethiopia.
  • The current scenario in Ethiopia presents significant obstacles for international organizations that operate within the country. 

Circumstances surrounding the AfDB’s withdrawal from Ethiopia

A roiling diplomatic crisis pitting the African Development Bank (AfDB) against authorities in Addis Ababa—the seat of the African Union—has prompted the pan-African lender to relocate its international personnel from Ethiopia in a huff. This hasty decision announced on Wednesday comes months after Ethiopian security forces reportedly mistreated two AfDB staff members in Addis Ababa on October 31, 2023.

Under the direction of a newly designated Officer-in-Charge, the Bank’s Ethiopian office will continue to …

Fitch Ratings
  • In a body blow, Fitch Ratings has moved Ethiopia’s rating from “CC,” where it had been downgraded in November, to the new status of “C”.
  • This adjustment reflects the agency’s deepening concerns about Ethiopia’s economic health and the rising risk of default following a missed interest payment on 11 December.
  • A further severe downgrade by Fitch Ratings to ‘restricted default’ (RD) looms if Ethiopia fails to make the coupon payment within the set 14-day grace period.

Fitch Ratings agency has served Ethiopia’s economy a gut punch by further downgrading Ethiopia’s credit rating into junk territory, expressing concerns about the “increased likelihood” of default by the second most populous country in Africa.

This economic setback for Ethiopia, home to approximately 120 million people, comes as a result of the country’s failure to meet its financial obligations to creditors. Specifically, Ethiopia was unable to pay a coupon on its single …

Bluewave insurance
  • Kenya’s Bluewave Insurance Agency has announced plans to raise $6 million to expand into five new African markets to increase insurance penetration in markets characterized by low uptake.
  • Company Founder and CEO Adelaide Odhiambo says the investment would be raised over the next three years.
  • The insurer is partnering with Mobile Network Operators and banks to distribute affordable micro-insurance products, with plans to enter Uganda, Nigeria, Ethiopia, Malawi, DRC, Tanzania, Rwanda, and Zambia.

Kenya’s Bluewave Insurance Agency has announced plans to raise $6 million as the firm seeks to expand into five new African markets, aiming to increase insurance penetration in regions characterized by low uptake. Adelaide Odhiambo, Founder and CEO of Bluewave Insurance Agency, stated that the investment would be raised over the next three years to support the expansion plans.

Bluewave Insurance Agency’s new target markets

The company has forged partnerships with large aggregators, specifically Mobile Network Operators …