The first fully flagged digital Bank, Afro Bank S.C under establishment and that comprises of seasoned bankers and entrepreneurs, is coming to join the ever growing banking sector.
The bank was established on the sole of becoming a game changer in the financial industry, and set new trends in untouched areas by delivering modern-banking options deeply connected to the customer experience and fulfilled through exceptional service and technology.
“The primary objective of Afro Bank is to introduce simple and modern banking services. The Bank envisions providing unique financial solutions and best value for money to its customers,” highlighted the organizing committee of the bank.
“The name Afro reflects black pride, and Ethiopia, as the hub of Pan-Africanism, is the pride of Africa,” said the organizing committee. In line with this, Ethiopia being the host of the African Union, meeting one of its goals of “Achieving greater unity and solidarity between African countries and their people is crucial, they emphasized. Thus, Afro Bank’s long term vision is to serve a thriving Africa and to be a bank for all Africans, by Africans.
By combining professional talents and modern technologies, Afro plans to create unique banking environment for its customers by implementing strategy which mainly focuses on offers leaner and simpler banking and digital banking, since the banking landscape is also changing as customers’ behavior evolves and technology advances.
On matters shares, seven hundred and fifty thousand registered ordinary shares are floated for public subscription. The par value of each share is Birr 1,000 and the offering price per share is Birr 1,000.
The minimum subscription allowed for shares of Afro Bank S.C is 100 shares or Birr 100,000. The maximum is 5% of the capital floated for subscription, as per the Banking Proclamation of Ethiopia. There is a service charge of 3% per subscribed share.
“Afro Bank intends to create a positive impact on the society by addressing financial literacy, promoting financial inclusion and creating economic opportunity,” according to the organizing committee.
Currently there are 17 existing commercial banks 15 private and 2 government banks and dozens of upcoming new banks.
Combing through digital banking: The Afro bank review
Empowering women to end poverty: The Women’s Voices and Leadership project
Plan international Ethiopia and Canada and the Women Organizations /WO/ collective, through the support of global affairs Canada (GAC) has launched a five year initiative (arch 2019 to march 2024) focused on Women voice and leadership.
The project is part of a global initiative launched by GAC under the feminist international assistance policy (FIAP) which has an explicit focus on strengthening and supporting women’s organizations (WOs) and movements that advance women’s rights, gender equality, and the empowerment of women and girls, while also supporting evidence-based advocacy and program delivery for gender equality.
The project will reach over 100 WOs across four regions of Ethiopia (Amhara, Addis Ababa, Oromia, and southern Nations, Nationalities and peoples’ Region (SNNPR)).
The initiative aims to support WOs with the capacity, resources, and opportunity to realize their mission and vision, address their organizational challenges, promote efficiencies in programming, and create a platform for coordinated advocacy and networking.
The ultimate outcome of WVL-Ethiopia is increased achievement of gender equality and the empowerment of women and girls. In order to achieve its ultimate objective, WVL-Ethiopia aims to improve management and sustainability of women’s organizations advancing gender equality and the empowerment of women and girls in Ethiopia. Moreover, it aims to enhance performance of programming and advocacy of women’s organizations advancing gender equality and Increase effectiveness of national and sub-national women’s platforms. It further aims to recognize the restrictive funding environment forced by WOs and 
evidence that WOs are key drivers of delivering women’s human right and gender justice.
Global affairs Canada launched the initiative as part of Canada’s Feminist International Assistance Policy which is founded on the premise that gender equality is one of the most effective ways to eradicate poverty.
Plan International Ethiopia and Plan International Canada partnered with Global Affairs Canada on this innovative and feminist program to specifically lead the WVL-Ethiopia project in partnership with four women organizations (WOs).
ECX reaps big in the first half fiscal year
Ethiopian Commodity Exchange /ECX/ grabs 19.8 billion birr revenue and 119 million birr in profit in the first half of the current fiscal year. During the half, ECX also launched its forth electronics market center at Gonder in Amhara region meanwhile it is building two new electronic market centers at Adama and Jimma.
In the last six month, the commodity exchange center has sold 320,000 tons of commodities worth 19.8 billion, which is 99 percent of the target in terms of volume and 111 percent in Value from the targeted 323,694 ton commodity.
When it compares to last year same period the number has shown 5 percent decline in volume and 13 percent in value. The conflict break out in the northern part of the country where oil seeds are highly produced has disrupted farmers and producers to supply their products, also contraband trading has been a challenge facing the commodity trading according to the CEO, Wendmagegnew Negera.
“Increasing of the international commodity price has played a role to the increase of the revenue than expected,” said the CEO explaining how ECX grabbed 119 million profits in the last six month.
ECX has been working aggressively to fill the gap on the oilseed trade disrupted by the conflict break out in the Tigray regional state. “At the time of the conflict ECX has facilitated optional branches to farmers to provide their production at Abrehajira and Gonder branches. “Even if it is a peak season for trading oil seeds, the instability has not affected the trading that much,” the CEO stated.
From the 320,000 tons of commodity sesame has taken the majority share of 140,000 tons which is 122 percent of the plan which was 115,000 tons. In the special marketing window for agro-processing industries launched on October 2020, ECX has also traded 10,592 tons of soya beans by 198 million birr. Although as Wendmagegnehu said the volume of coffee has shown decline from previous times. Therefore Ethiopia’s oilseed sector plays an important role in generating foreign exchange earnings. The three major oilseed crops (sesame, soybean, and Niger seed) contribute to nearly 20 percent of Ethiopia’s total agricultural export earnings, second only to coffee.
ECX has three electronic market center at Hawassa, Humera, and Nekemte and next week it will launch its forth at Gonder. Furthermore, it is building two new branches at Mizan Tefferi and Tepi. It will be launching two new warehouses in Bule Hora and Metu. ECX has also done a feasibility study to start trading nine more products, including cotton, spices and pulses. With the addition of bean sprouts and white pigeons, the number of commodities on the market shall increases to 12 items. In particular, the pickled bean sprouts include red, white, gray, cream, yellow, and black beans
In the last six months ECX also trained 698 traders in e-commerce and e-bidding and received certificates. – Training was also been provided to 517 stakeholders and professionals in various woredas and cities on product quality rating.
“In new and emerging e-commerce centers, we are making extensive use of the system to enable farmers and suppliers to sell their products directly without being a member of the Commodity Exchange,” ECX elaborated.
Recently Enat and Zemen banks also joined the ECX transaction to enable farmers and suppliers implement modern farming, allowing ECX to working with all commercial banks in the country. Currently ECX has 23 branches that have warehouses for receiving and delivering of agriculture products. Similarly, feasibility study has been undergone to open branches at Shakiso, Bahirdar and Kelem –welega.
In the payment process 379 million birr, two percent withholding tax and 30 million VAT has also been collected. ECX plans to trade 784 thousand tons of produce this fiscal year.
Korea in Ethiopia provided 100,000 masks to the Ethiopian Korean War Veterans”
On Friday, January 29, the Embassy of the Republic of Korea delivered a total of 100,000 masks to the Ethiopian Korean War Veteran Association, in an effort to prevent the spread of COVID-19 amongst the Ethiopian Korean War Veterans and their families. This was the second donation of masks by the ROK Ministry of Patriots and Veteran Affairs to the war veterans following the first donation in May, 2020.
In this ceremony, Kang Seokhee, the ROK Ambassador to Ethiopia delivered a message from the ROK Prime Minister, Chung Sye-kyun. According to his message, “Korea will continue to remember and honor all the UN veterans of the Korean War for their sacrifice. As a way to make a return for the sacrifice and contribution, Korea is sending you masks again. As we got together to overcome difficulties seventy years ago, we will be able to overcome the current COVID-19 crisis if we stand together.”
