On November 21, 2019 over 400 fintechs, regulators, investors, and financial service executives from across 30 countries and 4 continents convened at the Sheraton Addis in Ethiopia for the 4th Africa Fintech Summit (AFTS). This is a significant milestone in Ethiopia as the country seeks to liberalize its telecommunications sector, improve the ease of making financial transactions, and transition to a digital economy. AFTS featured a wide range of fintech stakeholders, including Ethiopia’s Minister of Innovation of Technology, Getahun Mekuria, who laid out his plan for “coming out of the woods of protectionism” and how Africa as a whole is committing “a trillion dollar mistake by not harnessing technology”. The Vice Governor for the National Bank of Ethiopia, Eyob Gebre Eyesus, further emphasized the relevance of AFTS by indicating that “the role of fintechs is now to awaken the sleeping giant, that is, Ethiopia.”
The diversity of companies and countries represented at AFTS Addis reflects the rising interest of global fintechs, banks, and investors in Ethiopia, Africa’s second most populous nation and fastest growing economy. Ethiopian organizations led the pack, followed by the USA, Kenya, Nigeria, and the Democratic Republic of the Congo. In addition to Africa-focused fintechs like Apposit, Flutterwave, WorldRemit, and Zeepay, there was representation from numerous multinational organizations, including Microsoft, IBM, Citibank, Ecobank, KCB Group, and TDB. Although foreign participation in the Ethiopian economy has been highly limited to date, many of the international players represented at AFTS are establishing or growing their market presence in light of the current administration’s historic reform agenda, which includes liberalization of the financial services and telecommunications sectors.
Fintech Summit Sheds Light on Ethiopia Market Opportunity
Calling for Coordinated Actions towards the Sustainable Management of the Desert Locust
Following the invasion of Desert Locust swarms earlier this year in Eastern Africa that has now become an urgent crisis, the Food and Agriculture Organization of the United Nations (FAO) Desert Locust Control Committee (DLCC) held its 41st Session Meeting in Addis Ababa, Ethiopia, from 11 to 13 December 2019.
In opening remarks, Sani Redi, state minister for agriculture of the Federal Republic of Ethiopia pointed out that the current situation of locust in Ethiopia was very serious, with its invasion reported and detected in five administrative regions and one town administration. “The 41st session DLCC meeting is held at a time when we are experiencing serious threats from the Desert Locust.” He further added “the international meeting can help in putting together the way forward on how we can beef up our efforts to prevent cyclical multiplication of the Desert Locust in trillions and cause economic damage to locust prone countries including Ethiopia”
On behalf of the FAO Director-General, Fatouma Seid, FAO Representative to Ethiopia, observed that the 41st Session of the DLCC had an added importance this year because it coincided with the most serious Desert Locust situation that the region had faced in the past 25 years. Seid added, “The current Desert Locust situation has exposed the capacity challenges of the countries in the region which need to be enhanced from the current levels in order to manage and control future threats from Desert Locust without causing serious economic damage at the micro- and macroeconomic levels. This is because Desert Locust control is like fighting a war – it relies on precise information, good preparation, organization, and implementation with sufficient resources and coordination.”
