Welcome to the Shega Weekly where we bring you the latest updates on the startup space in Ethiopia.
In this edition, we have a range of updates for you. We start off with Apollo, a new digital banking service by the Bank of Abyssinia, whose launch was halted by regulators at the central bank.
For aspiring entrepreneurs in Ethiopia, we have exciting news from Tokyo-based venture capital firm Inclusion Japan (ICJ) and early-stage startup investor Kazana Fund who announced a $100 million fund for Ethiopian startups. And for those interested in the e-commerce sector in Ethiopia, we have an article on how verified sellers can help build trust and accountability in the industry.
We also have news on the completion of a study by the German Development Agency (GIZ) that aimed at strengthening institutional capacity in Ethiopia to create a conducive environment for startups
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Central Bank Blocks Launch of Bank of Abyssinia’s “Apollo” Digital Banking Service
Bank of Abyssinia’s (BoA) planned launch of “Apollo”, a new digital banking service, was halted by regulators at the central bank due to a lack of permits for depositors’ online self-registration and electronic authentications.
According to Fortune Newspaper, despite having thousands of registered customers and 10,000 app downloads, BoA had to cancel the launch and await approval from the central bank. Read more.
Japanese VC, Kazana to Invest $100 million in Ethiopian Startups
Tokyo-based venture capital firm Inclusion Japan (ICJ) and early-stage startup investor Kazana Fund are set to fund Ethiopian startups, allocating $100 million for the initiative. Local startups with pitch-ready ideas can apply for the opportunity to secure capital funds, ranging from $100,000 to $500,000 at an exclusive event. Read more.
GIZ Completes Study on Strengthening Institutional Capacity for Startups in Ethiopia
The German Development Agency (GIZ) has completed a study aimed at strengthening institutional capacity in Ethiopia to create a conducive environment for startups and has submitted its findings to the Ministry of Innovation and Technology (MinT). The study highlighted the need for changes in management, knowledge, and firm practices, as well as improvements in services to ease doing business. Read more.
Former Ethio Telecom CEO Takes Helm at Tele Mobile South Sudan
Andualem Admassie, Ph.D., former CEO of Ethio Telecom, was appointed as the new CEO of Tele Mobile South Sudan (TMSS), the fourth largest provider of mobile communication services in South Sudan. The appointment comes after Ethio Telecom signed a strategic partnership agreement with TMSS to work together in various areas of telecom infrastructure and services. Read more.