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Welcome to Shega Weekly, your source for the latest updates on Ethiopia’s thriving innovation ecosystem.

In this issue, we explore the concerning rise in cyberattacks targeting Ethiopia. We also bring you news about SantimPay, a local fintech company rising in the payment solutions landscape. Additionally, we highlight two significant announcements that have brought Addis Ababa into the spotlight. Stay tuned for all the details and updates in this edition.

Ethiopia Facing Alarming Surge in Cyber Attacks, Reports Kaspersky Global Research

According to the Kaspersky Global Research & Analysis Team, Ethiopia is emerging as a significant hub for cyber attackers. A recent data analysis by the global cybersecurity company revealed that in 2023, Ethiopia experienced approximately 18,000 attacks and 30,000 instances of ransomware.

While some of these attacks originated from the region, others had a global source, reports Capital Newspaper Read more.

Rising Ethiopian Fintech Startup SantimPay Processes 13 Million Br Daily

Payment solutions provider SantimPay Financial Technologies has revealed that its online payment gateway is processing an average of 13 million birr ($240,000) in transactions per day. Read more.

Addis Ababa to host Global Startup Awards Africa Summit

Addis Ababa has been chosen as the host city for the forthcoming Global Startup Awards (GSA) Africa Summit, scheduled for October 2023. The event, organized by the Global Innovation Initiative Group (GIIG) and Entrepreneurship Development Institute (EDI), aims to bring together the African startup ecosystem and honor the outstanding accomplishments of startups, entrepreneurs, and innovators throughout the continent. Read more.

Application for Mesirat Entrepreneurship Program Opens

Is your startup focused on supporting gig work? If so, Mesirat is here to back you up. Mesirat, a partnership between the Mastercard Foundation, Gebeya Inc., and its consortium partners, is inviting applications for the Mesirat Entrepreneurship Program. Read more.

Safaricom Ethiopia Secures $157.4M Investment from IFC

The International Finance Corporation (IFC), the private investment arm of the World Bank Group, has announced an equity investment of $157.4 million (8.5 billion birr) in Safaricom Ethiopia. Read More.

Ethio Telecom, Addis Ababa City Administration Kick-Start Smart City Project

Ethio Telecom has signed a strategic memorandum of understanding with the Addis Ababa City Administration to support the realization of Addis Ababa’s smart city initiative by deploying a wide area network.  Read More.

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