Ethiopian Business Review

Veteran US Diplomat With Ethiopia Experience Appointed Deputy Chief of Mission in Somalia #EBR_News Aug 17, 2026 Ruth Anne Stevens-Klitz, a career member of the United States Senior Foreign Service with over 25 years of diplomatic experience across Africa, the Middle East, and Europe, has assumed duties as Deputy Chief of Mission at the US Embassy in Mogadishu, Somalia, in August 2026. The appointment was announced by the US Embassy Somalia. According to the embassy, Ruth Anne most recently served as Counsellor for Public Affairs at the US Embassy to Senegal and Guinea-Bissau. Her previous postings include Ethiopia, Egypt, Morocco, Germany, Israel, and Armenia, alongside multiple assignments in Washington. Her prior service in Ethiopia gives her direct familiarity with the Horn of Africa's political and diplomatic landscape at a moment when US engagement in the region spanning Somalia's ongoing security transition, Ethiopia-Somalia relations, and the broader IGAD neighborhood carries significant strategic weight. Throughout her career, the embassy said, Ruth Anne has focused on building partnerships with host governments, international and private sector partners, and civil society organizations, with a particular emphasis on youth engagement, media freedom, economic opportunity, and the preservation of cultural heritage. On the academic side, Ruth Anne holds a Bachelor of Science in Foreign Service from Georgetown University and a Master of Strategic Studies from the US Army War College, where her thesis examined public policies affecting societal resilience to information manipulation. She speaks French and German. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

CBE Deploys AI to Assess Transaction Fraud Risk in Real Time #EBR_News Aug 17, 2026 Commercial Bank of Ethiopia (CBE) is deploying artificial intelligence to assess the fraud risk of transactions in real time, as the bank strengthens its cybersecurity systems under a Zero Trust security model. The strategy was presented by Seyom Damtew, Vice President for Information System Security at CBE, during the 29th Connected Banking Summit and Innovation and Excellence Awards 2026 held in Addis Ababa last week on Wednesday. According to the presentation, CBE’s AI-powered fraud management system uses behavioral analytics to identify customers’ normal transaction patterns and detect unusual activity. Transactions are assigned risk scores, allowing the system to hold, block or trigger additional verification when potential fraud is detected. The system is designed to identify threats including account takeovers, mule accounts used to transfer stolen funds and organized fraud networks. The AI models are continuously retrained as fraud patterns change, while detected cases are prioritized for the bank’s fraud investigation teams. CBE is also using Runtime Application Self-Protection (RASP) within its mobile banking application to detect threats originating from customers’ devices. The system can identify risks including malware, rooted or jailbroken devices, screen-overlay attacks and other forms of application tampering, with suspicious transactions blocked when a threat is detected. The measures form part of CBE’s move towards a Zero Trust security model, under which users, devices, applications and network connections are continuously verified rather than automatically trusted because they are operating within the bank’s network. The bank’s security framework includes multi-factor authentication for critical systems, centralized identity and access management, and controls over privileged system credentials. CBE also requires servers to meet defined security standards before entering production, including vulnerability checks, patch compliance and other security controls. The framework extends to third-party suppliers and system integrations. According to the presentation, vendors and technology engagements must undergo security clearance, risk assessment, architecture review and data-flow analysis before approval. The bank is also monitoring data moving into and out of its network through approved gateways, with encryption and data-classification controls applied to communications. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Ethiopia's Insurance Penetration is Lower Today Than When the Market Was Privatized in 1991 #EBR_News Aug 17, 2026 When Ethiopia's EPRDF government allowed private insurers back into the market in 1991, the expectation was that competition would deepen the sector. Thirty-five years later, the data tells a different story. Insurance penetration premiums as a share of GDP stood at 0.56% in 1991, according to World Bank records. By 2026, the National Bank of Ethiopia reports that figure at approximately 0.27%, according to a historical analysis compiled by Fikru Tsegaye Wordofa (PhD), Executive Officer for Strategy and Business Development at Ethio Re, and presented at Skylight Hotel in Addis Ababa last week. The finding directly challenges a widespread assumption: that opening a market to private players automatically deepens it. According to the analysis, Ethiopia has added insurers, brokers and products since liberalization yet the sector has lost ground relative to the economy. The presentation attributed this to structural gaps that private competition alone cannot close: low financial literacy, limited product innovation, shallow digital distribution, and the absence of an independent regulatory framework with a development mandate. The numbers illustrate the problem concretely. Ethiopia today has 19 licensed insurers generating a total gross written premium of approximately 54 billion birr (USD 334 million) less than 0.45% of Africa's insurance market and below 0.03% of the global total, according to AIO and Swiss Re data. Life insurance, a standard measure of market maturity, accounts for just 6.9% of Ethiopia's total premiums. In Kenya a market that liberalized under stronger regulatory conditions life insurance makes up over 50%. The presentation drew on comparative experience from India, China, Kenya and Morocco to argue that liberalization must be accompanied by an independent regulator, real competition, adequate capital, product innovation and consumer confidence. Without all five conditions, market opening produces insurer proliferation without meaningful penetration growth. According to the analysis, India's post-1999 experience where penetration grew from 1.93% to 4.2% after insurers multiplied from 7 to 67 demonstrates what structured liberalization with regulatory independence can achieve. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

US Ends TPS for Somalia and South Sudan, While Ethiopia’s Termination Remains Blocked #EBR_News Aug 17, 2026 A United States federal judge in Massachusetts has blocked the termination of Temporary Protected Status for Ethiopian nationals living in the US, halting a move that would have stripped thousands of Ethiopians of the right to live and work legally in the country, even as the Trump administration successfully ended the same protections for nationals of Somalia and South Sudan this month. Legit ng reported the development on Sunday, citing alerts published by the US Citizenship and Immigration Services on August 14, 2026. According to Legit, the stay on Ethiopia's TPS termination was issued in January 2026 while the US government considered its next steps, leaving Ethiopian beneficiaries in a legal grey zone protected for now by court order, but with no certainty about what follows once the government responds to the ruling. The USCIS alerts did not specify how many Ethiopian nationals currently hold TPS protection in the United States. The broader context is a sweeping rollback of the humanitarian immigration programme under President Donald Trump. Legit reported that the terminations were authorized by former Secretary of Homeland Security Kristi Noem, who determined that the affected countries no longer met the statutory conditions for TPS designation. Somalia's TPS ended effective August 14, 2026, while South Sudan's ended August 7. Cameroon is also among the African countries whose TPS has been terminated, alongside nine others globally including Haiti, Syria, Yemen, Afghanistan, Venezuela, and Myanmar bringing the total list of terminated designations to twelve countries. TPS is a humanitarian protection that allows nationals of designated countries already living in the US to remain and work legally when conditions at home including armed conflict, environmental disasters, or other extraordinary circumstances make safe return dangerous. According to Legit, TPS holders are protected from deportation and can obtain employment authorization, but the status does not lead to permanent residency or confer any other immigration classification. Its termination does not automatically trigger deportation, as affected individuals may hold separate immigration status or qualify for other forms of legal protection. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Partner Content | Kuriftu Resorts launches its Pan-African Tourism Roadshow in Nairobi, Kenya. #EthiopianBusinessReview #KuriftuResorts #IntraAfricanTourism #TourismEconomics #Hospitality #Nairobi #Ethiopia #EastAfricaBusiness Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Ethiopian Aviation Executive Aman Wole Gurmu Appointed CEO of Zambia Airways,Third Ethiopian to Lead the National Carrier #EBR_News Aug 15, 2026 Zambia Airways has appointed Aman Wole Gurmu as its Chief Executive Officer, effective 1 August 2026, the airline announced from Lusaka on 6 August. Aman joins the carrier directly from the Ethiopian Airlines Group, where he built over 19 years of experience spanning airline leadership, commercial strategy, sales, market development, and strategic partnerships across Africa, Europe, and Asia. According to the statement released by Zambia Airways' Board of Directors, Aman's career includes serving as Regional Director for Mainland China and Mongolia, Regional Director for France and the Maghreb, Area Manager for Zambia, and Director of Sales in Addis Ababa. His familiarity with the Zambian market having previously served as Area Manager there makes him a particularly known figure in the country he now leads the national carrier for. Board Chairperson Jomo Matululu welcomed the appointment and expressed confidence in the new CEO's direction. "This appointment reflects the Board's commitment to strong leadership and our vision of building a competitive, safe, customer-focused and market-driven airline that connects Zambia to regional and global opportunities," Matululu said in the statement. Commenting on his appointment, Aman said: "It is a great honour to lead Zambia Airways at this important stage of its journey. Together with our Board, employees, Government, regulators and stakeholders, we will continue building a safe, reliable and customer-focused national airline that reflects the pride and aspirations of the Zambian people." He identified safety standards, operational excellence, people investment, strategic partnerships, and customer service as his immediate priorities. Aman is the third consecutive Ethiopian to lead Zambia Airways since it resumed operations in December 2021. Asrat Jiru served as the airline's first CEO under a five-year mandate granted to the Ethiopian Airlines Group to nominate the initial chief executive. Thomas Gabreyohannes Woldesenbet succeeded him from April 2024, and now Aman takes over the role. The pattern reflects the broader influence of the Ethiopian Airlines Group, which has become a significant source of aviation leadership talent across the continent. Aman's appointment adds to a growing list of Ethiopian aviation executives leading African carriers. Tewolde Gebremariam has been newly appointed CEO of Air India; Esayas Woldemariam Hailu leads ASKY Airlines in Togo; Mesfin Biru Weldegeorgis serves as Director General of Air Congo in the DRC; Solomon Bekele heads Malawi Airlines; and Girma Wake has served as Interim CEO and Consultant at Uganda Airlines. The pattern underscores how Ethiopian Airlines' training and management pipeline has become a continental resource, placing its alumni in the cockpits of national carriers from West Africa to Southern Africa to South Asia. Zambia Airways currently operates regional routes to Dar es Salaam, Harare, Johannesburg, and Nairobi, alongside domestic services covering Lusaka, Ndola, Livingstone, and Solwezi. Whether Aman can leverage his network development experience to expand that footprint further will be closely watched by the regional aviation industry. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Ministry Sets $13.4 Billion Export Revenue Target for 2026/27 #EBR_News Aug 14, 2026 The Ministry of Trade and Regional Integration has set a USD 13.4 billion export revenue target for the 2026/27 fiscal year, following exports of more than USD 11.2 billion in the previous fiscal year. The target was discussed during a meeting between Trade and Regional Integration Minister Kassahun Gofe (PhD) and exporters on the performance of the 2025/26 fiscal year and priorities for the new fiscal year, according to the Ministry. The Ministry said Ethiopia's export trade generated more than USD 11.2 billion during 2025/26, reaching 119.14% of the initial target. Kassahun said the export sector had played an important role in supporting macroeconomic stability during the fiscal year and expressed the Ministry's commitment to promoting Ethiopian products in international markets. To achieve the new target, the Ministry and exporters agreed to work together to address operational challenges affecting export businesses. The Ministry also pledged to support exporters and create a more enabling environment for export activity. The Ministry identified several priorities for the 2026/27 export programme, including improving competitiveness through value addition and quality, expanding into new international markets while strengthening existing destinations, and using digital and data-driven systems to improve export trade management. The Ministry said the discussion strengthened engagement between the government and exporters and provided a platform to coordinate efforts toward achieving the 2026/27 export revenue target. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

Ethiopia Has 157 Million Mobile Money Accounts But Less Than 15% Are Active, NBE Admits #EBR_News Aug 14, 2026 Ethiopia has 157 million registered mobile money accounts, but less than 15% of accounts across the country’s digital financial channels are active, according to the National Bank of Ethiopia (NBE). Solomon Damtew Metaferia, Director of the Banking and Payment Systems Directorate at the NBE, disclosed the figures while speaking at the 29th Connected Banking Summit and Innovation and Excellence Awards 2026 in Addis Ababa on Wednesday. Solomon said activation rates vary across digital financial channels, with mobile banking recording relatively higher usage while mobile money and agent-based accounts have lower activation rates. Overall, however, the activation rate remains below 15%, indicating a significant gap between account registration and actual use. He also pointed to continued gaps in access to financial services, particularly between urban and rural areas. According to Solomon, women in rural areas still travel an average of six hours to access basic banking services. The NBE is seeking to address these challenges through the National Digital Payments Strategy 2.0. Solomon said the first National Digital Payments Strategy helped establish the digital financial ecosystem, introduce non-bank financial service providers and build interoperability infrastructure. Ethiopia now has more than 35 non-bank digital financial service providers, he said. Digital transaction volumes have also increased significantly. According to Solomon, transactions across Ethiopia's financial ecosystem reached 33 trillion Br in the current fiscal year, compared with 4.7 trillion Br in mid 2023 and 240 billion Br in 2020. The NBE's strategy includes developing a Digital Public Infrastructure framework by 2030, consisting of real-time payment infrastructure, a national digital identity and trust layer, and a data exchange layer. The strategy also includes open APIs, cloud platforms, a common fraud compensation fund and plans covering central bank digital currency, virtual assets, stable coins and tokenization. The NBE's focus is therefore shifting from expanding the number of digital accounts to increasing their actual use and improving access to digital financial services, particularly among underserved groups. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)

A Closer Look at the Forces Reshaping Ethiopia’s Economy The latest edition of Ethiopian Business Review | EBR is here. Ethiopia's economy is changing fast but beneath the headline numbers are deeper questions about who carries the cost of that change. How far can tax enforcement go before it weakens the businesses it is meant to support? Can a mathematical model keep Addis Ababa's housing market affordable without discouraging supply? What does chronic malnutrition really cost an economy? And how is urbanisation changing the way Ethiopians work, eat and spend? Inside This Edition #The_High_Cost_of_Top_Line_Tax A recent gathering at the Skylight Hotel exposed a striking paradox in Ethiopia's tax system: 736 large corporate entities, just 1% of taxpayers, generate 90% of federal revenue, while more than 75,000 SMEs, representing 99% of taxpayers, contribute just 10%. As Ethiopia seeks to raise its 7.5% tax to GDP ratio, increasingly aggressive enforcement under Income Tax Proclamation No. 1395/2025 is placing growing pressure on the businesses that make up the overwhelming majority of taxpayers. For low margin businesses, the stakes are even higher. With 60% of taxpayers historically reporting business losses, the new 2.5% Minimum Alternative Tax on gross turnover can impose a tax burden even when profits are thin or absent. The consequences are already visible. 87.1% of surveyed pulse and oilseed exporters report severe cash shortages while 31.6% are considering shutdown or liquidation. #No_Time_To_Walk_Home As commuters travel more than 20 KM from commercial centers, Addis Ababa's food delivery market is projected to rise from USD 35.3 million to USD 59.7 million by 2029. #The_Cognitive_Tax With 40% of children under five affected by stunting, chronic malnutrition creates a burden that follows people for life. The cost could reach 16.5% of GDP annually, while every USD 1 invested in nutrition can generate USD 23 in returns. Commentary Section: #Ethiopias_Fiscal_Mirage Mikiyas Mulugeta (PhD) examines Ethiopia's ETB 2.34 trillion budget, arguing its 20%+ nominal expansion does not necessarily mean equivalent real fiscal space. #Ending_The_Curse Ethiopia has endured for three millennia, yet many private companies struggle to survive a single generation. Aschalew Tamiru አስቻለው ታምሩ examines the succession crisis behind this paradox. Why EBR? EBR goes beyond the headlines, connecting the numbers, people, policies and forces shaping Ethiopia’s economy to give business leaders and decision makers a clearer view of what comes next. Don’t just follow the economy. Understand the forces driving it. 📍 Available at major bookstores and supermarkets 📦 Home and office delivery available 📞 Subscription: +251 961 41 41 41 #EBR #EthiopianBusinessReview #Ethiopia #TaxReform #SMESqueeze #HousingMarket #AddisAbaba #PublicHealth #GigEconomy

Ethiopian Entrepreneur Samson Alemu Advances to Africa’s Business Heroes Top 20 #EBR_News Aug 14, 2026 Ethiopian entrepreneur Samson Alemu Fentaye has advanced to the Top 20 of the 2026 Africa’s Business Heroes (ABH) competition, putting his biotechnology venture, Thur Biotech Manufacturing Plc, among the continent’s leading emerging businesses selected for the next stage of the competition. According to a statement issued by ABH on August 14, Samson is among 20 entrepreneurs selected from an expanded Top 100 cohort drawn from more than 24,000 applications across all 54 African countries. The Top 20 will compete in the semi-final scheduled for August 21–22 in Nairobi, Kenya, where they will pitch their businesses before business, investment and entrepreneurial leaders. Samson leads Thur Biotech, an Ethiopian biotechnology company developing environmentally friendly biofertilizers and biological crop protection solutions designed to improve soil health and agricultural productivity. The company was selected in the Agritech category, placing Ethiopia’s agricultural technology sector among the businesses competing at the continental level. The 2026 Top 20 represents 12 African countries and 11 sectors, with women entrepreneurs accounting for 40% of the cohort. Collectively, the businesses generated approximately $85 million in revenue in 2025, according to ABH, with the selected ventures spanning agriculture and agritech, healthcare, manufacturing, climate technology, financial services, education, energy and technology. ABH said the selection process included interviews conducted by three-person judging panels, followed by on-the-ground visits to every company that advanced to the semi-final and due diligence conducted by PlusVC. The assessment considered leadership, innovation, impact, scalability and commercial strength. Samson’s advancement follows the selection of three Ethiopian entrepreneurs among the ABH Top 100 announced in June. Bersufekad Getachew Amare, founder and chief executive officer of EagleLion System Technology, and Nael Hailemariam, co-founder and chief executive officer of Chapa, were selected alongside Samson from more than 24,000 applicants across the continent. At the Top 100 stage, ABH said the three Ethiopian businesses represented sectors including fintech and biotechnology. The wider Top 100 cohort collectively generated $170 million in revenue in 2025, employed more than 6,200 people and served approximately 10 million customers across Africa. The Top 20 will now compete for 10 places in the final stage of the competition. ABH said the Nairobi semi-final will also bring a larger investor audience, creating opportunities for participating entrepreneurs to connect with potential funders and strategic partners. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Dangote Refinery Secures $2.5 Billion Private Placement as Expansion Plans Advance #EBR_News Aug 14, 2026 Africa Finance Corporation (AFC) has led a group of strategic investors in a $2.5 billion private placement by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP), providing fresh equity capital as the Nigerian refinery prepares for a major expansion. According to a statement issued by AFC, the transaction is the first equity capital raise by DPRP to bring in new investors beyond its existing shareholders. The private placement was 3.7 times oversubscribed, attracting international and African institutional investors, sovereign-related investment vehicles, development finance institutions and strategic partners. The refinery, part of the Dangote Group, is an approximately $20 billion integrated refining and petrochemical complex located on a 2,500-hectare site in Lagos. It currently has a nameplate capacity of 650,000 barrels of crude oil per day and produces petrol, diesel, aviation fuel, liquefied petroleum gas, naphtha and other refined products for Nigerian, African and international markets. As part of Dangote Group’s Vision 2030, the company has announced plans to more than double the refinery’s nameplate capacity to 1.4 million barrels per day by 2028. The complex also includes a petrochemical plant that converts refinery-derived propylene into polypropylene, a material used in packaging, textiles, household goods, automotive components and medical products. AFC said in its statement that its latest investment builds on its longstanding financing relationship with Dangote Group. The corporation previously acted as co-coordinating bank on a $3 billion syndicated loan for the refinery and provided a $300 million senior term loan to Dangote Industries Limited during the project’s development. The loan has since been fully repaid, according to AFC. In the statement, AFC President and Chief Executive Officer Samaila Zubairu said the corporation’s participation reflects its continued confidence in the refinery and its approach of providing capital throughout the development and maturation of major African industrial projects. Aliko Dangote, President and Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the transaction in the statement as a step towards broadening the company’s shareholder base and raising additional capital alongside internal cash flows and external debt to support the refinery’s expansion. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)