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IFC partners Ethiopia’s Zemen Bank to strengthen trade financing

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The International Finance Corporation (IFC) has partnered with the Zemen Bank of Ethiopia to strengthen trade financing in the country.

The deal, according to Ato Dereje, CEO of Zemen Bank, sees IFC welcoming Zemen Bank as the newest member of its Global Trade Finance Program (GTFP) and provides the bank with a trade finance facility to support Ethiopian exports and imports.

Zemen Bank has been taking different impactful initiatives since its establishment, such as this one, aimed at facilitating the financing of vital trade in goods and fostering the establishment of new trading alliances for Ethiopia,” Dereje said.

“Concurrently, the program will significantly boost trade finance for numerous import-export enterprises, particularly during periods of global economic volatility.”

The bank CEO further noted that IFC’s $30 million trade finance facility guarantee will help strengthen Zemen Bank’s trade finance operations and assist in developing new trade partnerships for businesses in Ethiopia.

Madalo Minofu, IFC Country Manager for Ethiopia who also spoke at the signing ceremony, said IFC’s trade financing is also part of its $1 billion Africa Trade and Supply Chain Finance Program (ATRI), which is supporting Africa’s regional trade development and helping to reduce the continent’s reliance on imports.

“Increasing access to trade finance is critical to boosting trade in Africa. Our partnership with Zemen Bank through IFC’s Global Trade Finance program will contribute to strengthening Ethiopia’s ability to finance essential trade of goods and open the door to new trading partnerships for the country,” he said.

“IFC is committed to supporting Ethiopia’s private sector growth, which is focused on strengthening agribusiness value chains, supporting the growth of manufacturing, and increasing access to digital connectivity,” he added.

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Again, Starlink raises prices of its services in Nigeria

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Elon Musk’s satellite internet service provider, Starlink, has again jacked up the prices of its services in Nigeria after an earlier increase caused uproar among customers.

The service provider, in a statement released on Friday, informed its Nigerian customers that it would raise its monthly subscription prices, with the new rates set to take effect on January 27, 2025.

Under the new pricing regime, the lowest subscription tier will increase significantly from ₦38,000 to ₦75,000 per month, while mobile global roaming service will now cost ₦717,000 monthly.

The company stated that new subscribers will immediately pay the adjusted prices while existing customers will see the changes reflected in their upcoming bills.

In an email sent to users, Starlink said:

“To continue enhancing the Starlink network and provide reliable, high-quality service across Nigeria, we are adjusting our monthly subscription prices.

“These changes are part of our ongoing commitment to investing in the infrastructure needed to improve your experience with Starlink.”

This is the second time Starlink has attempted a price hike in Nigeria. The Nigerian Communications Commission (NCC) has rejected its previous increase in October on the grounds that the company had not sought the necessary regulatory approval.

However, insiders believe the NCC is set to approve an increase in the first quarter of 2025, which gives credence to insinuations that Starlink may have gotten an approval for the price increments.

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Safaricom Ethiopia launches 4G network in Gambella

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Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.

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