Tech

IDB Institute delivers Islamic banking capacity building programme for Ethiopia

Published

1 month ago

March 19, 2024

The Islamic Development Bank Institute (IsDBI) has rounded off an Islamic banking capacity-building programme for the Ethiopian banking sector, Vice Governor of the National Bank of Ethiopia, H.E. Solomon Desta, said in a statement on Monday.

The capacity-building training programme which was organized with the theme, “Unlocking the Potential: Practical Insights for Islamic Banking Success”, and held in Addis Ababa, had over 35 senior management and board-level officials from several Ethiopian commercial banks as participants.

The program which was formally inaugurated by Desta, focused on largely on “competitive product development and strategic business growth through an enabled ecosystem, the training adopted a ‘train-the-future-trainers’ approach,” a statement from the IDB said.

“The program was designed to help accelerate the growth of Ethiopia’s interest-free banking sector and contribute to national financial inclusion and economic development.

“The training sessions included interactive group work where participants from different banks collaborated to design innovative, Shari’ah-compliant financial products tailored to the local market while complying with the existing regulatory framework.

“Participants collectively discussed a strategic roadmap for the sector’s future growth, and the roadmap considered current strengths and untapped potential within the banking sector, providing recommendations to various stakeholders on improving the ecosystem and facilitating the further expansion and inclusivity of interest-free banking in Ethiopia,” the statement said.

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Tech

Intel Liftoff Hackathon 2024 calls for applications from African AI startups

Published

16 hours ago

April 26, 2024

Akanimoh Etim

Applications for the 2024 cohort of Intel Liftoff Hackathon has opened for African AI startups designed to bring together aspiring tech entrepreneurs, software developers, and AI enthusiasts to collaborate, innovate, and create solutions to concrete African challenges.

In its second edition, the hackathon welcomes pioneering early-stage AI startup teams from the African continent, delving into experiments with LLM technology, a statement on the website of the organiser stated.

It added that the Intel Liftoff Hackathon for African AI Startups, which will be held online on May 27-31, is themed “Hack and Connect”, and will take place in partnership with Modus Africa, University Mohamed VI Polytechnic, Morocco

Other partners include TUT Hub of Artificial Intelligence Institute of South Africa, Prosper Africa, UM6P Ventures, FAST Accelerator, Innov8 Technology Hubs, and Open Startups International.

“The hackathon will feature hands-on workshops that will allow learning of AI essentials; three days of challenges with mentors to test skills; exhibition opportunities to showcase startups and forge partnerships with industry leaders; and networking opportunities to engage with fellow startups and gain insights from domain experts in the AI ecosystem,” the statement said.

“Winners will be invited to join the Intel Liftoff for Startups programme, and receive unique mentoring sessions with ecosystem partners and marketing opportunities with blog articles,” it concluded.

Tech

Nigeria’s NGX Group enters into strategic investment partnership with Ethiopian Securities Exchange

Published

2 days ago

April 25, 2024

Akanimoh Etim

Leading Nigerian integrated market infrastructure group in Africa, the Nigerian Exchange Group (NGX), has announced strategic investment in the Ethiopian Securities Exchange (ESX).

Chairman of the NGX Group,
Alhaji Umaru Kwairanga, who made the announcement in a statement, said the pivotal move would not only mark the group’s entry into the East African market but also “underscores its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX.”

He noted that the “investment in the ESX reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market.”

“By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.

“Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.

”We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.

“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.

“The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX,” the NGX Chairman said.

Also speaking on the partnership, Temi Popoola, Group Managing Director/CEO of NGX Group, said:

“We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy. Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth.

“We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia.”