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All banks operating in Ethiopia are going to have a national payment system that grants them an integrated system of automated teller machines (ATM). The newly to be launched system is said to enable customers access ATM service from any bank. A company, Etswitch S.C., is set up by Ethiopian banks in order to network and administer the operation. Bizuneh Bekele, CEO of Etswitch, noted preparations to start the networking...

Over the last decade, Ethiopia has made remarkable progress in its economic growth exceeding other low income and Sub-Saharan African countries, with real gross domestic product (GDP) growth averaging 10.9 percent in 2004-2014. Ethiopia has moved from the second poorest in the world in 2000 and, if it can keep the current pace, it’s on its way towards becoming a middle income country by 2025. Ethiopia’s growth strategy stands out...

South Africa’s Standard Bank has opened an office in Ethiopia, it said on Friday, to gain a foothold in one of Africa’s fastest growing economies where foreign lenders are not allowed to own banks. Ethiopia is a lucrative market with a population of about 90 million people and which Standard Bank – Africa’s largest by assets with a presence in 20 countries – said has averaged economic growth of more...

Commercial Bank of Ethiopia (CBE) reportedly signed an agreement with Chinese construction company,the China State Construction Engineering Corporation (CSCEC), in pursuit of building project which is said to be the tallest in East Africa. China.org.cn credited the news to Xinhua- a major Chinese online news source. According to the source, the building is expected to be 46 story and will be 198 meters tall when completed. Once completed, it will...