Hibret Insurance stated that it recorded a profit in the billions of birr during the 2024/25 fiscal year, according to a report presented at the company’s annual shareholders’ meeting.
Hijra Bank agrees with Rays Micro Finance to utilize Sahaypay mobile money, the fastest growing mobile money system in Ethiopia. The customers of the two financial institutions will be able to transfer finance once the agreement starts being implemented. Rays Micro Finance implements Real Time Gross Settlement System (RTGS) to transfer money across banks.
Rays Microfinance Institution S.C. was established on in 2014. It finances goods, machineries, equipment, livestock trade, agriculture, construction, and small industries. Hijra Bank currently has 250,000 customers.
Source: The Ethiopian Herald
Ethiopian Commodity Exchange (ECX) and Hijra Bank signed an agreement to partner on payment service systems. Hijra has become ECX’s 20th payment system partner. ECX is working to create modern and reliable payment system with a view to building a swift and advanced payment system. It also aims to make the payment system more accessible to traders including farmers, sellers, and buyers.
Hikma, a Jordanian pharmaceuticals company, has formed a joint venture with Sheikh Mohammed Hussein Al Amoudi's MIDROC Group to manufacture, market and distribute pharmaceutical products in Ethiopia, Reuters reported.
The two groups will contribute up to US$22.3 million each to create the joint venture, HikmaCure.
Homa Construction PLC, company incorporated in Ethiopia, has received mining license for limestone and gypsum from the Ministry of Mines, Petroleum and Natural Gas. The license grants the Homa to mine the minerals for 20 years with the possibility of renewal up to 10 years.
