Etenat Awol

Visa Inc. and Bank of Abyssinia have signed a five-year agreement aimed at expanding card issuance, introducing digital cards, and strengthening cross-border payment capabilities in Ethiopia. The agreement builds on a longstanding partnership between the global payments network and one of Ethiopia’s largest private banks.

In 2023, the International Finance Corporation (IFC), the World Bank's arm focused on private sector support, launched its first dedicated Environmental, Social, and Governance (ESG) program in Ethiopia. Formally introduced in November of that year, the initiative focused on building capacity among regulators and private-sector actors in three pivotal industries: banking, manufacturing, and agribusiness.

More than a decade ago, when the power went out in Dembi Dolo, a town in Ethiopia’s Oromia Region, it often stayed out for weeks. For Fedhesa Shuma, who ran a small electronics shop, the outages meant idle tools, empty shelves, and customers who stopped coming. Ethiopia’s electricity access rate stands at about 55 percent, leaving millions without reliable power, particularly in rural and peri-urban areas like his hometown. To keep his shop running, Fedhesa bought a small fuel-powered generator.