2024 Wrapped: Key Events In Business, Tech, and More

January

OVID Group ventures into the finance sector: OVID Betoch Bank, a new mortgage bank in Ethiopia, is being formed by executives from the fast-growing OVID Group, with prominent shareholders including Yonas Tadesse, Yitbarek Takele, Ermias Sehai, Abiy Girma, and Zemedeneh Negatu. Despite the lack of legal frameworks for mortgage banking in Ethiopia, the bank has secured a business license and central bank approval to offer shares, raising 1.2 billion birr of its 5 billion birr capital goal. The bank aims to provide tailored financing for homebuyers, initially using a 20/80 model, with plans to adjust based on investor capacity. OVID Group’s successful construction division will be a key borrower.