Former Ethiopian Coffee midfielder Asfaw has penned a two-year contract with the new club and will fill the void left by the exit of William Essadjo.
"Fasika is a fantastic midfield player, with great energy and creativity. We believe him to be one of the best midfielders in Ethiopia and I am certain he will be a big hit with the St George fans," St George assistant Zerihun Shengeta said.
"I’m delighted he has made the decision to come to St George and play his part in the club’s future. I’m looking forward to seeing him in action on our summer tour to Spain."