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Banking & FinanceIn the bustling markets of Ethiopia, where roadside stalls and small kiosks have long been the beating heart of local commerce, a quiet digital revolution has been unfolding for over a decade. At the center of it all is Oromia Cooperative Bank’s bold innovation, the “Michu” digital unsecured loan service. Since its launch in 2014,
Banking & FinanceIn the span of just a few days, Ethiopia’s foreign exchange market went from chaos to crackdown and possibly, a new kind of clarity. By the end of July, the unofficial (parallel) market exchange rate had breached 170 birr per USD, igniting panic among traders, importers, and the diaspora. The National Bank of Ethiopia (NBE)
Banking & FinanceJust a day after injecting $150 million into the banking system through one of its largest foreign exchange auctions, the National Bank of Ethiopia (NBE) has drawn a new line in the sand. Governor Mamo Mihretu, in a statement on Wednesday, announced a sharpened crackdown on illicit currency flows, signaling the central bank’s commitment to
Banking & FinanceThe National Bank of Ethiopia (NBE) has officially resumed its foreign exchange (FX) auctions after a brief pause, injecting a significant $150 million into the market on August 5, 2025. The move comes as the central bank signals improving foreign exchange inflows and aims to further support Ethiopia’s formal FX market and macroeconomic stability. In
Banking & FinanceWegagen Bank has secured a $85 million international trade finance guarantee facility through agreements with the Eastern and Southern African Trade and Development Bank (TDB) and the African Export‑Import Bank (Afreximbank). Strategic Expansion of Trade Finance Capacity The newly obtained facility empowers Wegagen to enhance its capabilities in underwriting and confirming Letters of Credit (L/Cs),
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Banking & FinanceThe National Bank of Ethiopia (NBE) has issued a stern warning to the Ethiopian diaspora regarding the use of unlicensed money transfer service providers operating outside the country, particularly in the United States. In a press release published today, the central bank urged all members of the Ethiopian community abroad to send funds only through
Banking & FinanceHibret Bank has renewed its trade finance transaction guarantee facility with the African Export-Import Bank (Afreximbank), securing a $50 million agreement that strengthens its position in international trade finance. The renewed facility, part of Afreximbank’s Trade Facilitation Programme (AFTRAF), is designed to support Hibret Bank in delivering key trade finance services, including Letters of Credit
Banking & FinanceIn a historic move to transform the country’s agricultural financing landscape, Ethiopia has officially launched the National Agri-Finance Implementation Roadmap (NAFIR) 2025–2030. The roadmap, a joint initiative by the National Bank of Ethiopia (NBE) and the Ministry of Agriculture (MoA), is set to unlock access to credit for smallholder farmers and strengthen financial inclusion in
Banking & FinanceIn a significant move aimed at easing foreign exchange shortages, the Commercial Bank of Ethiopia (CBE) has approved $121 million in FX requests from the private sector—covering 505 cases, or 81% of total applications submitted in a single day, July 22, 2025. This latest allocation signals the government’s intention to respond to mounting pressure from
Banking & FinanceOne year after launching a sweeping package of macroeconomic reforms, the National Bank of Ethiopia (NBE) says the country is on a promising path to restoring stability, boosting foreign exchange inflows, and modernizing its financial sector. The National Bank of Ethiopia marked the anniversary Tuesday by releasing a detailed review of milestones achieved so far,
Banking & FinanceIn a landmark move that sets a new precedent in Ethiopia’s financial sector, the Bank of Abyssinia has launched a fully paperless banking system across all its branches. The official unveiling took place at the bank’s state-of-the-art Ras Leyu Branch, with prominent figures in attendance, including the Governor of the National Bank of Ethiopia, Ato
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Banking & FinanceHibret Bank’s board of directors has nominated Negusu Gebregziabher as its next president, subject to regulatory approval by the National Bank of Ethiopia (NBE). Negusu, currently a senior advisor to the President of Bank of Abyssinia, is set to take over from Tsigereda Tesfaye, who has served as acting president since August 2024. Her appointment,
