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Banking & FinanceEthiopia expects to reach a preliminary agreement with the International Monetary Fund (IMF) this week on the third review of its $3.4 billion loan program, according to State Finance Minister Dr. Eyob Tekalign. Speaking during the IMF and World Bank Group Spring Meetings in Washington, Dr. Eyob noted that formal negotiations with bondholders are likely
Banking & FinanceEthiopia’s insurance sector is set for sweeping changes amid major regulatory reforms and growing competition, according to the newly released Deloitte Insurance Outlook Report 2025. One of the most significant developments is the planned establishment of an independent insurance regulatory agency, a move that will separate insurance oversight from the National Bank of Ethiopia (NBE).
Banking & FinanceEthio telecom has announced a major expansion of its digital financial services through a strategic partnership with Siinqee Bank. The new collaboration introduces a range of services via the telebirr platform — including savings accounts, microloans, salary advances, and device financing — aimed at boosting financial inclusion and accelerating Ethiopia’s digital transformation. The partnership allows
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Banking & FinanceThe National Bank of Ethiopia (NBE) has disclosed that a staggering 1.3 billion birr was lost to fraud across 28 Ethiopian banks during the 2023/24 fiscal year, marking a sharp rise in financial crimes targeting the country’s banking sector. According to the NBE’s annual Financial Security Report, which covers transactions and operations up to June
Banking & FinanceEthSwitch and Visa signed a Memorandum of Understanding (MOU) aimed at deepening cooperation in Ethiopia’s evolving digital payments landscape. The agreement outlines key areas of collaboration, including interoperability, gateway services, security, tokenization, and innovation. The partnership will allow Visa to connect directly with all banks in Ethiopia through EthSwitch’s national payment switch, improving integration, efficiency,
Banking & FinanceA widening rift has emerged between Addis Ababa’s tax authority and the country’s accounting and auditing professionals following allegations of large-scale tax underreporting, potentially setting a precedent in Ethiopia’s enforcement of financial accountability. On April 1, 2025, the Addis Ababa Revenue Bureau released findings from a wide-ranging internal audit that scrutinized 36,729 tax files from
Banking & FinanceThe National Bank of Ethiopia (NBE) has scheduled its fourth foreign exchange auction for Thursday, April 17, 2025, offering $70 million to participating banks. This follows NBE’s commitment to regular auctions, first announced on July 29, 2024, aiming to ensure price stability and meet foreign exchange objectives. Bids for the upcoming auction will be accepted
Banking & FinanceThe Ethiopian Deposit Insurance Fund (EDIF) has gathered a total of 5.2 billion Birr in premiums from banks and microfinance institutions over the past nine months, showing an 11.1% increase compared to last year. At a press conference, EDIF CEO Desalegn Ambaw said the fund currently protects up to 100,000 Birr per depositor per institution.
Banking & FinanceAwash Bank announced today that it has allocated over 498 million US dollars to more than 2,200 customers in just three months, from January 1, 2025, to March 31, 2025. The bank emphasized its commitment to addressing the foreign currency shortage in the country and ensuring transparency in its allocation process. Awash Bank stated that
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Banking & FinanceEthiopia and the European Union (EU) have signed a €240 million (approximately 32.3 billion birr) grant agreement under the 2024 Annual Action Programme (AAP-2024) at the Ministry of Finance. This funding aims to support Ethiopia’s development across multiple sectors, reinforcing the country’s economic growth, governance, and social stability. AAP-2024 focuses on key priorities, including strengthening
Banking & FinanceThe Commercial Bank of Ethiopia (CBE) has disbursed 264.65 billion birr in loans over the past eight months, significantly expanding its credit services and financial accessibility. Presenting the bank’s performance report to the Standing Committee on Government Enterprises Affairs in the House of Representatives, CBE President Abe Sano highlighted key developments, including the introduction of
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the results of its latest foreign exchange auction held today. According to the bank, the weighted average exchange rate for all successful bids stood at Birr 131.7095 per US Dollar. A total of 12 banks were allocated foreign exchange through the auction process. The NBE, which has
