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Banking & FinanceThe Ethiopian Parliament approved a $550 million loan agreement aimed at increasing the capital of the Commercial Bank of Ethiopia (CBE). This move is intended to strengthen the state-owned bank, making it more competitive and enabling it to operate effectively within the region. The loan is part of a $700 million financing package provided by
Banking & FinanceDashen Bank has unveiled Ethiopia’s first-ever banking Super App, a state-of-the-art, all-in-one digital banking platform, at a grand event held at the Sheraton Addis Hotel. This innovative solution sets a new standard for digital banking, offering a wide range of features aimed at delivering speed, reliability, and exceptional customer satisfaction. “As Dashen Bank, we are
Banking & FinanceWegagen Bank, in collaboration with E-Birr Mobile Financial Services, has introduced a mobile wallet service designed to enhance financial accessibility. The service eliminates the need for branch visits, allowing users to open wallet accounts, transfer funds, make payments, and manage transactions seamlessly through a mobile app or USSD code. The mobile wallet was officially launched
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Banking & FinanceThe Council of Ministers has discussed and approved two draft proclamations submitted by the Ethiopian government in partnership with the International Development Association (IDA). The agreements focus on securing financing for two major development initiatives. The first loan, amounting to SDR 53.3 million, is designated for the implementation of the Ethiopia Modern Public Service Improvement
Banking & FinanceThe Ethiopian capital market is poised to become a reality in the first weeks of January. Much has been said about its potential to transform the country’s economy, with some critics questioning why such a significant market has not been established earlier in such a large and diverse nation. To guide its operations, the Ethiopian
Banking & FinanceThe National Bank of Ethiopia’s (NBE) Monetary Policy Committee (MPC) held its inaugural meeting on December 31, 2024, marking a significant step in the country’s efforts to strengthen monetary policy frameworks. The MPC reviewed Ethiopia’s macroeconomic performance and proposed measures to sustain price stability and support economic growth. Inflation in Ethiopia has continued to decline,
Banking & FinanceThe National Bank of Ethiopia (NBE) is expected to revise its policy rate, or National Bank Rate (NBR), early next year. Set at 15% at the start of this fiscal year, the NBR reflects the NBE’s shift to an interest-rate-based monetary policy framework, replacing the previous credit ceiling approach. This change aims to better align
Banking & FinanceEthiopia’s banks and insurance firms are locked in a tax dispute over whether dividends used to pay off unpaid subscribed capital should be taxed. Around 25 financial institutions have already paid half of the 5.7 billion Br demanded by tax authorities to appeal the case, fearing decisions against them could weaken their ability to raise
Banking & FinanceSiinqee Bank’s shareholders have approved the establishment of an investment bank as part of a broader strategy to enter Ethiopia’s emerging capital market ecosystem. The announcement was made last week at Skylight Hotel, where the Bank’s founding president, Neway Megerssa, revealed that Deloitte, the global consulting firm, has been selected as an advisor to develop
Banking & FinanceThe Ethiopian banking sector is poised for a transformative shift with the introduction of the Banking Business Proclamation. This landmark reform aims to enhance the sector’s competitiveness, efficiency, and stability while driving sustainable economic growth. The centerpiece of this proclamation is the opening of Ethiopia’s banking sector to foreign investment—a move that is set to
Banking & FinanceThe International Finance Corporation (IFC) and Ethiopia’s Awash Bank have joined forces to bolster trade in Ethiopia, with the goal of providing local businesses the financing needed to facilitate the movement of essential goods and services in and out of the country. Announced at the Africa Financial Industry Summit (AFIS) 2024 in Casablanca, the partnership
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Banking & FinanceThe National Bank of Ethiopia (NBE) has introduced a new directive aimed at providing emergency liquidity assistance (ELA) to banks facing temporary liquidity shortages. This directive, titled Emergency Liquidity Assistance Directive No NBE/ELA/001/2024, is designed to ensure the stability of the Ethiopian banking system by mitigating risks associated with unexpected liquidity challenges. The ELA is
