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Banking & FinanceDashen Bank, one of Ethiopia’s leading private banks, held its 31st ordinary and 26th extraordinary annual general meetings at Millennium Hall today, where shareholders gathered to review the bank’s performance over the past fiscal year and discuss strategies for the future. Board Chairman Dula Mekonnen acknowledged that the year had been challenging due to global
Banking & FinanceThe National Bank of Ethiopia (NBE) has issued a revised policy concerning the treatment of foreign exchange (FX) trading spreads and related fees. This update, effective as of October 16, 2024, introduces changes to how banks manage and disclose the differences between FX buying and selling rates, as well as the fees and commissions associated
On October 3, 2024, Coopbank announced a significant partnership with InFTF, a global leader in inclusive finance, to introduce Ethiopia’s first blockchain-powered remittance service. This innovative service aims to transform cross-border money transfers by offering a solution that is not only faster but also more secure and affordable. This new remittance service allows members of
Banking & FinanceEthiopian banks continue to make strides in the African banking landscape, contributing five institutions to the 2024 African Top 100 Banks list. Leading the charge is the state-owned Commercial Bank of Ethiopia (CBE), which ranks third in East Africa and 28th in Africa overall. CBE reported a Tier 1 capital of $1 billion and an
Banking & FinanceWegagen Bank, in collaboration with Visa Inc., has introduced an International Prepaid Visa Card service, enabling customers, embassy staff, and international organization employees to make global payments without the need for cash. The launch event took place at the Planet Hotel in Mekelle, attended by notable figures, including Atsbeha G/Egziabher (PhD), Head of the Bureau
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Banking & FinanceThe African Development Bank (AfDB) has approved a $40 million transaction guarantee facility to support Dashen Bank’s trade finance activities in Ethiopia. This facility aims to assist Small and Medium Sized Enterprises (SMEs) and local businesses with their import and export financing needs and promote intra-Africa trade, aligning with the African Continental Free Trade Area
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the commencement of accepting applications for Independent Foreign Exchange Bureaus. This move follows the recent approval of the Foreign Exchange Directive (FXD/01/2024), which took effect on July 29, 2024. Independent Forex Bureaus are authorized to engage exclusively in the buying and selling of foreign currency cash notes,
Banking & FinanceNational Bank of Ethiopia Concludes Special FX Auction with a Weighted Average Rate of Birr 107.9 per USD The National Bank of Ethiopia (NBE) announced the results of the Special Foreign Exchange Auction held today, revealing a weighted average rate of Birr 107.9 per US Dollar. The auction saw participation from 27 banks, and the
Banking & FinanceIn a landmark move, the National Bank of Ethiopia (NBE) has announced sweeping reforms to the country’s foreign exchange (FX) system, effective immediately. This overhaul is a key component of the government’s broader economic reform program aimed at liberalizing the economy and enhancing its global competitiveness. Key Elements of the FX Reforms Government Preparations for
Banking & FinanceAwash Bank has announced a significant increase in its profits for the 2023/24 fiscal year. According to its financial statements, Awash Bank achieved a pre-tax profit of ETB 14 billion, marking a 42.85% rise from the previous year’s ETB 9.8 billion. The bank’s total assets soared to ETB 224 billion as of June 30, 2023,
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Banking & FinanceVolatile! V-O-L-A-T-I-L-E, we might as well change the word to “The Stock Market”. The stock market is one of the most volatile markets and if not handled properly, it can lead to chaos and disorder within the financial realm. One good example of how the stock market can upheave society is the 2008 Financial crisis.
Banking & FinanceHibret Bank, in collaboration with Mastercard, has announced the launch of a new international prepaid debit card service tailored for travelers. This initiative follows in the footsteps of other major Ethiopian banks, including Cooperative Bank of Oromia, Dashen, CBE, Zemen, Abyssinia, and Awash, all of which have introduced similar international prepaid card services. In a
