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Banking & FinanceA new audit by the Office of the Federal Auditor General (OFAG) has exposed serious financial management breaches at the Ministry of Finance, including the collection of over 15.1 billion birr in revenues not recorded in the government’s 2023/24 approved budget. According to the report, led by Auditor General Meseret Damte, the Ministry collected substantial
Banking & FinanceThe Commercial Bank of Ethiopia (CBE) has officially launched its new digital savings and loan platform, CBE Beje, at the bank’s new headquarters in Addis Ababa. This marks a major step in the bank’s effort to expand credit access through digital channels. The CBE Beje Digital Savings and Loan Service enables customers to access collateral-free
Ethiopian authorities have arrested more than 100 people and frozen over 500 bank accounts in a sweeping operation targeting illegal foreign exchange and cryptocurrency transactions, the National Intelligence and Security Service (NISS) said on Friday. The coordinated operation, conducted with the Financial Security Service, the Ethiopian Federal Police, and regional security agencies, comes amid the
Banking & FinanceThe National Bank of Ethiopia (NBE) has issued a new directive, “Foreign Exchange Exposure Limits of Banks Directive No. SBB/96/2025,” effective November 10, 2025, replacing the previous Directive No. SBB/27/2001. The directive limits banks’ overall foreign exchange exposure to ±18% of Tier 1 capital at the close of each business day. While exposure in individual
Banking & FinanceAwash Bank has launched a new platform, MESMER Digital Lending, aimed at expanding access to finance for small and medium-sized enterprises (SMEs) through a fully digital system. The platform allows SMEs to apply for loans via the Awash Birr Pro mobile application or by dialing *901#, streamlining the lending process and reducing barriers to credit
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Banking & FinanceM-PESA Ethiopia has reported continued strong growth, reaching 3.4 million active customers over the past six months, up 174.8% year-on-year, as the mobile money platform deepens its reach in the country’s fast-evolving digital payments market. The Safaricom-led service processed transactions worth 12.3 billion birr ($206 million) during the period and onboarded more than 30,700 active
Banking & FinanceEthiopia’s national payment switch operator, EthSwitch, reported strong growth in transaction volumes and financial performance during its 12th Annual Shareholders Meeting held on Tuesday at the Sheraton Addis. The company said it processed 287.4 million interoperable transactions valued at 741.1 billion birr ($12.8 billion) over the past fiscal year, reflecting significant expansion in digital payment
Banking & FinanceEthiopia’s central bank said on Thursday it had ordered commercial banks to report businesses and traders using personal or third-party bank accounts instead of their registered business accounts, citing concerns over tax evasion and illicit financial activity. The National Bank of Ethiopia (NBE) said its assessment revealed that “a significant number of bank customers, primarily
Banking & FinanceLooks like the National Bank of Ethiopia (NBE) is done playing nice with the underground money movers. Governor Eyob Tekalign (PhD) made it clear: if you’re running illegal hawala transfers, it’s time to either go legit or go quiet. The central bank has been chatting with both foreign hawala operators and commercial banks — kind
Banking & FinanceEthiopia’s efforts to restructure its sovereign debt have stalled after negotiations with international bondholders broke down, raising the risk of legal disputes and prolonging the country’s financial uncertainty, Reuters reported. The government confirmed that talks with holders of its $1 billion Eurobond had ended without a deal, citing disagreements over key restructuring terms. Ethiopia, which
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the results of its 10th foreign exchange auction, allocating U.S. dollars to 31 commercial banks at a weighted average rate of Birr 148.1007 per USD, signaling continued adjustment toward a market-driven exchange rate. The latest allocation follows the central bank’s $150 million injection during Auction No. 9
Banking & FinanceEthiopia’s central bank said on Monday it will hold a $150 million foreign exchange auction on October 14, its first such operation in more than two months, as part of efforts to boost liquidity and stabilise the currency market. The National Bank of Ethiopia (NBE) said in a statement that improving foreign exchange inflows this
