Nationalbankofethiopia Archives

04 Dec

Ethiopia denies the devaluation of Birr

ethionegari@gmail.com0 CommentsBusiness, Fact check, News, PoliticsAddisAbaba, Birrdevaluation, EthioNegari, Ethiopia, Ethiopianews, Nationalbankofethiopia, USD

Ethiopia has denied reports of a devaluation of the Birr, the national currency. The National Bank of Ethiopia refuted a report published by the Reporter newspaper on December 03, which claimed that there were plans to make a major change in the foreign exchange rate. In a statement released by the bank, it condemned the false and misleading report, stating that it deviates from journalistic ethics. The bank clarified that during the presentation of the current fiscal year's first quarter plan performance report to the Parliament's Standing Committee on Planning, Budget, and Finance Affairs, no discussion or proposal regarding a…

22 Jun

Ethiopia to grant licenses to five foreign banks

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, Banking, BankinginEthiopia, EthioNegari, Ethiopia, Nationalbankofethiopia, NBE

The National Bank of Ethiopia has announced that five foreign banks will be granted licenses to enter and provide services in Ethiopia. The bank also stressed that indigenous banks should make extensive preparations and review their previous strategies. The Deputy Governor of the Financial Institutions Sector of the National Bank of Ethiopia, Mr. Solomon Desita, said that in addition to strengthening local financial institutions, efforts are being made to bring foreign banks into the country. "We are completing the work now. We are also completing the work of revising the decree. We are asking for some input from donors, and…

15 Jun

Ethiopia’s National Bank Denies Banks Liquidity

ethionegari@gmail.com0 CommentsBusiness, Fact check, NewsAddisAbaba, BankinginEthiopia, EthioNegari, Ethiopia, liquidity, Nationalbankofethiopia

By Samuel Abate The National Bank of Ethiopia has denied the cash shortages in commercial banks. In Ethiopia, especially private banks have been described in various ways as having a shortage of cash. Several media reported that bank institutions did not give cash to their customers. The National Bank, which is participating in the sixth East African Financial Conference, responded to the matter. According to the Deputy Governor of the National Bank, Mr Solomon Desita, "The information that private banks in Ethiopia are facing a shortage of cash is false." He also added that we have heard five banks are facing…

05 May

Ethiopia to grant license for five foreign banking

ethionegari@gmail.com0 CommentsBusiness, News, Politics, TechnologyAddisAbaba, BankinginEthiopia, EthioNegari, Ethiopia, Foreignbanks, Nationalbankofethiopia

Ethiopia plans to grant five banking licenses to foreign investors who are interested in working in the banking sector in the next five years. According to Reuters, the deputy governor of the National Bank, Solomon Desita, will grant banking licenses to upto five foreign investors who want to work in Ethiopia's banking sector. Mr Solomon stated that, this aims to open up the country's financial sector services to foreign competitors. So far, the banking sector has remained closed to foreign investors. It has been announced that it will be open to foreign competitors in the next five years. In addition,…

24 Mar

Ethiopia grants mobile money license to Safaricom

ethionegari@gmail.com0 CommentsBusiness, News, TechnologyAddisAbaba, EthioNegari, Ethiopia, EthioTelecom, Kenya, Mobilemoney, Moneytransfer, Mpesa, Nationalbankofethiopia, Safaricom, Safaricomethiopia, Telecom

National bank of Ethiopia grants mobile money license to Safaricom National Bank has announced that it will soon give license for mobile money transfer to Safaricom The National Bank has stated that Safaricom Ethiopia, which has obtained the first private telecom service license in Ethiopia, will soon be granted a license to provide mobile money transfer services. National Bank Governor Mr. Mamo Mehretu said that the government is taking various measures to modernize and strengthen the financial sector. He also mentioned that non-banking telecommunication companies, fintech and payment agents have been invited to participate in the payment service sector. Mr.…

23 Jan

NBE Raises Minimum Paid-Up Capital for MFI to 75mln Birr

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, Microfinance, Nationalbankofethiopia

The National Bank of Ethiopia (NBE) has increased the minimum initial paid-up capital of microfinance institutions (MFIs) by more than sevenfold. NBE revised its Minimum Paid-up Capital and Capital Adequacy Requirement Directive to set the new threshold to get a license for microfinance businesses. The revised directive which repealed and replaced the 2015 legislation, became effective as of Jan 16, 2023. The revision saw the minimum initial paid-up capital required to obtain a microfinance business license to 75 million Birr from 10 million Birr. Increasing the threshold has become necessary to improve MFIs’ capacity to serve the growing needs of…