Business

Amhara Bank Urges Local Banks to Merge Amid Foreign Banks’ Entry

On December 18, 2024, Ethiopia’s parliament ratified a landmark banking proclamation allowing foreign banks to operate within the country. This move represents a pivotal step in Ethiopia’s ongoing economic reforms, enabling foreign banks to establish subsidiaries, open branches, and acquire up to 40% ownership in local banks. The decision to open the banking sector to

December 20, 2024 • By Addis Insight

Business

National Bank of Ethiopia Launches Platform for Customer Complaints

Addis Ababa, Ethiopia The National Bank of Ethiopia (NBE) has introduced an online platform and a dedicated hotline (7230) to assist customers in lodging complaints against financial institutions. This initiative reflects NBE’s commitment to addressing common issues in the financial sector, such as aggressive sales practices, deceptive advertising, and inadequate transparency, as detailed in a

December 20, 2024 • By Addis Insight

Politics

U.S. Urges Ethiopia to Remove Implicated Officials—Ambassador Beth Van Schaack Calls for Accountability

In a recent press briefing organized by the U.S. Department of State’s Africa Regional Media Hub, Ambassador Beth Van Schaack, the U.S. Ambassador-at-Large for Global Criminal Justice, discussed Ethiopia’s ongoing efforts to establish a transitional justice framework. The briefing focused on Ethiopia’s potential to address historical grievances and ongoing challenges. Transitional Justice: A Victim-Centered Approach

December 20, 2024 • By Addis Insight

Business

Behind the Fintech Boom: Ethiopian Fintech’s Untold Challenges

Ethiopia’s Financial Technology (fintech) sector is on a promising upward trajectory, driven by innovative products and a growing appetite for digital solutions. Mobile wallets, online banking, and digital payment platforms are transforming the way people transact, making financial services more accessible than ever before. From peer-to-peer transfers to bill payments, fintech is reshaping how individuals

December 19, 2024 • By Addis Insight

Africa News

Ethiopian Cargo Expands Fleet with Two Boeing 767 Freighters to Meet Growing Demand

Addis Ababa, — Ethiopian Cargo and Logistics Services has announced the addition of two Boeing 767 freighters, ET-BBE and ET-BBF, to its growing fleet. This move marks a significant enhancement in the airline’s capacity to meet the surging global demand for air cargo services. With the addition of the two aircraft, Ethiopian Cargo now

December 17, 2024 • By Addis Insight

Business

Digital Money Transfers Surpass Cash Transactions in Ethiopia, Says National Bank Governor

On December 17, 2024, the Governor of the National Bank of Ethiopia (NBE), Mamo Miheret, addressed the House of People’s Representatives, highlighting the increasing digitization of the country’s financial system. According to his statement, digital money transfers facilitated by banks have now exceeded cash transactions this year. Governor Mamo noted that Ethiopia’s banking activities are

December 17, 2024 • By Addis Insight

Uncategorized

Ethiopia to Introduce Guidelines for Cryptocurrency Transactions, Following NBE’s New Proclamation

The National Bank of Ethiopia (NBE) is poised to introduce regulations concerning cryptocurrencies and digital assets following today’s approval of the National Bank of Ethiopia Amendment Proclamation. This significant step reflects Ethiopia’s response to the rapid global developments in central banking and digital finance. The amended proclamation includes a provision that allows the NBE to

December 17, 2024 • By Addis Insight

Uncategorized

Ethiopia Opens Doors to Foreign Banks: Landmark Proclamation Paves the Way for International Investment

In a significant move to modernize Ethiopia’s financial landscape, the National Bank of Ethiopia (NBE) has secured approval for its draft proclamation, introducing transformative reforms aimed at ensuring economic stability, fostering innovation, and strengthening governance. At the heart of the proclamation is a recalibrated monetary policy framework, empowering the NBE to prioritize its objectives and

December 17, 2024 • By Addis Insight

Business

NBE’s Landmark Proclamation Ushers in Bold Reforms for Monetary and Financial Stability

In a major stride toward modernizing Ethiopia’s financial landscape, the National Bank of Ethiopia (NBE) has secured approval for its draft proclamation, introducing transformative reforms aimed at ensuring economic stability, innovation, and stronger governance. At the heart of the proclamation is a recalibrated monetary policy framework, empowering the NBE to prioritize its objectives and deploy

December 17, 2024 • By Addis Insight

Politics

President Erdoğan to Undertake Working Visit to Ethiopia and Somalia in 2025 Following Historic Agreement

Turkish President Recep Tayyip Erdoğan is set to undertake a working visit to Ethiopia and Somalia in the first months of 2025. The visit follows a breakthrough hailed as a “historic agreement” between Ethiopia and Somalia, brokered by President Erdoğan, which resolved a year-long diplomatic feud between the two nations. The agreement, reached after eight

December 16, 2024 • By Addis Insight