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Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the results of its fifth foreign exchange auction. According to the official statement, the weighted average rate of all successful bids reached 132.9643 Birr per US Dollar. A total of $60 million was made available through the auction, with 16 banks receiving their requested foreign exchange allocations.
Banking & FinanceWashington is on a diet, and Africa just got told dinner might be delayed. The U.S. government’s proposed FY2026 budget, which includes a $8 billion cut in funding for the State Department and USAID compared to FY2023, is more than just an American fiscal choice. For Africa, where development aid still plays a starring role
In a bold step toward modernizing Ethiopia’s fuel payment system, Oromia Bank has officially launched an innovative integration of its Milki Digital Financing app with the Ministry of Transport and Logistics’ Fuel Aggregator System. This development is expected to significantly ease the burden of fuel payments, supporting the country’s broader digital finance ambitions. The launch
Banking & FinanceEthiopia’s Kifiya Financial Technologies has been named one of the world’s top three innovations in ethical finance at the 7th Ethical Finance Innovation Challenge & Awards (EFICA), hosted by Abu Dhabi Islamic Bank (ADIB) in collaboration with the London Stock Exchange Group. Kifiya’s Halal Gebeya, a Sharia-compliant digital finance marketplace, earned global recognition for its
Banking & FinanceEthiopia’s Council of Ministers held its 44th ordinary meeting and came out swinging with a series of important decisions that touched everything from green economy funding to tariff regulations, air agreements, and even foreigners buying land — yes, that last one raised some eyebrows too. 1. Money Talks: Italy and IDA Loans Get the Green
Banking & FinanceIn a historic first for Ethiopia’s private banking sector, Dashen Bank has teamed up with the African Development Bank (AfDB) to sign a $40 million Trade Finance Guarantee Facility Agreement. That’s not just a long name—it’s a game changer. Held at Dashen’s headquarters in Addis Ababa, the signing marked a major step forward in helping
Banking & FinanceEthiopia expects to reach a preliminary agreement with the International Monetary Fund (IMF) this week on the third review of its $3.4 billion loan program, according to State Finance Minister Dr. Eyob Tekalign. Speaking during the IMF and World Bank Group Spring Meetings in Washington, Dr. Eyob noted that formal negotiations with bondholders are likely
Banking & FinanceEthiopia’s insurance sector is set for sweeping changes amid major regulatory reforms and growing competition, according to the newly released Deloitte Insurance Outlook Report 2025. One of the most significant developments is the planned establishment of an independent insurance regulatory agency, a move that will separate insurance oversight from the National Bank of Ethiopia (NBE).
Banking & FinanceEthio telecom has announced a major expansion of its digital financial services through a strategic partnership with Siinqee Bank. The new collaboration introduces a range of services via the telebirr platform — including savings accounts, microloans, salary advances, and device financing — aimed at boosting financial inclusion and accelerating Ethiopia’s digital transformation. The partnership allows
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Banking & FinanceThe National Bank of Ethiopia (NBE) has disclosed that a staggering 1.3 billion birr was lost to fraud across 28 Ethiopian banks during the 2023/24 fiscal year, marking a sharp rise in financial crimes targeting the country’s banking sector. According to the NBE’s annual Financial Security Report, which covers transactions and operations up to June
Banking & FinanceEthSwitch and Visa signed a Memorandum of Understanding (MOU) aimed at deepening cooperation in Ethiopia’s evolving digital payments landscape. The agreement outlines key areas of collaboration, including interoperability, gateway services, security, tokenization, and innovation. The partnership will allow Visa to connect directly with all banks in Ethiopia through EthSwitch’s national payment switch, improving integration, efficiency,
Banking & FinanceA widening rift has emerged between Addis Ababa’s tax authority and the country’s accounting and auditing professionals following allegations of large-scale tax underreporting, potentially setting a precedent in Ethiopia’s enforcement of financial accountability. On April 1, 2025, the Addis Ababa Revenue Bureau released findings from a wide-ranging internal audit that scrutinized 36,729 tax files from
