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Banking & FinanceEthiopia’s banks and insurance firms are locked in a tax dispute over whether dividends used to pay off unpaid subscribed capital should be taxed. Around 25 financial institutions have already paid half of the 5.7 billion Br demanded by tax authorities to appeal the case, fearing decisions against them could weaken their ability to raise
Banking & FinanceSiinqee Bank’s shareholders have approved the establishment of an investment bank as part of a broader strategy to enter Ethiopia’s emerging capital market ecosystem. The announcement was made last week at Skylight Hotel, where the Bank’s founding president, Neway Megerssa, revealed that Deloitte, the global consulting firm, has been selected as an advisor to develop
The Ethiopian banking sector is poised for a transformative shift with the introduction of the Banking Business Proclamation. This landmark reform aims to enhance the sector’s competitiveness, efficiency, and stability while driving sustainable economic growth. The centerpiece of this proclamation is the opening of Ethiopia’s banking sector to foreign investment—a move that is set to
Banking & FinanceThe International Finance Corporation (IFC) and Ethiopia’s Awash Bank have joined forces to bolster trade in Ethiopia, with the goal of providing local businesses the financing needed to facilitate the movement of essential goods and services in and out of the country. Announced at the Africa Financial Industry Summit (AFIS) 2024 in Casablanca, the partnership
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Banking & FinanceThe National Bank of Ethiopia (NBE) has introduced a new directive aimed at providing emergency liquidity assistance (ELA) to banks facing temporary liquidity shortages. This directive, titled Emergency Liquidity Assistance Directive No NBE/ELA/001/2024, is designed to ensure the stability of the Ethiopian banking system by mitigating risks associated with unexpected liquidity challenges. The ELA is
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
Banking & FinanceOn 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,
