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Banking & FinanceThe National Bank of Ethiopia’s (NBE) 25th foreign exchange auction points to a sharp increase in demand for foreign currency, with banks submitting USD 470.17 million in bids against an allocation of USD 125 million on August 12, 2026. The latest auction represents a significant shift from the 24th auction held on June 24. Total
Banking & FinanceAmhara Bank has appointed Yihnalem Aknaw as its new Chief Executive Officer (CEO), following approval of his appointment by the National Bank of Ethiopia (NBE). The appointment comes as the bank moves forward with its new strategic plan and organizational structure, with the Board of Directors citing Aknaw’s educational background, extensive banking experience, and demonstrated
Global Bank Ethiopia has appointed Sahlemichael Mekonnen as Acting Chief Executive Officer, following the removal of former CEO Tesfaye Boru by the National Bank of Ethiopia (NBE). Mekonnen brings more than 21 years of experience in Ethiopia’s banking and financial sector, with a career spanning banking operations, credit, risk management, retail banking, digital banking and
Banking & FinanceAbay Bank has launched the Abay Classic International Prepaid Visa Card, expanding its digital banking services and enabling customers to make secure international payments without carrying cash. The card, introduced in partnership with Visa, allows customers to make payments at ATMs and point-of-sale (POS) terminals worldwide, as well as conduct online purchases on international e-commerce
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Banking & FinanceTsedey Bank has reported a gross profit before tax of ETB 4.3 billion, as the bank showcased significant improvements across its core operations during a performance review and planning forum held at its headquarters. The three-day forum, held from July 26–28, brought together members of the bank’s Board of Directors, senior executives, district managers, branch
Banking & FinanceZemen Bank has reported a strong financial performance for the 2025/26 Ethiopian fiscal year, recording a profit of 10.2 billion birr and growing its total assets to 116 billion birr. The figures were disclosed during the bank’s annual management meeting held from July 17 to 18 in Addis Ababa, where the institution reviewed its performance,
Banking & FinanceThe National Bank of Ethiopia (NBE), in collaboration with the Ethiopia Customs Commission, has launched a new digital service that enables newly licensed importers and exporters to obtain NBE Account Numbers through the Customs Electronic Single Window (eSW), streamlining a key step in Ethiopia’s trade registration process. Under the new system, eligible businesses can receive
Banking & FinanceEthiopia has taken its biggest step yet toward a modern interest-rate-driven monetary policy framework, with the National Bank of Ethiopia (NBE) removing the credit growth ceiling that restricted bank lending for nearly three years while raising its benchmark policy rate for the first time. Following the seventh meeting of the Monetary Policy Committee (MPC), the
Banking & FinanceZamZam Bank S.C. has surpassed ETB 1 billion in digital Sharia-compliant financing through its Ansar platform, reaching more than 10,000 micro, small, and medium-sized enterprises (MSMEs) across Ethiopia. The milestone comes through the bank’s partnership with Kifiya, whose AI-powered decisioning and Sharia-compliant financing infrastructure supports the digital financing platform. According to the institutions, Ansar has
Banking & FinanceEthSwitch, Ethiopia’s national payment switch, has reported a gross profit before tax of ETB 2.6 billion for the 2025/26 fiscal year, reflecting continued growth in the country’s interoperable digital payments ecosystem. According to the company, it processed 387 million interoperable transactions during the financial year, with a combined value of ETB 1.26 trillion across its
Banking & FinanceGadaa Bank has reported strong financial growth for the 2025/26 fiscal year, posting a pre-tax profit of 1.01 billion birr, more than double the previous year’s performance as the lender continued its rapid expansion in only its third full year of operation. According to the bank’s annual performance highlights, total assets rose by 64% to
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Banking & FinanceAhadu Bank reported a gross profit before provisioning and tax of ETB 1.15 billion for the 2025/26 financial year, representing a 94.2% year-on-year increase, as the bank continued to expand its operations and strengthen its financial performance. According to the bank, total income reached ETB 3.2 billion, reflecting a 52% increase compared to the previous
