Category
223 articles
Banking & FinanceThe Ministry of Finance has issued a new directive allowing investors operating in free trade zones to benefit from income tax exemptions on earnings generated from imported goods they sell. The decision, addressed to the Ministry of Revenue and the Ethiopian Investment Commission, is grounded in Article 12(1) of Council of Ministers Regulation No. 586/2018
Banking & FinanceDestta, a U.S.-registered fintech company, has officially launched the beta version of its global remittance platform in Ethiopia, positioning itself to capture a growing share of diaspora inflows through formal financial channels. Speaking at the launch event held at Hyatt Regency Addis Ababa, Founder and CEO Dawit Berhanu emphasized the platform’s broad transaction capability, enabling
Dashen Bank has rolled out a major expansion of its digital ecosystem, introducing a virtual card for international payments, a fully digital onboarding system, and a six-million-birr content competition aimed at accelerating adoption of its Super App. The headline launch is the Dashen Virtual Card, developed in partnership with Mastercard. Integrated into the Dashen Super
Banking & FinanceNational Bank of Ethiopia has introduced a set of far-reaching directives reshaping the country’s insurance industry, in a move that signals a decisive shift toward stronger governance, transparency and regulatory oversight. The new rules, issued under Directives SIB/62/2026, SIB/63/2026 and SIB/64/2026, target three critical pillars of the sector: who can own and run insurance companies,
Banking & FinanceEthiopia’s banking sector is delivering numbers that would turn heads in any emerging market. A record 93 billion birr in profit, strong capital buffers, and the lowest non-performing loan ratio in five years suggest a system operating at peak performance. But beneath the surface of this success lies a quieter, more consequential risk: complacency. The
Banking & FinanceThe National Bank of Ethiopia has announced an extension of operating hours for its Real-Time Gross Settlement (RTGS) system, a key component of the country’s financial infrastructure. In a directive issued on March 17, 2026, the central bank confirmed that the RTGS system under the Ethiopian Automated Transfer System (EATS) will now operate from 8:00
Banking & FinanceEthiopia’s financial system has, in recent years, projected a narrative of resilience, banks expanding, reforms accelerating, and new market institutions taking shape. Yet beneath this progress lies a quieter, more structural weakness: an insurance sector that remains strikingly underdeveloped. With penetration at just 0.3% of GDP, the industry lags far behind the global average of
Banking & FinanceEthiopia has spent an estimated $1.35 billion supporting its currency in 2026, underscoring mounting pressure on the birr amid ongoing economic reforms and external imbalances. According to data reported by Bloomberg, the National Bank of Ethiopia (NBE) has stepped up its presence in the foreign exchange market through a series of auctions aimed at stabilizing
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced the results of Foreign Exchange (FX) Auction No. 21, allocating $70 million to commercial banks. The total demand far exceeded the allotment, with bids totaling $241.52 million. The marginal rate for the auction was set at 157.0183 Birr/USD, while the weighted average rate of successful bids stood
Banking & FinanceThe National Bank of Ethiopia (NBE) has announced that it will conduct a $70 million foreign exchange auction on Tuesday, March 17, 2026, as part of its ongoing efforts to stabilize the foreign exchange market. In a notice issued on March 16 in Addis Ababa, the central bank said the auction is part of its
Banking & FinanceKenya’s largest lender, KCB Group, is aiming to enter the Ethiopian banking market before the end of 2026 as part of its broader strategy to expand its regional footprint and boost earnings from operations outside Kenya. The Nairobi-based banking group has been exploring opportunities in Ethiopia following the country’s decision to gradually open its tightly
Banking & FinancePrime Minister Abiy Ahmed (PhD) announced that Ethiopia, along with several other oil‑importing countries, is struggling to secure petroleum supplies on time due to the ongoing crisis in the Middle East. In remarks on Saturday, Dr. Abiy said the conflict has disrupted global oil shipments and stressed that urgent measures are needed to conserve fuel
