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Banking & FinanceThe Development Bank of Ethiopia (DBE) has overhauled its top leadership after a prolonged internal dispute between its board and executive management disrupted decision-making at the state-owned policy bank. Essayas Kassa (PhD) has been appointed president of DBE, while Brook Taye (PhD), chief executive of Ethiopian Investment Holdings (EIH), has been named chair of the
Banking & FinanceThe National Bank of Ethiopia (NBE) has officially launched the nationwide harmonization of all bank accounts with the Faida Digital ID, marking a major milestone in the country’s digital transformation agenda. The initiative is part of the Digital Ethiopia 2030 Strategy, which positions the Faida ID as a core pillar of Ethiopia’s emerging digital public
Banking & FinanceEthiopia has launched the draft National Digital Payment Strategy 2026–30 (NDPS 2.0), signaling a major milestone in the country’s digital finance transformation. The announcement was made today during the Ethiopian Digital Payment Conference 2.0, in the presence of top officials including Deputy Prime Minister Temesgen Tiruneh; National Bank of Ethiopia Governor Eyob Tekalign; AfCFTA Secretary
Banking & FinanceEthiopia aims to complete its debt-restructuring process under the Group of 20 Common Framework by mid-2026, Finance Minister Ahmed Shide announced on Friday during a briefing in Addis Ababa. According to the minister, the government is making “significant progress” in securing agreements with official creditors and continues to engage private lenders as part of a
Banking & FinanceThe Ethiopian Birr has continued its rapid slide against the US Dollar in the National Bank of Ethiopia’s (NBE) foreign exchange auction, marking one of the most significant adjustments since the platform was introduced to support market stability two months ago. In the 11th round of the forex auction held today, the average exchange rate
Banking & FinanceAmhara Bank has reported a pre-tax profit of 655 million birr for the 2017 fiscal year, marking an 85% increase compared to the previous year. The announcement was made during the bank’s 4th Annual General Meeting of Shareholders held today. Chief Executive Officer Dr. Yohannes Ayalew said the bank’s total assets climbed to 43.4 billion
Banking & FinanceThe National Bank of Ethiopia (NBE) has officially re-licensed Standard Bank’s Representative Office, marking the first such approval under the country’s newly revised Banking Business Proclamation. Under the updated regulations, NBE now oversees the licensing and supervision of foreign bank representative offices (REPOs), a responsibility previously handled by the Ministry of Trade and Regional Integration.
Banking & FinanceEthiopian authorities have arrested 24 people connected to sports-betting companies that are accused of hiding more than 100 billion birr in government revenue, according to the National Intelligence and Security Service (NISS). NISS said it had been watching betting companies and payment providers, including fintech and aggregator firms, over suspected illegal activities. Investigators found that
Banking & FinanceAwash Bank has signed a new strategic partnership with Mastercard to help strengthen Ethiopia’s digital economy. The deal is expected to speed up the use of modern digital payment systems across the country. Through this collaboration, Awash Bank will use Mastercard’s global technology and experience, while Mastercard will benefit from Awash Bank’s strong local presence
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Banking & FinanceZemen Bank has secured a total of USD 85 million in trade finance from two international partners: the African Export–Import Bank (Afreximbank) and the Trade and Development Bank (TDB). This funding will help the bank better support import and export activities in Ethiopia. It will also improve access to foreign currency for important sectors of
Banking & FinanceEthSwitch, Ethiopia’s national payment switch, has signed a new partnership with Mastercard that will let Ethiopian banks issue prepaid cards that work worldwide. The deal will also allow Ethiopian businesses to accept international payments for the first time. The agreement was signed on Monday at the Sheraton Addis hotel. Through this partnership, EthSwitch will connect
Banking & FinanceBuna Bank S.A. has reported its strongest financial performance to date, posting a record profit and surpassing key regulatory requirements during the 2024/25 financial year. At its 16th Ordinary and 7th Extraordinary Annual General Meeting held on November 13, 2025, Board Chairman Mulugeta Asmare told shareholders that the bank earned a profit before tax of
