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The Commercial Bank of Ethiopia (CBE) announced record-high profits and substantial growth across key indicators for the 2023/24 fiscal year.

In a move designed to bolster the security and stability of the Ethiopian financial sector, the National Bank of Ethiopia (NBE) announced a series of revisions to its regulatory framework. Accordingly, it revised five of its directives.

Wegagen Bank and Mpesa, a mobile banking platform offered by Safaricom Ethiopia, have joined forces to provide customers with convenient digital payment solutions. This partnership, approved by the National Bank of Ethiopia, aims to eliminate the need for cash transactions.

The Board of Directors of the African Development Fund – the African Development Bank Group’s concessional financing window – approved a grant of USD 42.86 million to Ethiopia on 22 May 2024 to fund the implementation of the Agri-MSMEs development for jobs Program.

The Ethiopian Insurance Corporation (EIC) is reporting a boost in its risk management capacity, exceeding Birr 6.2 trillion in the first nine months of the current Ethiopian fiscal year. This marks a 50% increase from the same period last year.