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Central Bank Extends Depositor Data Deadline



The National Bank of Ethiopia (NBE) has granted banks two months to complete depositors' personal information.

It issued a directive last August requiring commercial banks, microfinance institutions, and payment instrument issuers to include a tax identification number (TIN), average monthly income, and occupation under all client account information.

The original deadline for the know your customer (KYC) requirements was February 2022. However, banks have been struggling to gather and verify client data. They have resorted to freezing accounts with incomplete information over the past few weeks.

Earlier today, regulators instructed the presidents of commercial banks via text message they would have two additional months to finalise the process. Accounts that have been frozen are also to be reopened.

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