AEMFI Celebrates Silver Jubilee

Nov 27 , 2023


[ssba-buttons]

The Association of Ethiopian Microfinance Institutions (AEMFI)  celebrates its silver jubilee, marked by the establishment of a shared core banking system, which 30 of its members share. Board Chairman of AEMFI, Mekonnen Yelemwossen, heralded the expansion of financial inclusion coverage over the past few years with plans to pass the 50pc threshold in the coming few years. Over five million people receive financial access through microfinance institutions in the country, which particularly caters to rural areas and low-income individuals. "We are more accessible than the banks," said Teshome Kebede, CEO of AEMFI The National Bank of Ethiopia had raised the minimum capital requirement to establish microfinance institutions to 75 million Br in the year. There are 43 MFI in the country with close to 60 billion Br in assets according to data from the NBE, which also reveals that Oromia Credit and Savings Institution, Amhara Credit and Savings Institution and Somali Microfinance Institution S.C were transformed into banks last year.


Radar

New Directive Tightens Rules for Foreign Employment Agencies

The Ministry of Labour & Skills has issued a directive under the Ethiopian foreign employment framework, setting clear standards for agency size, capital, and operations. Depending on their level, newly established agencies can serve between 10 and over 100 workers a day. Office space requirements range from 100sqm to 700sqm, tied to operational scale. Level-one agencies must hold a paid-up capital of 20 million Br and place a security deposit of 250,000 dollars or its birr equivalent...


Radar

Audit Findings Expose Deepening Gaps in Accountability

A new study reveals that audit irregularities in Ethiopia have continued to rise year after year, driven by weak enforcement and unresolved legacy problems. The finding, commissioned by the Office of the Federal Auditor General (OFAG) and conducted by independent researchers from Addis Abeba University, examined audit reports covering 2009–2023. The study attributes the persistent irregularities to limited accountability, poor follow-up, and reduced audit coverage during political transitio...


Radar

Africa Maritime Conference Sets Sights on Seafaring Innovation

The Ministry of Transport & Logistics has launched the first-ever Africa Maritime Conference, marking a bold move to position landlocked Ethiopia as a continental hub for seafaring innovation at a time of global talent shortages. At a pre-conference briefing, Frans Joubert, CEO of YCF Manning Ltd, underscored Africa's untapped potential in the maritime sector. Of the 1.9 million seafarers worldwide, only four percent are African—despite the continent hosting around 150 maritime academie...