Bank Client Data Compilation Window Draws to Close

Feb 26 , 2022


[ssba-buttons]

A deadline for financial institutions to get a hold of account holders' personal information passed last week, putting clients who have not provided the information at risk of having their accounts blocked. A National Bank of Ethiopia (NBE) directive issued last August commits 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 requirements also apply when opening new accounts. Banks and microfinance institutions had been given a six-month window to set up a Know Your Customer (KYC) unit at their headquarters, to update customer information and set up a system to monitor transactions deemed "suspicious." Over the past few months, banks have been contacting their clients by phone to gather details and create a comprehensive customer database, though it remains to be seen how much data they have compiled. Last October, the central bank issued a circular that introduced adjustments to the directive. It allows banks to accommodate and include low-income and undocumented nationals who do not possess identification documents, instead using biometric data (photographs and fingerprints).


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...