August 22 , 2020
The National Bank of Ethiopia (NBE), in a directive issued last week, has allowed microfinance institutions to upgrade into full-fledged banks. The directive lays out the criteria for which microfinance institutions are eligible for this transition. Accordingly, microfinance institutions with a strong financial footing and with regional governments or city administrations as shareholders, which accounts for more than 70pc of the industry, are deemed qualified. It also states that institutions will have a period of two years to finalise their transition into banks. However, a transitioned microfinance institution, while performing the regular services of a bank, must not neglect the main aim of its establishment, according to Yinager Dessie (PhD), governor of the central bank. The institutions must continue to serve and provide loans to the small and medium enterprises and the low-income individuals they were established to serve. Currently, there are 38 microfinance institutions in the country, accounting for 41.6 billion Br in mobilised savings deposits.
November 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
November 20 , 2021
Leaders of the warring parties in Ethiopia`s year-old militarised conflict may think...
November 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
November 6 , 2021
Prime Minister Abiy Ahmed (PhD) stood to attention last week and saluted the high mil...
November 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
November 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
October 16 , 2021 . By HAWI DADHI
Residing in a country with no capital market, an organised marketplace for trading se...
August 28 , 2021 . By HAWI DADHI
The streets of Addis Abeba are as varied as they are many, although too many of them have yet to be named. From the narrow alleyways of the...
