Central Bank Approves Ethio-Re CEO Nomination

Apr 30 , 2021


[ssba-buttons]

The National Bank of Ethiopia (NBE) approved the appointment of Dawit Gebreamanuel on April 29, 2021, as the president of Ethiopian Reinsurance (Ethio-Re), the first reinsurance company in Ethiopia. Dawit Gebreamanuel has around three decades of experience in the insurance sector. He served as Chief Executive Officer of Nile Insurance and later served in United Insurance as deputy of finances and administration for the past six years.  According to a directive set by the NBE, senior executive officers must have at least eight years of experience in the insurance sector, of which four must be in a managerial position. Dawit is expected to join Ethio-Re in a month's time. Ethio-Re has been on the hunt for a president for almost a year now after the founding CEO, Yewondwossen Itefa, who served at the company for three years, left mid last year. Following the departure of the founding CEO, the board of directors appointed Fikru Tsegaye as acting CEO, effective September 19, 2020. Fikru served as an executive officer of strategic planning and business development at Ethio-Re before his appointment. Ethio-Re, established in 2016, netted a profit of 164.6 million Br over the last fiscal year. Recently, Ethio-Re struck a deal with Al-Huda Centre of Islamic Banking and Economics to develop a Takaful reinsurance product.


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...