Central Bank Exempts Petroleum Suppliers from Loan Freeze

Oct 30 , 2021

Regulators at the central bank have exempted petroleum suppliers from the freeze on collateralised loans imposed in August 2021. The exemption comes following an appeal from the Ethiopian Petroleum Supply Enterprise, which notified central bank officials that the freeze is impacting the country's oil supply. Petroleum dealers are not part of the exemption, but suppliers including NOC, Oil Libya and TotalEnergies will benefit. The suppliers are the latest to receive relief from the freeze. The central bank has allowed players in the coffee and sesame industries, buyer of banks' foreclosed properties, and bank employees to resume taking collateralised loans since it imposed the freeze.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...