Central Bank Renounces Digital Currencies

Jun 11 , 2022


[ssba-buttons]

Regulators at the central bank released a statement last week, calling cryptocurrencies such as bitcoin illegal and prohibiting the use of any currency other than the Birr for financial transactions. Despite its stance against bitcoin and other cryptocurrencies, the National Bank of Ethiopia (NBE) acknowledged the growth of bitcoin and its use in the country. However, it reiterated the fact that it had never granted citizens permission to use bitcoin or other cryptocurrencies for transactions. The central bank's negative stance against cryptocurrencies is due to regulators' belief that they are being used to conduct illegal activities and launder money in the country. Other African countries, such as the Central African Republic and Cameroon, have been more accepting of cryptocurrencies, with the former even designating bitcoin as legal tende


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...