Central Bank Shrinks Daily Cash Withdrawal Limit

Oct 11 , 2020

The National Bank of Ethiopia (NBE) has pegged the maximum daily cash withdrawal limit lower for individuals from 200,000 Br to 50,000 Br. The circular has also extended to the institution's daily cash withdrawal limit, which has been reduced to 70,000 Br from 300,000 Br. The monthly cash withdrawal limit has remained the same at one million Birr for individuals and 2.5 million Br for institutions. The cash withdrawal limit is a move from NBE to control cash circulation outside of banks, manage liquidity in the financial sector and reduce printing costs. A few months ago, the regulatory bank relaxed the cash withdrawal limit after a recommendation from the Ethiopian Bankers Association. It then fully removed the limitation rule for refugee and disaster management agencies, charity organisations, government institutions, as well as defence and security bodies. The removal of the limit was also conditionally extended to embassies and credit cooperatives. The organisations are required to produce documents citing reason and lack of easily accessible financial institutions or service access in their vicinity.


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...