Ministry Embarks on Drafting Financial Services Code

March 19 , 2022


Ministry Embarks on Drafting Financial Services Code

The Ministry of Justice is preparing a financial services commercial code that had been delayed when other commercial codes were approved last year. Officials say the code was held off as it requires more technical expertise and additional input from the experiences of other countries. During a launch meeting held at the Hyatt Regency last week, chaired by Alemante Agidew, a state minister for Justice, the team leading the drafting process presented its work plans and detailed the support it needs from players in the financial sector. The Ministry is looking to involve experts from the Commercial Bank of Ethiopia (CBE), the Ethiopian Insurance Corporation, the banking and insurance supervision directorates at the central bank, and representatives from bank and insurance lobby groups in the process. Experts in attendance suggested the drafting process should be mindful of the expanding financial sector's needs, and called for due attention to input from industry lobby groups. Officials say they plan to complete the draft in six months' time.


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