NBE Mandates Banks Erect Disaster Recovery Data Centre


NBE Mandates Banks Erect Disaster Recovery Data Centre

Last week, regulators at the National Bank Of Ethiopia (NBE) introduced a new directive that obliges commercial banks to build a recovery data centre. The directive dictates the data centre needs to be disengaged from the banks' primary IT centres, at least 120Km away from the main site. In the event that banks experience an incident that could have significant implications for their services or financial standing, their executives are required to inform the NBE's banking supervision directorate within two working days. Commercial banks are also required to automate their core business processes and make them interoperable with one another to ensure automated data sharing. All commercial banks are operating with a core banking system. Several banks are using systems supplied by Oracle, a software company based in the US. Core banking systems supplied by Temenos, a software company based in Switzerland, are also widely used. The NBE stipulates that banks must revise their IT risk management policies intermittently.


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Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


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Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


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Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...