Addis Ababa, Ethiopia (13 April 2023)
Ethiopia’s financial sector is rapidly evolving, with a diverse range of institutions driving economic growth and providing access to financial services for the country’s population of over 120 million people.
In an exclusive interview with Fana Broadcasting Corporation (FBC), Mamo Mihretu, the current governor of the National Bank of Ethiopia (NBE), highlighted that there are official:
- 31 banks
- 18 insurers
- 44 microfinance institutions (MFIs)
- 6 capital goods finance companies
- 8 payment system operations,
- and 2 payment instrument insurers in the country.
This robust ecosystem of financial institutions is critical to ensuring that Ethiopians have access to the financial tools they need to build their businesses and improve their lives.
As an indication of increase in financial reach, the Governor noted that bank branches have shown an 18.3% surge in openings compared to last year, resulting in a total of 9506 branches. In addition to this, financial reach has been extended through the modernization of transaction systems, including the introduction of mobile money and the licensing of payment system operators, contributing to greater financial inclusivity.
The Governor commended the success of Ethio Telecom’s Telebirr, Ethiopia’s inaugural mobile money platform, and further revealed that a new mobile license will be granted to Safaricom within the next few weeks.
Source: NBE
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