Archives: news
CBE Earned ETB 12.9 Billion Profit Before Tax in the Last Six Months
CBE a reported that they had gained almost 13 billion ETB profit before tax in the past six months. The bank’s president, Ato Abe Sano, was very proud to report the bank’s increasing profit compared to last year’s report.
The Commercial Bank of Ethiopia announced a digital solution for sending money abroad called ‘EthioDirect.’
The Commercial Bank of Ethiopia has announced a digital solution for sending money abroad called ‘EthioDirect.’
The National Bank of Ethiopia issued a new guideline that requires microfinance institutions to increase their capital by 7 times
The National Bank of Ethiopia issued a new guideline that requires microfinance institutions or small credit and savings to increase their capital by seven times. This directive was issued to lift the country’s capital.
Black Market and Its Disadvantage on Ethiopian Banks
Banks in Ethiopia are impacted by the black market more and more nowadays. As the exchange rate increases in the black market, there will be a significant decrease in the country’s currency, an increase in the cost of borrowing, and a risk of fraud and illegal bank notes. Because there is a lack of regulation and government control, the banks are subject to money laundering and other tax fraud.
The National Bank of Ethiopia Announced That Its Getting Ready to Welcome Foreign Banks into Ethiopia’s Financial Sector
The National Bank of Ethiopia announced that it has begun to prepare following the announcement of foreign banks to join Ethiopia’s financial industry.
Annual Report for Banks in Ethiopia’s increased Financial Performance for the Budget Year 2021/22
The annual report for banks in Ethiopia’s financial performance for the budget year 2021/22 was released from June (the end of the year according to the Ethiopian calendar) to December.
Arifpay; Ethiopia’s 1st New Successful Digital Payment Gateway
Arifpay, Ethiopia’s 1st digital payment gateway, is a bank-led model that offers payment gateway solutions for processing school fees, airtime top-up eCommerce transactions, and other types of payments.
Debub Global Bank has announced that the bank has changed its name to Global Bank Ethiopia.
The private commercial bank that has been named Debub Global Bank for 9 years has decided to change its name to Global Bank Ethiopia. The General Assembly meeting held on December 19, 2022, has confirmed that the formerly known as Debub Global Bank has officially changed its name to Global Bank Ethiopia.
Wegagen Bank 2013/2014 Annual Report shows bounce back from Financial Crisis
Wegagen Bank has been deeply affected by the Northern Ethiopia war for the past two years. After the decline and aggravated damage that happened in 2013, the bank has managed to improve its overall performance in the 2014 fiscal year.
Awash Bank Issues the First Credit Card in Ethiopia
Awash Bank, one of the largest private banks in the country, has declared its launch of credit card services in Ethiopia. This move makes it the nation’s first bank to provide this amenity.