National Bank of Ethiopia has announced the establishment of the Ethiopian Deposit Insurance Fund

 

National Bank of Ethiopia has announced the establishment of the Ethiopian Deposit Insurance Fund. The insurance system is said to be a guarantee for the community that saves money in commercial banks and microfinance institutions. It is A Financial safety net form where depositors are protected from any kind of bank run, risk, or bank failure. In addition, even if there is a risk of failure in banks or microfinance institutions this fund will be granted compensation for the depositors.

 

 National Bank of Ethiopia has announced the establishment of the Ethiopian Deposit Insurance Fund and its CEO

 

Prime Minister DR. Abey Ahmed assigned Merga Wakweyawho as the current Director of Microfinance supervision at the Central Bank as the Chief Executive Officer of the Deposit Insurance Fund.

Mr. Merga is known for his experience in the finance sector as his contribution to the five-member board of deposit insurance fund along with the deputy Governor Solomon Desta , Zemen Bank’s president Dereje Zebene ,Teshome Kebede president of the Association of  Ethiopian microfinance institution (AEMFI).