New Business Ethiopia

With objective of decreasing nonperforming loans of banks, the National Bank of Ethiopia is set to introduce a centralized database with credit information of all bank borrowers in the country.

NEWS- The 18 commercial banks in Ethiopia have disbursed a total loan of 221 billion birr (about $6.44 billion at the current exchange rate) to their customers during the first ten months of the budget year started July 2019.

The Government of Ethiopia is set to introduce bank directive that will allow smallholder farmers to use their cattle as collateral to access loan from banks.

Prime Minister Abiy Ahmed of Ethiopia held discussions with heads and representatives of financial institutions to discuss the current reforms within the sector.

The total profit of commercial banks in Ethiopia, grew by 24 percent this year as compared to the similar period last year. This is excluding the new private banks, which have not began reporting profits and state-owned National Bank of Ethiopia (NBE).