The number of bank deposit accounts in Ethiopia has risen from 98.59 million in June 2022 to 129.52 million in June 2023, the National Bank of Ethiopia revealed.

The banking sector in Ethiopia is undergoing a shift in its focus, with an emphasis on supporting the private sector and providing financial assistance to productive segments of the economy. NBE is actively encouraging banks to expand their operations through digital financial services, reaching previously untapped areas and promoting financial inclusivity.

Recently, NBE held a meeting with bank CEOs and board chairs to discuss its new 3-year Strategy Plan. The purpose of the meeting was to evaluate the performance and challenges of the banking industry, particularly in credit and foreign currency allocation. The goal was to establish a unified vision and foster collaboration among all stakeholders in order to prioritize shared objectives and practices.

Source: Fana BC