The Ethiopian Deposit Insurance Fund (EDIF) has collected Birr 5.2 billion in premiums from member financial institutions over the past nine months, marking an 11.1% increase compared to the same period last year.

The fund currently provides insurance coverage of up to Birr 100,000 per depositor per institution covering approximately 97% of all bank depositors in the country. A total of 31 banks and 55 microfinance institutions are members of the scheme.

Of the collected premiums, Birr 2.67 billion (51.3%) came from private banks, Birr 2.47 billion (47.5%) from the Commercial Bank of Ethiopia, and Birr 59.49 million (1.2%) from microfinance institutions.

EDIF’s investment portfolio stands at Birr 12.11 billion, with over 92% allocated to treasury bonds, earning Birr 689.45 million in profit during the reporting period.

Accountable to the National Bank of Ethiopia, EDIF plays a critical role in maintaining financial stability by protecting depositors and reimbursing them in the event of institutional failures. The fund's strategy aligns with global standards in financial safety nets, aiming to strengthen public trust and prevent potential bank runs across Ethiopia’s financial system.

Source (including image): Ethiopian News Agency