The Ethiopian Deposit Insurance Fund (EDIF) has announced it has collected Birr 13.84 billion in initial and annual premiums from member financial institutions over the past two years. The update was shared during an awareness workshop aimed at enhancing understanding of the Fund’s role among investors and stakeholders.

The event was attended by Solomon Desta, Deputy Governor of the National Bank of Ethiopia and Chairman of the EDIF Board, Dr. Desalegn Ambaw, CEO of EDIF, and invited guests. Solomon Desta highlighted that the Fund plays a vital role in safeguarding the stability and resilience of the country’s financial system by protecting depositors.

Since its establishment, the Fund has undertaken several projects to meet its objectives and contribute to financial sector stability. Dr. Desalegn Ambaw noted that significant progress had been made in organizing the Fund, recruiting skilled professionals, and securing essential resources within a short period.

The EDIF insures deposits held in commercial banks and microfinance institutions, ensuring depositors receive compensation in case of institutional failure. Officials emphasized the need to expand awareness efforts so that stakeholders fully understand the Fund’s importance in maintaining public confidence in the financial sector.

Source: Ethiopian News Agency