Ethiopian Business Portal

National Bank of Ethiopia Approves New Oromia Insurance Head

The National Bank of Ethiopia approved the appointment of Tesfaye Desta as the new president of Oromia Insurance Company, Ethiopia.

Tesfaye has been serving as acting president of Oromia Insurance after Mitiku Abdissa founding president resigned last April He previously served as a financial analyst-project officer at the Ministry of Industry from 1987-91. He served in a managerial position with Nyala Insurance for more than ten years.

National Bank of Ethiopia Approves New Zemen Bank President

The National Bank of Ethiopia has approved Tsegave Tetemke as the new president of Zemen Bank, Ethiopia. The central bank approved Tesgaye after rejecting Zemen’s first choice for president, Anteneh Assefa for lack of experience.

Zemen bank has been without a president since the resignation of Brutawit Dawit Abdi from the post in April of 2011.

National Bank of Ethiopia Eases Gold Trade Regulations to Boost Foreign Currency Inflows

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In a move to enhance the country's gold supply and foreign currency reserves, the National Bank of Ethiopia (NBE) has issued a new directive allowing gold-producing companies to retain foreign currency earned from gold sales for a period of three months.

National Bank of Ethiopia Extended Launch of its CORE Banking System

The National Bank of Ethiopia has extended the launch of its CORE banking solutions by two months, Ethiopia's weekly business paper Fortune reported. NBE has contracted Polaris Financial Technology Ltd., an Indian company for US$3.4 million to replace its outdated Bank Master system with a new CORE banking system called Intellect.

The upgrade is required for compatibility with the National Payment System (NPS) and the new bank reporting system, according to the reports of Fortune. The Central Bank delayed the deployment of the new system as a result of the complexity of the task and Polaris' delay in undertaking analysis of the old system, Fortune reported citing the NBE's Public Relations and Communications director, Dereje Asegdew.

National Bank of Ethiopia Inaugurated New CORE Banking System

nbe The National Bank of Ethiopia (NBE) inaugurated its new centralized, online, real-time, electronic (CORE) banking system after months of delay, Fortune reported.