2merkato

The Governor of the National Bank of Ethiopia Yinager Dessie (PhD) announced that the Ethiopian banking sector was registering resilient growth despite challenges. The Governor revealed this in a forum which was held to review the developments and future plans of the financial sector.

The digital payment system grew by 150%, as the number of mobile banking users surpassed 16 million. Yinager Dessie emphasized that banks should give due attention to digitalization and reaching the underserved section of the society.

The banking sector showed improvements during the 2021/2022 year. Yinager Dessie (PhD), the Governor of the National Bank of Ethiopia, stated banks performed better in asset, loan repayment and other variables.

The capacity of banks in repayment of loans increased to 48.7% while the banking sector registered 26.7% growth during the last fiscal year, it was learnt. The total asset of the banks also reached 1.7 trillion and the number of their branch offices increased by 30%.

National Bank of Ethiopia (NBE) disclosed aggregate capital of banks in Ethiopia has increase by 19 percent during the 2014/2015 fiscal year.

Be Connected Industries, a multi-national Belgian-Dutch company has inaugurated garment printing and labeling factories with USD 2.5 million capital on June 18, 2015 at the Eastern Industrial Zone.

Beer manufacturers in Ethiopia are denounced by the Trade Competition & Consumers Protection Authority after over-pricing their products following the Birr devaluation.