National Bank of Ethiopia grants license to 8 new banks











National Bank of Ethiopia announces licenses to eight new banks Fraser Ayalew, Director of  Banking Control at the National Bank of Ethiopia said several banks are applying for licenses following the ongoing reforms in the financial sector. He recalled that the National Bank of Ethiopia (NBE) has increased the minimum capital required to establish a bank in October 2014 from 500 million to 5 billion birr. According to the director, 8 out of the 25 new banks that have applied for a license have been granted licenses by eight banks.

In addition to the eight banks licensed by the National Bank of Ethiopia, three banks are finalizing the process and will receive it in less than three months, he said.

He said the National Bank of Ethiopia (NBE) would monitor the process from the beginning of the pre-application process until the issuance of licenses.

Similarly, three small financial institutions have met the requirements of the National Bank of Ethiopia (NBE) in 2012 EC.

Two other small financial institutions are in the process of obtaining a license, he said.

He said the banking sector has created direct jobs for more than 120,000 people and the arrival of new banks has greatly contributed to the provision of alternative services and job creation.

The National Bank of Ethiopia (NBE) has so far issued licenses to 28 banks, ENA reported.



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National Bank of Ethiopia (NBE)