Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Tuesday, July 5, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
alternatetext
A speaker at the 2022 Ethiopia Banking Forum. www.theexchange.africa

A speaker at the 2022 Ethiopia Banking Forum.

Addis Ababa hosts first-ever Ethiopian banking forum

In addition, the National Bank of Ethiopia has also recently mandated that all banks, insurance companies, and microfinance institutions fully digitize their operations.

by Njenga Hakeenah
June 1, 2022
in Banking
0
Share on FacebookShare on LinkedIn

Ethiopia hosted the first of a kind annual banking forum aimed at providing a platform for the financial services industry professionals and leaders.

The event held on May 21, 2022, at the Economic Commission for Africa conference centre was organized by Kehali Strategic Advisory Services PLC following the announcement that the Ethiopian banking sector opening up to foreign banks is imminent.

In addition, the National Bank of Ethiopia has also recently mandated that all banks, insurance companies, and microfinance institutions fully digitize their operations.

Bank executives, industry experts along with other stakeholders discussed the future of the banking sector, business fundamentals, regulatory framework and competitive environment, the strategic implications/options for foreign banks seeking to enter the Ethiopian market, the partnership/competitive opportunities possible between local and foreign banks as well as the benefits to the full range of consumers of banking products/services among others.

alternatetext

The financial sector liberalization is expected to open the door to building Ethiopia’s financial infrastructure, a critical missing link in the development and growth of a large and vibrant private sector that can propel Ethiopia’s economic growth and development. It will change the Ethiopian economy by rebalancing the role of the state and the private sector, it will enable the optimal flow and allocation of domestic capital and pave the road for foreign portfolio investment which accounts for much of global investment flows.

Today, Ethiopia is one of a handful of countries in the world to not allow foreign banks and other financial market institutions to operate in their economies. In Ethiopia, the lack of appropriate capital is constraining the growth of profitable companies and businesses.

It is blocking entrepreneurs from taking risks and investing in potentially profitable and productive opportunities for local and export markets. Furthermore, financial inclusion and the development and availability of personal and consumer finance is well below comparable African and developing country levels.

Participants at the 2022 Ethiopia Banking Forum. www.theexchange.africa
Participants at the 2022 Ethiopia Banking Forum.

Banking sector liberalization is a great first step in addressing these issues. Establishing a Capital Markets Authority and introducing such financial institutions, products, and services as a stock exchange, investment banking, investment funds and the like is also another great step in the process of financial sector liberalization.

Opening up the insurance industry to foreign players should also not be neglected. Finally, however, without exchange rate liberalization, the economy’s foreign currency shortage will not be resolved and the potential benefits of financial sector liberalization will be severely diminished.

The event included presentations on the strategic implications of the new financial sector developments, a talk from First Bank of Nigeria LTD on the opportunities of the financial sector in Ethiopia, as well as digital solutions from the world’s leading provider of such solutions – Whale Cloud – a subsidiary of Alibaba Group.

This forum also announced a major new collaborative initiative in the process of being formed between the Artificial Intelligence Institute and Whale Cloud to provide world-leading digital solutions in Ethiopia and, amongst other things, address the technological challenges and opportunities facing Ethiopian banks, insurance companies, and microfinance institutions.

Read: Costly air fare in EAC linked to slow pace of liberalization

Tags: Capital Markets AuthorityEthiopiaEthiopia’s economic growth and developmentEthiopian banking sectorKehali Strategic Advisory Services PLCNational Bank of Ethiopiapremium

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Njenga Hakeenah

I have 10 years of experience in multimedia journalism and I use the skills I have gained over this time to meet and ensure goal-surpassing editorial performance. Africa is my business and development on the continent is my heartbeat. Do you have a development story that has to be told? Reach me at [email protected] and we can showcase Africa together.

Related Posts

Africa

Powering Africa: Renewables safest bet for sustainable future

July 4, 2022
www.theexchange.africa
Banking

Kenya: Stanbic Bank provides women entrepreneurs with over $58.5 million in three years

June 28, 2022
www.theexchange.africa
Banking

Kenya: Here’s how much Jubilee Holdings will pay in dividends

June 24, 2022
Next Post
Shevira Bissessor. She is the Chief Operating Officer, Gateway Real Estate Africa. www.theexchange.africa

Opinion: Why women in Construction matter

Daniel Cates with a dummy cheque for helping the CR Hope Foundation with building a school in Zanzibar. www.theexchange.africa

World’s best poker player giving hope to African children

Trade relations between Belgium and the DRC. www.theexchange.africa

Trade relations between Belgium and the DRC

Please login to join discussion




This months edition

Features

Countries

Era of the African Passport: A mixed bag of opportunities?

by june njoroge
July 4, 2022
0

The African passport is a common passport document that is set to replace the existing nationally issued AU member states’...

Read more
Sibongile Thobakgale. She is the area sales manager for South Africa at Aggreko Africa. www.theexchange.africa
Investing

Transforming manufacturing in Africa

by Opinion
July 4, 2022
0

From cement to food and beverages to metal production and processing, manufacturing organisations are looking for sustainable energy solutions to...

Read more
Wallace Manyara. He is the Business Development Manager, Region South & East Africa, Wärtsilä Energy. www.theexchange.africa
Investing

Renewables, gas cheapest ways to meet Mozambique’s electricity demand

by Opinion
July 1, 2022
0

To meet its growing energy needs and increase electricity access across the population, Mozambique must build 1.3GW of new power...

Read more
By 2030, tech financing in Africa will hit US$90 billion. African governments have a lot to do to reduce the risk of investing in tech startups. www.theexchange.africa
Tech & Business

Challenges and opportunities across Africa’s tech ecosystems

by Njenga Hakeenah
July 4, 2022
0

In addition, governments have to make things better for businesses. Currently, tech start-ups have to pay a lot to comply...

Read more
Foreign Currency Auction System Fails to Meet Soaring Demand
Industry and Trade

Foreign currency auction fails to meet soaring demand

by Laurence Sithole
July 4, 2022
0

Despite these fundamentals, the Zimbabwe dollar has continued to slide against the United States dollar prompting the government to take...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In