Ashenafi EndaleJune 9, 2021


Electronic tax payment system dubbed e-tax is launched, in a bid to enable businesses to pay tax online. The Ministry of Revenue has signed agreement with five banks that includes Birhan International Bank, Dashen, Commercial Bank of Ethiopia, United Bank, and Awash International Banks, today at Hyatt Regency Hotel. Other banks are expected to follow suit.
e-tax is developed by Derash, a platform formed under the Information Network Security Agency (INSA). The system is highly expected to reduce taxpayers’ strains and queues while paying tax physically, at the ministry’s branches.

Ashenafi EndaleJune 3, 2021


Zamzam Bank SC has started operation naming its first branch Alif, located around Wollo Sefer, Bole district in Addis Ababa. Zamzam has become the first full fledged non-interest bank to operate in Ethiopia. The grand inauguration ceremony today was attended by Yinager Dessie, governor of central bank of Ethiopia, and Grand Mufti Haji Idris, among others.

Ashenafi EndaleMay 24, 2021


The Ethiopian Ministry of foreign Affairs called the decision ‘ill-advised measure to unnecessarily overshadow the elections’, in a statement released on May 24, 2021. US president Joe Biden’s administration restricted economic and security assistance to Ethiopia, followed by visa restrictions on Ethiopian and Eritrean officials in relation with the six months military
operation in Tigray region of Ethiopia.

Ashenafi EndaleMay 4, 2021


As covid19 restrict access to cash and financial institutions, number of mobile transaction users has grown by 13pct globally to over 1.2 billion in 2020, with over 300 million monthly active accounts, according to new report dubbed ‘State of the Industry Report of Mobile Money’, by Global System for Mobile Communication (GSMA). For the first time, the amount of remittance sent and received via mobile money has also surpassed USD1 billion, exponentially growing by 65pct.

Ashenafi EndaleApril 14, 2021


The National Bank of Ethiopia introduced a new threshold for banks’ minimum paid up capital, raising the bar to ETB5 billion, up from the current ETB500 million. Existing banks are given five years grace period to meet the new threshold, while new banks in seven years, according to Frezer Ayalew, Bank Supervision director at NBE, who said the letter is just dispatched for the commercial banks.

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