ADDIS ABABA (ENA)–A National Financial Inclusion Strategy that envisions providing universal access through innovative and convenient channels was unveiled on October 2 by the National Bank of Ethiopia (NBE).
Despite the significant expansion of the financial sector in Ethiopia, only 22 percent of adults have account in regulated financial institutions as compared to 34 percent of Sub-Saharan Africa. The strategy plans to give access to 60 percent adults by 2020.
NBE Governor, Teklewold Atnafu attributed the low performance in the sector to lack of finance and related infrastructures, community awareness and financial security, low quality of products and services.
The National Financial Inclusive Strategy is expected to address the problems by expanding financial infrastructures, mobile banking, and money transfer technologies.
The Governor said the strategy is a turning point for realizing financial products and services nationally.
Deputy Prime Minister Demeke Mekonnen said it is difficult to think of universal change in financial inclusiveness without inclusive financial products and services in the country.
The strategy is paradigm shift in the financial sector as it is aimed at effectively addressing the gaps in quality financial product and services, he added.
All concerned bodies should collaborate for the successful accomplishment of the objectives of the strategy, Demeke stressed.
The National Financial Inclusion Strategy approved by the Council of Ministers last year is prepared by the National Council for Financial Inclusion with the financial support of World Bank.
- UNDP Launches Study on Income Inequality in Sub-Saharan Africa
- Ethiopia’s Economy Shows Strong Resilience in 2016/17: IMF Staff Team
- Addis Ababa Chamber of Commerce Launches Four Major Trade Fairs in 2018
- Ethiopia: Implementing Financial Inclusion Strategy to Transform from Cash Economy to Digital Transaction
- World Bank, with $600 Million IDA Fund, to Help Ethiopia Build a National Safety Net System as a More Effective Response to Droughts