The National Bank of Ethiopia (NBE) has urged financial institutions to be ready for consolidation, upgrading of technology and capital, and revisiting their strategies in light of the intense competition ahead of them.
Addressing the two-day annual East African Finance Summit underway in Addis Ababa, NBE Deputy Governor Solomon Desta said the financial sector in Ethiopia undergoing through series of reform activities over the last few years.
The “key reform areas include improving access to finance, financial sector opening up, adoption of digital financial services, introduction of interest free financial services, and insurance sector reform, operationalization of deposit insurance fund in Ethiopia, financial education, and consumer protection as well as other many reform activities.”
Considering the financial sector reform in the pipeline, the deputy governor called on financial institutions in the country to be ready for consolidating and revisiting activities in the light of the intense competitions ahead.
Ethiopian Capital Market Authority Director-General, Brook Taye said on his part that capital market contributes to the development of the national economy, support and promote innovation and growth by mobilizing and allocating financial resources appropriately.
Regarding the progress of capital market development in Ethiopia, he said “the development of capital market is a key component of the Ethiopian economic reform agenda under the Home-Grown Economic Program.”
“For any economy, capital markets are key lifeline to develop the financial system. They provide business with means to raise the money that they need to create more jobs; and such markets will also allow investors for the future to build and expand.”
According to him, the East African Finance Summit underway is an important multilateral dialogue platform for industry experts, researchers and government official from across different constituents to foster collaboration, discuss current challenges and explore business opportunities.
The goal of the East African Finance Summit is to provide a platform for financial leaders, policymakers and experts to share knowledge, exchange views on emerging trends and opportunities and develop solutions to the challenges facing the East African financial sector, it was learned.
Source: Ethiopian News Agency