Ethiopia: Council Approves Financial Inclusion Strategy

Jul 26, 2017 | Addis Fortune; All Africa

Ethiopia gets a new financial inclusion strategy that aims at widening access to the unbanked population to get financial services and increase the number of account holders.

The Council of Ministers (CoM) approved the strategy by the mid of July 2017, three years after the central bank set up a Financial Inclusion Council to increase the accessibility of financial institutions. In 2014, the National Bank of Ethiopia (NBE) developed a Terms of Reference (ToR) that includes the strategies, policies, and directions of how the council will be operational. The Council had five members selected from NBE, the Ministry of Finance & Economic Cooperation (MoFEC), the then Ministry of Urban Development & Housing Construction (MoUDHC) and banks. The newly approved strategy, which envisages to increase saving mobilisation, targets the over 80pc unbanked population of the country to come close to financial institutions. Also, the strategy looks for a stable financial system and helps to expand suitable financial products and services. Read more on All Africa. Source: All Africa