Ethiopia's central bank sets up Financial Inclusion Council
The National Bank of Ethiopia (NBE) is setting up a Financial Inclusion Council (FIC) in a bid to increase the number of account holders in the country.The National Bank of Ethiopia (NBE) is setting up a Financial Inclusion Council (FIC) in a bid to increase the number of account holders in the country.
"The main aim of establishing the financial inclusion council is to centralise the financial inclusion services given by different bodies," said Abate Mitiku, advisor to the central bank's vice governor, quoted by Addis Fortune.
There will be five council members selected from NGOs, the government and banks. According to the news source, the council will be led by Sufian Ahmed, minister of Finance
& Economic Development.
The establishment of the council is part of the government agenda to increase the accessibility of financial institutions everywhere, in order to increase the number of account holders, especially in rural areas, said Mr Miteku.
The main aim of the financial inclusion policy is to increase savings mobilisation at the farmer level and encourage them to open accounts and access finance by bringing financial institutions closer to their door, he added.
As of June 2014 the number of adult account holders in the country reached 44 per cent, up from 20 per cent in 2010, according to figures from the central bank. It plans to bring the number of adult account holders to 80 per cent by 2020.