Addis Ababa, 14 July 2015(WIC) – National Bank of Ethiopia (NBE) says the expansion of financial sectors is crucial to attain overall development.
Deputy Governor of the Bank Getahun Nana said that Ethiopia’s experience of expanding the financial sectors was presented as a model for the participants of the third financial conference.
He embarked in his presentations that Ethiopian legal framework in finance is playing a significant role in the sector; adding that bank customers could transit their money in the nearby bank branches.
Mobile banking, running public servants payment in the banks system are also among the services that recorded in the success of the sector, he added.
Bond selling for the Grand Ethiopian Renaissance Dam Project, credit services for condominium houses, and small and micro and small enterprises could be mentioned as a driving factor for number of saving accounts to grow from 4 million to 15 million.
Similarly, the amount of money deposited in the bank also has grown from 95 billion EB to 300 billion EB.
In the beginning of the GTP the number of banks nationally was 681 he recalls; adding that currently the number of branches mounted to 2,600 Getahun added.
With collaboration of Ministry of Finance it is set to start a core banking system so that all the banks in the country can interconnect and give service for their clients anytime and anywhere in the near future.