ADDIS ABABA – Ethiopian Deposit Insurance Fund (EDIF) said it is working to collect some 6 billion Birr premium this fiscal year.
EDIF’s CEO, Desalegn Ambaw (PhD) told the Ethiopian Press Agency (EPA) that his organization is working hard to collect 6 billion Birr from financial institutions and smallholders as a premium this budget year.
As to him, protecting and guaranteeing micro finances, banks, and smallholders who are depositing money is the priority of the EDIF.
He believed that his office builds the confidence of depositors and realizes financial stability.
Over 97% of citizens have not more than 100,000 Birr deposit, he mentioned referring a research conducted in 2021.
He further stated that the nation is ranked 148th in the world in establishing EDIF whilst a lot of activities are remain to be done specially in addressing the smallholders.
As to the CEO, EDIF is preparing to sign a memorandum of understanding with the Ministry of Finance and National Bank of Ethiopia soon in order to realize proactive response in financial affairs.
In a similar manner, it is working with international originations like the World Bank to fill the skilled human power gap and technology limitation, he noted.
Furthermore, EDIF will prepare “Risk Adjusted Premium” to encourage financial stability and it will provide loan after five years, it was learned.
BY MESERET BEHAILU
THE ETHIOPIAN HERALD THURSDAY 28 MARCH 2024
