ADDIS ABABA – Ensuring financial stability and propelling enabling policies are critical grounds to steadfast Ethiopia’s economic growth and development, the National Bank of Ethiopia (NBE)Governor said.
The 7th Annual East African Summit, organized by the iCapital Institute, Nairobi Securities Exchange and Ethiopian Insurers Association is being held under the theme “Unlocking opportunities: Navigating the forces shaping the future of finance in East Africa.”
In his opening remark at the summit yesterday, NBE Governor MamoMihretu said that the central bank has been aggressively working on financial stability and ensuring potential gaps and weaknesses to sustainably address the potential loopholes in the financial sector.
The governor further emphasized that in recent years, Ethiopia’s financial sector has been registering a remarkable growth through a mix of product provision, adoption of digital technologies and modern risk management systems. “Ethiopia is currently embarking on developing enabling policies and regulatory responses to withstand the global and regional dynamics affecting its financial sector. However, it brings opportunities, by accelerating positive trends.”
Moreover, Ethiopia set an ambitious and hopeful agenda focused on financial stability, inclusion, and modernization. Currently, various digital transaction systems and services including new digital savings and credit schemes are increasingly becoming the norm.
In this regard, the NBE is working on a diversified and competitive financial system that fosters innovation, inclusion, and operates in line with international best practices.
According to him, the opening of Ethiopia’s financial sector to foreign investors would be a potentially transformative agenda that can help accelerate innovation and competition within the industry and bring in fresh new capital and modern products.
The central bank is also strengthening financial innovation and inclusion to position Ethiopia as a leader in the East African region and improve financial access for all categories of businesses and for all segments of society.
“This summit serves as a critical platform for fostering dialogue, sharing innovative ideas, and building partnerships. It also forges a united path forward, leveraging collective expertise and insights for the realization of our common goals and shapes the trajectory of our industry,” Mamo remarked.
Nairobi Securities Exchange CEO Frank Mwitifor his part stated that as a leading economic powerhouse, Ethiopia is making strategic decisions aiming at liberalizing its economy and opening up the door for foreign actors to be involved in its financial industry.
As to Frank, this summit is a crucial platform to foster economic cooperation, innovation, and sustainable economic growth. Additionally, it serves as a catalyst for promoting regional integration and unlocking the vast economic potential of the East African community.
BY ASHENAFI ANIMUT
THE ETHIOPIAN HERALD FRIDAY 10 MAY 2024
