12 °c
London
Tuesday, August 16, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

New currency notes get 1 million Ethiopians into banking system

Mark-Anthony Johnson by Mark-Anthony Johnson
October 19, 2020
in Africa, Banking, Currency, Economy, Ethiopia, FA, Finance, Financial Inclusion, Governance
Reading Time: 1 min read
875 9
0
The new currency notes in Ethiopia
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Ethiopia’s effort to stamp out counterfeiting by introducing new currency notes is pulling people who’ve never had a bank account into the financial system.

Over the past four weeks, almost 1 million previously unbanked Ethiopians have handed in their two-decade-old banknotes, according to the Central Bank. In exchange, they were given a bank account from which they can draw the new notes. The regulator is trying to deter cash hoarding that enables corruption and illegal trading to thrive, and escape the tax net.

Also read: The new currency notes in Ethiopia

The rush of applications forced the nation’s biggest commercial lender to assign more tellers to only handle money changing at it’s main branch next to it headquarters in the capital, Addis Ababa. The Commercial Bank of Ethiopia branch gained at least 1,000 customers in the past month, while many others deposited cash in accounts that had been dormant.

“On the first day of the new currency notes, you wouldn’t believe what happened here — everybody came,” said Nebyou Birhanu, who heads digital services at CBE. “The money is coming into the bank.”

More information, follow the link: https://lnkd.in/eEudUsk

Related

Tags: Bankingcentral bank of EthiopiaCommercial Bank of EthiopiaEthiopiaEthiopian birrFinancial InclusionNew currency notes get 1 million Ethiopians into banking systemэфиопияأثيوبياエチオピア埃塞俄比亚
ScanSendShare354Tweet221Share62Pin80Send
Mark-Anthony Johnson

Mark-Anthony Johnson

MARK-ANTHONY JOHNSON is the founder and CEO of JIC Holdings, an innovative private holding company established in 2009 which he has built into an international asset and investment management company with offices, associates and investments around the globe. This followed the success of the JIC Group which he founded in 1985. He was educated in the UK at Mill Hill School and then achieved a BA (Hons) in Business and International Finance at University of Westminster. Mark-Anthony’s vision has long been towards emerging and frontier markets with particular emphasis on Africa, Latin America and the Caribbean and his philosophy can be summed up in the phrase “knowledge is power”. Mark-Anthony is also enthusiastic about the latest communication tools, which he uses intensively to keep in touch with up to the minute data. With a deep-rooted connection to the African continent, Mark-Anthony has been passionate about developments in Africa for over 30 years. He has worldwide interests in mining, infrastructure, power, electricity, shipping, commodities, agriculture and fisheries and is currently looking to develop farms across Africa. Mark-Anthony has a vision for a future Africa as the breadbasket of the world. For many years Mark-Anthony has been active on the ground in Africa through his charitable foundation, the Johnson Foundation. Created in 1989, it first provided assistance to people in his ancestral home country, Sierra Leone, even before the civil war. Once the war started, his aid was even more necessary and became focussed on Mark-Anthony’s major concerns for Africa -education, clean water and medical assistance. Over the years, the Foundation’s work has been extended into many parts of Sub-Saharan Africa and has been instrumental in setting up new clinics and rehabilitating villages, schools, places of worship, water facilities etc.

Related Posts

Expat: Mozambique improves Oil & Gas immigration regime
Policy

Mozambique reviews Visa regime as part of its Economic Stimulus Package

by Elizabeth Khumalo
August 16, 2022
FDI

Foreign investment – plus or minus to Tanzania fishing sector?

by The Exchange
August 16, 2022
Agriculture

Nigeria approves US$24B for smart modular irrigation

by Farmers Review Africa
August 16, 2022
Trade

Ethiopia’s first free trade zone inaugurated

by FurtherAfrica
August 16, 2022
Banking

AfDB’s “Technologies for African Agricultural Transformation” wins award

by FurtherAfrica
August 16, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Expat: Mozambique improves Oil & Gas immigration regime
Policy

Mozambique reviews Visa regime as part of its Economic Stimulus Package

by Elizabeth Khumalo
August 16, 2022
0

Following last week’s release of a 20 measures stimulus package, Mozambique announced details about one of the first measures to...

Read more

Foreign investment – plus or minus to Tanzania fishing sector?

August 16, 2022

Nigeria approves US$24B for smart modular irrigation

August 16, 2022

Ethiopia’s first free trade zone inaugurated

August 16, 2022

AfDB’s “Technologies for African Agricultural Transformation” wins award

August 16, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,550 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?