CBE to undergo financial transformation

• Targets inclusiveness, financial flow

ADDIS ABABA – Commercial Bank of Ethiopia (CBE) stated that it has amended directives so as to reach out to the unreached with financial accessibility and inclusiveness.

CBE President Abbe Sano briefed journalists that the bank has allowed some 62 new branches to be on board which have helped it secure over 885 million Birr savings over the last nine months.

Abbe further stated that the bank has introduced new technology initiatives that could boost its service through mobilizing human resource and service digitalizing.

He added that CBE has been working to realize its goals of creating cashless society via entertaining digital banking. The number of service users has also significantly risen over the stated period.

The previous directives had a range of shortcomings that have caused the sluggish pace of the economic growth as they had hindered the financial flow, as to Abbe.

“The amended directive ensures the accessibility of loan services to the rural areas since it would help curb the policy defects restricting the financial flow.”

As learnt from studies, some 65 percent of the cash flow has been restricted to urban areas, whereas the rural areas have been witnessed suffering from lack of streamlined financial flow, as to the bank.

As to the study, about 37 percent of the rural districts of the country have no access to bank services, even agents of micro-finances have accessed solely to 2,000 Kebeles.

The need to revise and amend the directive is meant to solve the problem of financial deficit through evenly expanding the financial outreach throughout the country, Abbe said.

The bank has been enhancing the financial ecosystem to establish healthy cash flow through curbing illicit financial trade and transform the financial sector thereby facilitating the economic growth of the nation, Abbe stated.

BY GETAHUN LEGESSE

The Ethiopian Herald April 29/2021

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