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House approves Diaspora involvement in finance sector

The House of People’s Representatives (HPR) has approved a new bill that seeks to amend the existing Banking Business Proclamation to provide for the participation of Ethiopians in the Diaspora in the domestic financial sector a couple of years after a controversial campaign by the National Bank of Ethiopia (NBE) thoroughly purged any member of the diaspora from the country’s financial sector.

Abay bank, WorldRemit strengthen ties to aid transfers

Abay Bank and WorldRemit are forging a relationship to help facilitate the transfer of funds from the growing Ethiopian Diaspora communities via its digital online low-cost money transfer service. This is its seventh partnership with local banks; including the state-owned Commercial Bank of Ethiopia (CBE).

HelloSolar, BelCash to introduce solar home system 

With Ethiopia moving to a strategy which helps embrace the wisdom of solar energy within the country and play catch-up to successes achieved in neighboring nations such as Kenya and Rwanda; HelloSolar in partnership with BelCash – the mobile banking platform system – is set to introduce a pay-as-you-go system for the nation’s off-grid population with affordable solar home system.

Addressing diaspora trust fund issues

Many agree that the country’s current foreign currency crunch is in dire need of creative solutions as it has reached chronic level. In fact, it is critical now that the country is facing difficulty in importing lifesaving medication like insulin.

PM names DTF Advisory Council

Prime Minister Abiy Ahmed (PhD) has decided to set up an Advisory Council composed of 15 members for the newly instituted Diaspora Trust Fund (DTF) in order to garner the maximum possible support from the diaspora as well as ensure accountability and transparency of the implementation.