Financial Services
Overview of the sector
The financial services industry in Ethiopia encompasses a blend of traditional and modern banking practices, underscored by an increasing emphasis on digitalization and innovation. Commercial banks, microfinance institutions, insurance companies, and capital markets form the primary pillars of this sector. Overseeing monetary policy and supervising financial institutions to ensure stability and soundness within the industry is the central regulatory authority, the National Bank of Ethiopia.
As a pivotal facilitator of investment, insurance services are poised for growth and modernization alongside the broader financial services industry. While corporate customers dominate the insurance market, there exists a notable gap in individual-focused products. This presents a significant opportunity for expansion, including the introduction of microinsurance offerings tailored for lower-income households[1]. At present, the Ethiopian Insurance Corporation leads the insurance industry.
Opportunities and challenges for the development of microinsurance in Ethiopia – Cenfri
Commercial Bank of Ethiopia
Company description
The Commercial Bank of Ethiopia (CBE) stands as the oldest and largest commercial bank in Ethiopia, boasting over 80 years of operational excellence. Renowned as the foremost financial institution in the nation, CBE holds the distinction of possessing the largest assets, deposits, and branch network across the country. With a customer base exceeding 42 million and partnerships with over 24 thousand entities, CBE plays a pivotal role in the nation’s financial landscape. Moreover, CBE leads the forefront of digital payment innovation through initiatives like CBE Birr, spearheading Ethiopia’s imperative shift toward a cashless and transparent economy.
Overview of business units
The Commercial Bank of Ethiopia has 3 subsidiaries:
- Commercial Nominees
- CBE-South Sudan
- CBE-Djibouti
Development Bank of Ethiopia
Company description
The Development Bank of Ethiopia (DBE) is a specialized financial institution established to promote the national development agenda through development finance and close technical support to viable projects from the priority areas of the government.
DBE’s vision is to be an excellent development bank by international standards through developing its core competence in project financing.
The bank focuses on sectors such as agriculture and industrial development, providing medium and long-term credit to propel economic growth.
Ethiopian Insurance Corporation
Company description
With over 45 years of operational expertise, the Ethiopian Insurance Corporation (EIC) was established through the amalgamation of thirteen nationalized private insurance firms. EIC offers a comprehensive range of insurance services, spanning across all classes, with over 30 types of non-life insurance policies and more than 15 types of life insurance policies[1] available. Additionally, EIC boasts a widespread network of 61 distribution channels, ensuring nationwide accessibility to its offerings.
Ethiopian Investment Holdings
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Contact
+251(0)111 70 45 40
info@eih.et
General Winget St, Hilcoe Building 5th floor, Addis Ababa ,Ethiopia
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