Professionals Urged to Assist in Enhancing Financial Inclusion Efforts with Knowledge

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Addis Ababa August 12/2022/ENA/ Professionals engaged in the financial sector have been urged to assist in boosting financial inclusion efforts with knowledge, finance, and know how.

Finance Minister Ahmed Shide made the call while speaking at the finalizing event of the “Eid-to-Eid Homecoming.”

According to him, the government has made fundamental reforms to ensure financial inclusion. As a result of the reform, several sharia-based financial institutions have started operation.

Even if the results obtained have so far been encouraging, the government has recently made amendment to the regulation that has been in place.

The minister also called on the parties involved in the sector to coordinate their knowledge, skills and resources in order to make financial inclusion accessible.

National Bank Deputy Governor, Solomon Desta  said that interest-free banking generates over two trillion US dollars globally, and he cited neighboring country Kenya as using the sector extensively.

Ethiopia started interest-free services ten years ago at windows, he stated, adding that four banks have joined the sub-sector as independent banks that provide interest-free services since the reform.

Customers of the service have deposited over 117 billion Birr last Ethiopian fiscal year alone, he noted.

Ethiopian Diaspora Service Director-General, Mohamed Andris said all the social, economic and diplomatic programs of the Eid-to-Eid Homecoming organized to promote the country have been finalized.

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The reform has answered the requests of the diaspora and all interested actors for the availability of an inclusive financial system in Ethiopia, he pointed out, urging the diaspora to utilize and popularize the reform and work hard to make the country a hub of interest free financial center.

In their messages, the religious leaders thanked the diaspora for their continued cooperation in honoring national calls and called on them to work hard in their countries of residence.

Research articles that focus on the nature and benefits of interest-free financial system were presented and discussed.

The one-day forum was attended by senior government officials, religious leaders, financial sector actors, and the diaspora who came home for the Eid-to-Eid program.

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