Africa-Press – Ethiopia. Bank executives say that a favorable environment is being created to enhance the international competitiveness of Ethiopian banks through economic reform measures.
The Ethiopia Finance Forum currently taking place at the Science Museum includes an exhibition showcasing the services and innovations of the country’s financial institutions.
Speaking at the forum, Girum Tariku, Director of Marketing and Corporate Communications at Zemen Bank, indicated that the sweeping economic reforms currently being undertaken by the government are driving national growth and the overall resilience of the banking industry.
He added that the introduction of a market-based foreign exchange management system is having a colossal effect by directing funds away from the non-formal parallel market into the formal banking sector.
“This has also improved the foreign currency liquidity in banks to enable provision of improved services to customers,” Girum noted.
He added that liberalization of the financial sector to include foreign banks has caused local institutions to intensify their competitiveness by venturing into human capital, technology, and operational capacity.
Aman Semir, Oromia Cooperative Bank Chief Transformation and Strategy Officer seconded this, saying that the reforms are accelerating rapid economic growth while enhancing legal and effective financial management practices within the sector.
He mentioned notable improvement in technology adoption and foreign exchange regulation. “We are seeing a major digital transition within the sector, including a notable increase in digital loan services,” Aman added.
Yibeltal Argachew, Digital Transaction Division Manager at Awash Bank, pointed out that the reforms are not only improving financial management but also contributing to banks’ higher earnings. “Due to increased foreign currency reserves, the banks are now in a better position to serve different clients’ demands,” he further added.
The continued forum still provides a venue where stakeholders can navigate the evolving financial landscape, as Ethiopia’s banking sector is poised for a more competitive position on the global stage.
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