Commercial Bank of Ethiopia opens door to all transfer agents

The National Bank of Ethiopia (NBE), aiming to increase currency inflows, has issued a new directive enabling commercial banks to accept transfers from any agent.

Bekele Ayele, Communication Officer at the central bank, told Capital the move should ease remittances, as before the senders were forced to work only with correspondent banks.
“Now anyone can send money through any money transfer agent and it can be received in the Commercial Bank of Ethiopia (CBE). This loosening of restrictions should work to ease the foreign currency shortages,” said Bekele. Read more