Ethiopian Savings in Financial Institutions Surpass 2 trillion Birr Milestone

Addis Ababa — Ethiopia’s savings deposits in various financial institutions have crossed a significant threshold, exceeding 2 trillion Birr, the National Bank of Ethiopia has confirmed.

According to Ethiopian News Agency, the Deputy Governor of the National Bank of Ethiopia, there has been a notable increase in the saving habits within the society, with registered savings in financial bodies, such as banks, amassing to 2.19 trillion Birr. This represents a 25 percent surge in savings within a span of one year, highlighting a robust growth in domestic financial accumulation.

The Deputy Governor emphasized that the uptick in savings has been bolstered by advancements in digital finance which have made financial services more accessible to the public through a variety of options. Desta attributed the positive trend to the expansion of digital systems, the introduction of new players in the financial market, the concept of a capital market, and the provision made for foreign banks to participate in the Ethiopian financial sector, all of which he believes hold additional potential for the future enhancement of savings.

This announcement aligns with Ethiopia’s broader technological initiatives, as the country is in the midst of implementing digital technology across all sectors. This effort is part of a national goal to achieve a fully realized digital Ethiopia by the year 2025.