Addis Ababa — Innovation is reshaping the financial landscape in Ethiopia as the country continues its financial reform and economic transformation agenda, National Bank of Ethiopia Governor Eyob Tekalign said.
An International Conference on Next Generation Microfinance is underway at the UNECA in Addis Ababa under the theme "Unlocking Opportunities through Innovation, Inclusion and Resilient Financial Services".
Opening the three-day conference today, the Governor said microfinance institutions are not just financial service providers for millions of Ethiopians but also partners.
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As Ethiopia continues its financial reform and economic transformation agenda, the microfinance sector is uniquely positioned to bridge gaps between formal financial systems and underserved populations, he added.
According to him, the microfinance sector is contributing meaningfully to poverty reduction, job creation, and shared prosperity.
For the Governor, innovation is reshaping the financial landscape in Ethiopia; and what is being reshaped in Ethiopia is not just the financial sector but the whole nation.
The expansion of digital financial services, mobile money platforms, fintech solutions, and agent banking is transforming how financial sector services reach communities, especially those previously excluded due to distance cost or formality.
Innovations offer unprecedented opportunities to improve efficiency, and enhance customer experience, Eyob said, adding that innovation must however be inclusive.
Resilient financial services are built on strong governance, sound risk management, diversified funding, strong capital, and prudent use of technology, according to the Governor.
International Fund for Agricultural Development (IFAD) Country Director, Mawira Chitima, said the Fund has been working with the Ethiopian microfinance sector and financial inclusion of Ethiopia for the over 25 years.
"In this period, we have seen a tremendous growth in this sector and improved rural financial inclusions as well."
Association of Ethiopian Microfinance Institutions (AEMFI) Board Chairman, Mekonnen Yelewumwossen, for his part highlighted the unreserved contribution of the association to the growth of the sector.
The Chair also reiterated the commitment of the association for the realization of the financial inclusion of Ethiopia, working with pertinent stakeholders in the sector.
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The Conference on Next Generation Microfinance is organized by AEMFI, in collaboration with partners, bringing together policymakers, financial sector leaders, development partners, technology innovators, and microfinance practitioners from Ethiopia and around the world.
