NBE Unveils Game-Changing Remittance Solution "Unite.et" to Drive Diaspora Engagement: 100 Billion-Birr Backing for Diaspora Investment
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Digital Marketing Manager @ Bank of Abyssinia | MA in Marketing Management
Addis Ababa, September 5, 2024 – In a groundbreaking move aimed at enhancing Ethiopia’s economic development, the National Bank of Ethiopia (NBE) has launched a comprehensive remittance campaign titled "DEBO." The initiative seeks to mobilize the Ethiopian diaspora to channel their remittances through formal banking systems, offering a host of attractive benefits and services designed to foster greater financial engagement.
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The DEBO campaign, a six-month nationwide effort, is part of NBE’s strategic push to align with the Foreign Exchange Directive 01/2024. Its core objective is to educate the global Ethiopian community on recent remittance reforms and encourage them to take advantage of secure and legal channels to remit funds back home. NBE Governor Mamo Mihretu emphasized that this initiative provides a "faster, more secure" remittance process, offering competitive exchange rates and eliminating the need for informal hawala systems.
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A 100 BILLION-BIRR BACKING FOR DIASPORA INVESTMENT
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As part of the DEBO campaign, Ethiopian banks have allocated 100 billion ETB for loans, savings products, and other financial services linked to remittances. This ambitious financial backing will be made available across the country’s 31 commercial banks, with options for both local and foreign currency accounts.
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Further enhancing the accessibility of banking services for the diaspora, NBE has launched Unite.et, a new platform enabling Ethiopians abroad, as well as foreigners of Ethiopian origin, to open bank accounts virtually. Through Unite.et, users can seamlessly create savings, checking, and foreign currency accounts, with no limits on deposit amounts. This digital advancement positions the Ethiopian banking sector at the forefront of global financial inclusion efforts.
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EMPOWERING DIASPORA TO BUILD THE NATION
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Beyond simple remittances, the campaign is a call to action for the diaspora to play a pivotal role in Ethiopia’s future. NBE aims to integrate the diaspora into national development initiatives by offering mortgage loans, vehicle loans, and SME financing, all linked to remittance inflows.
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Governor Mihretu expressed his optimism about the campaign’s potential, stating, “There’s no reason for the diaspora to send remittances through informal channels. Our banks are offering better rates than the black market and secure investment opportunities that contribute to Ethiopia’s growth.”
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领英推荐
UNITE.ET DIGITAL SOLUTION
The Unite.et platform is an innovative digital solution launched by the National Bank of Ethiopia (NBE) to streamline banking services for Ethiopians living abroad and individuals of Ethiopian origin. This user-friendly platform allows the diaspora to remotely open checking, savings, and foreign currency accounts without any deposit limits, providing a secure and efficient way to manage their finances. By offering seamless access to a wide range of banking products, including savings and lending options linked to remittances, Unite.et promotes financial inclusion while encouraging greater participation in Ethiopia's economic growth. This digital tool is designed to strengthen the connection between the diaspora and their home country, fostering investments that benefit both parties.
KEY FEATURES OF THE SOLUTION
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CROSS-BORDER ACCOUNT OPENING:
With Unite.et, users can seamlessly open and manage accounts with Ethiopian banks from anywhere in the world, eliminating the need for physical presence and offering a convenient, global banking experience.
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USER-FRIENDLY INTERFACE:
Designed with an intuitive layout, the platform provides a smooth and accessible experience on both web and mobile, ensuring all users can easily navigate and manage their accounts with minimal effort.
?MULTI-BANK INTEGRATION:
Unite.et partners with multiple Ethiopian banks, giving users a wide range of financial options, allowing them to choose the best banking services to meet their individual needs.
?AWARENESS AND EDUCATION:
The platform offers comprehensive educational resources and personalized support, empowering users to understand their financial rights and fully leverage the benefits of Ethiopia's banking and remittance systems.
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For more information, visit Unite.et and be part of Ethiopia’s transformative journey!
Business Development Manager Easter Africa
2 个月@
Industrial Marketer
2 个月I think the government has issued a decree that the government will inherit property or wealth of unknown origin. Furthermore, in the absence of political stability, it is not expected that whatever decree NBE issues will have hope. Therefore, security issues is critical for the country to stabilize the country Economy.
Completed 24+ years stay with Awash Bank
2 个月The measure sounds good but seems its a bit late for such action..