(NBE): In an energetic financial move, the National Bank of Ethiopia (NBE) launched a new national website to make it easier for Ethiopians living overseas to open bank accounts in both local and foreign currencies.
This project created together with commercial banks, has already connected with 30 financial institutions letting users sign up and open accounts with several banks in Ethiopia. The website called Unite.et, offers a user-friendly web and mobile interface to manage accounts , including options to apply for loans and keep an eye on accounts online.
At the kickoff event held at Skylight Hotel, NBE Governor Mamo Mihretu stressed the importance of the foreign exchange management changes and how they help Ethiopia’s economy. “We’re going through big economic shifts, and the NBE wants to give banking options to Ethiopians living overseas,” he said. “We hope these changes will be good for Ethiopians not living here and that they’ll boost the economy by sending money through official channels.”
Unite.et aims to help millions of Ethiopians living abroad and people with Ethiopian roots to access digital onboarding and banking services. This platform makes it easier for them to take part in banking, payments, and investments in Ethiopia.
Viditure, a local tech company, created Unite.et. This firm also developed Digital Invea, which offers a full service for Ethiopian passport and Origin ID applications for people living outside Ethiopia. They also made Weleta, an app for electronic signatures.
The introduction of Unite.et plays a big part in NBE’s larger DEBO plan, which backs new foreign exchange changes. In the coming six months, this plan will allow Ethiopians and people of Ethiopian descent to set up bank accounts in Ethiopia from afar.To sign up, you can download the app or go to the website, pick your bank, check your info, and start your account.
Banks have put aside 100 billion birr for the DEBO plan to get diaspora folks to invest in Ethiopia. They offer good exchange rates to get people to use regular banks instead of black-market options. The plan has special bank products like home loans, car loans, and small business loans for people who send money back home.
Big shots from banks and money places came to the DEBO kickoff event. They talked about using legal ways to send money to help Ethiopia’s economy grow.
After the new rules about foreign money come out, there’ll be a big push to tell everyone about it. This is to make things clearer, bring in more outside money, and boost selling stuff to other countries. They also explained the rules about having a Foreign Currency Account (FCA).
The Unite.et website says their platform makes cross-border banking easy. Users can open and manage accounts with Ethiopian banks and some foreign ones too. They also offer quick money transfers at good exchange rates.
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