The elders he sent to both of us were the same. Attributing to the reform works, there are now three full-fledged interest-free banks with two of them beginning operation and the third one just approved by the NBE. A microfinance institution is also transformed into a full-fledged interest-free bank.
About 11 banks have also opened special windows providing interest-free banking services. A total deposit of 117.2 billion birr and 11 million accounts were recorded at these 11 banks as of the end of March this year. The banks only have 4,842 credit accounts in their interest-free financial service windows and availed only 35.5 billion birr to these accounts.
“Much progress is expected,” Ahmed said. Representing NBE’s Governor, Yinager Dessie (Ph.D.), Solomon stated in his speech that the interest-free finance services globally reached over USD two trillion. He attributed the establishment of full-fledged interest-free financial services to the reforms undergone in the last four years. “As these services are new to the country, more works in terms of regulation and application of financial technology are needed,” Solomon said.
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