The Ministry of Labour and Skills and the Commercial Bank of Ethiopia (CBE) inked a Memorandum of Understanding (MoU) to increase financial inclusion for women and young people, simplify remittance services for Ethiopians living overseas, and offer startup loans to business owners.
According to the agreement announced on Wednesday, CBE will collaborate with development partners to mobilise funds for job creation, encourage savings programs, and facilitate financial access for citizens, especially young business owners.
CBE’s commitment to extend financial access
At the signing ceremony, CBE President Abie Sano reaffirmed the bank’s dedication to supporting productive citizens through extended financial access and institutional partnerships.
He said the agreement would foster a savings culture and entrepreneurial abilities among young people and provide financial support for entrepreneurs.
He added that the bank is focused on improving citizens’ financial access.;
CBE’s contribution to job creation
Minister of Labour and Skills Muferihat Kamill commended the bank’s contribution to job creation and skill development, pointing to initiatives like the Negadras Job and Skill Creation Competition, which is organised in collaboration with Ethiopian Broadcasting Corporation, the state-owned media outlet.
The minister said the bank’s work is helping her office create qualified entrepreneur citizens. She clarified that the bank’s funding is essential to bringing business ideas to life.
Additionally, the ministry will develop a system that will help citizens who work overseas save more money when they send money home.
According to the memorandum, this framework will benefit women and young people more.
When finalised, the MoU will help the Commercial Bank of Ethiopia execute funding activities and facilitate loans for nascent business owners in collaboration with partner development organisations.
CBE’s internal fraud attempt was intercepted
In May, the Commercial Bank of Ethiopia (CBE) firmly denied reports of a massive internal theft involving over 7.7 billion Ethiopian birr (approximately $56 million), insisting that its internal systems successfully stopped the fraud attempt before any money was lost.
Following media reports alleging a coordinated scheme involving CBE staff, public servants, and private businesses to illegally transfer billions of birr—4 billion of which were reportedly sent to the well-known coffee exporter Kerchanshe Trading Plc—the state-owned bank issued a statement refuting these claims.
CBE emphasised that “a suspicious transaction was detected within minutes of the attempt” and maintained that “no money was stolen.”