InvestmentNew

Establishment and Operation of Foreign Currency Saving Account for Residents of Ethiopia, Non-Resident Ethiopian and Non-Resident Ethiopian Origin (Directive No. 783/2021)

This directive establishes and outlines the procedures for opening and operating foreign currency saving accounts for residents of Ethiopia, non-resident Ethiopians, and individuals of non-resident Ethiopian origin. It aims to incentivize foreign exchange inflow and support the country's foreign exchange reserves.

Who's affectedIndividuals who are residents of Ethiopia, Ethiopian nationals living abroad, and foreign nationals of Ethiopian origin seeking to save foreign currency.
ActionEligible individuals should review the directive to understand the requirements and procedures for opening and operating a foreign currency saving account.
National Bank Of Ethiopia · 783 /2021View source
FintechAmendment

Licensing and Authorization of Payment Instrument Issuer (Amendment) Directive No. 395/2022

This directive amends the Licensing and Authorization of Payment Instrument Issuer Directive No. 314/2020 by modifying account identification systems, establishing daily electronic account balance limits for Level 1 and Level 2 accounts, and specifying exceptions for certain services like inward remittances and salary payments. It also updates requirements for capturing user information for Level 2 accounts.

Who's affectedPayment instrument issuers and users of electronic accounts with payment instrument issuers.
ActionPayment instrument issuers must update their systems and procedures to comply with the new account balance limits and identification requirements by February 28, 2022.
National Bank Of Ethiopia · 395/2022View source
FintechAmendment

Opening, Relocation, and Closure of Branch or Sub-Branch Offices of Microfinance Institutions (Directive No. 954/2022)

This directive, a second amendment to Directive No. 954/2022, outlines the procedures for microfinance institutions regarding the opening, relocation, and closure of their branch and sub-branch offices, emphasizing sound practices for institutional safety and soundness.

Who's affectedMicrofinance institutions operating in Ethiopia.
ActionMicrofinance institutions must review the directive and ensure compliance with procedures for opening, relocating, and closing branches and sub-branches, including obtaining necessary licenses and notifying the National Bank of Ethiopia within stipulated timelines.
National Bank Of Ethiopia · 954/2022View source
OtherNew

Directive for Registration and Administration of Local Organizations (Directive No. 938/2022)

This directive, issued by the Authority for Civil Society Organizations, outlines the procedures and requirements for the registration and administration of local organizations in Ethiopia. It defines various types of organizations, specifies application processes, required documentation, and rules governing their leadership, management, and bylaws.

Who's affectedLocal organizations, including charitable endowments, charitable trusts, charity committees, board-led organizations, and associations, operating within Ethiopia.
ActionOrganizations must ensure they meet the registration requirements, submit the correct documentation, and adhere to the management and administration rules outlined in the directive.
Authority for Civil Society Organizations · 938/2022View source
FintechNew

Opening, Relocation and Closure of Branch Offices of Capital Goods Finance Companies (Directive No. 953/2022)

This directive outlines the procedures and requirements for opening, relocating, and closing branch offices of Capital Goods Finance Companies, ensuring sound practices and the protection of customer interests.

Who's affectedCapital goods finance companies operating in Ethiopia.
ActionCapital goods finance companies must submit an application to the National Bank of Ethiopia within six months from the effective date to license all existing branches.
National Bank Of Ethiopia · 953/2022View source
OtherNew

Directive on Avoiding Conflict of Interest (Directive No. 939/2022)

This directive, No. 938/2022, issued by the Authority for Civil Society Organizations, provides detailed procedures for the registration and administration of local civil society organizations in Ethiopia. It outlines definitions of various organization types, scope of application, registration requirements, documents to be submitted, board membership eligibility, terms of office, grounds for dismissal, self-regulation principles, proper use of funds, replacement of trustees, service quality standards, and the authentication and registration of organizational bylaws. The directive aims to ensure transparency, accountability, and efficient service delivery in the registration and management of civil society organizations.

Who's affectedLocal civil society organizations, including charitable endowments, charitable trusts, charity committees, board-led organizations, and associations operating in Ethiopia.
ActionOrganizations must ensure their registration documents and bylaws comply with the requirements outlined in Directive No. 938/2022 and submit them to the Authority for Civil Society Organizations.
Authority for Civil Society Organizations · 938/2022View source
InvestmentNew

Establishment and Operation of Foreign Currency Saving Account for Residents of Ethiopia, Non-Resident Ethiopians, and Non-Resident Ethiopian Origin Directive No. 615/2021

This directive establishes and outlines the operational procedures for Foreign Currency Saving Accounts for Residents of Ethiopia, Non-Resident Ethiopians, and Non-Resident Ethiopians of Origin, aiming to incentivize foreign exchange inflow and support the country's foreign exchange reserves.

Who's affectedIndividuals residing in Ethiopia, Ethiopians living abroad, and foreign nationals of Ethiopian origin.
ActionEligible individuals should review the directive to understand the criteria and procedures for opening and operating a foreign currency saving account and proceed to open an account if desired.
National Bank Of Ethiopia · 615/2021View source
FintechNew

Requirements for Information Technology (IT) Management of Banks Directive No. 889/2022

This directive establishes requirements for Information Technology (IT) management for banks operating in Ethiopia. It mandates the automation of core business processes, the implementation of robust IT strategies, risk management programs, and IT audit functions. The objective is to enhance efficiency, security, and soundness of individual banks and the banking sector as a whole.

Who's affectedAll banks operating in Ethiopia, including their boards, senior management, IT departments, risk management, and internal audit functions.
ActionBanks must develop and implement IT strategies, automate core business processes, establish IT risk management programs, and conduct regular IT audits in accordance with the directive's provisions.
National Bank Of Ethiopia · 889/2022View source
FintechAmendment

Bank Corporate Governance Directive No. 1014/2024

This directive establishes comprehensive corporate governance standards for banks in Ethiopia, aiming to ensure prudent management, safeguard financial system stability, and protect stakeholder interests. It details the roles and responsibilities of the board of directors, senior management, and various committees, and outlines requirements for their appointment, conduct, and oversight.

Who's affectedBanks operating in Ethiopia, including their boards of directors, senior management, employees, shareholders, and depositors.
ActionBanks must review and ensure compliance with the corporate governance requirements outlined in this directive, including updating policies and procedures, and adhering to new appointment and conduct standards for directors and management.
National Bank Of Ethiopia · 1014/2024View source
OtherNew

Commercial Registration, Licensing, and Post-Licensing Inspection Directive No. 935/2022

This directive, issued by the Ministry of Trade and Regional Integration, provides comprehensive regulations for commercial registration, business licensing, and post-licensing inspections in Ethiopia. It aims to modernize and streamline these processes, ensuring efficiency, accessibility, and a conducive environment for businesses. The directive details procedures for registering, changing, substituting, and canceling business and trade names, as well as commercial registration certificates and business licenses. It also outlines provisions for sectoral associations, foreign chambers of commerce, holding companies, franchising, commercial representatives, and border trade. Furthermore, it addresses the transfer, merger, and division of business organizations, conversion of legal statuses, and special registrations. Finally, it establishes post-licensing inspection procedures and enforcement mechanisms to ensure compliance.

Who's affectedBusinesses operating in Ethiopia, including sole proprietors, various types of business organizations (partnerships, share companies, private limited companies), foreign investors, and commercial representatives.
ActionBusinesses must review the directive to understand and comply with the new requirements for commercial registration, licensing, and post-licensing inspection procedures. This may involve updating existing registrations, obtaining new licenses, or adhering to inspection protocols.
Ministry of Trade and Regional Integration · 935/2015View source
OtherNew

A Directive to Provide for Processing of Certificate of Professional Competency for Geothermal Operations Consulting Service and Technical Works Applications (Directive No. 423/2020)

This directive outlines the procedures for processing applications for Certificates of Professional Competency for consulting services and technical works in the geothermal operations sector in Ethiopia. It specifies the qualifications, requirements, duties of the licensing authority, and conditions for issuance, renewal, upgrading, replacement, and revocation of these certificates.

Who's affectedIndividuals and companies seeking to provide consulting services or technical works in the Ethiopian geothermal operations sector.
ActionConsult the directive for specific application requirements, qualifications, and procedures for obtaining or renewing a Certificate of Professional Competency for geothermal operations consulting services and technical works.
Ethiopian Energy Authority · 423/2020View source
TaxAmendment

Amendment to the Directive to provide for Tax and Duty Exemption for Vehicles Rendering Taxi Transport Services Directive No. 898/2022

This document amends Directive No. 70/2021 concerning tax and duty exemptions for vehicles used in taxi transport services. It modifies the procedures for vehicle replacement and new vehicle acquisition by taxi owners and associations.

Who's affectedTaxi transport service providers and taxi owners' associations.
ActionTaxi owners and associations should consult the amended directive for updated documentation requirements when replacing vehicles or acquiring new ones.
Ministry of Finance · 898/2022View source
TradeAmendment

Directive for Amendment of Retention and Utilization of Export Earnings and Inward Remittances (Directive No. 875/2022)

This directive amends the retention and utilization of export earnings and inward remittances, allowing eligible exporters and remittance recipients to retain a portion of their foreign currency earnings in special accounts for import payments or sale.

Who's affectedExporters of goods and services, recipients of inward remittances, and banks operating foreign exchange retention accounts.
ActionBanks must comply with new retention and surrender requirements for foreign currency earnings and report balances to the National Bank of Ethiopia. Eligible exporters and remittance recipients should ensure their accounts are properly managed for utilization or sale of retained funds.
National Bank Of Ethiopia · 875/2022View source
OtherNew

Construction Certification and Registration Regulation Directive No. 648/2021

This regulation establishes the framework for construction certification and registration in Ethiopia.

Who's affectedConstruction companies, professionals, and individuals involved in construction activities.
ActionBusinesses and professionals in the construction sector must comply with the certification and registration requirements outlined in this regulation.
Ministry of Urban and Infrastructure · 648/2021View source
TaxNew

A Directive to Provide for the Management of Excise Stamp No. 1004/2024

This directive establishes a system for managing excise stamps on excisable goods to improve excise tax collection, combat illicit trade, and protect public health and the environment. It details requirements for excise stamps, Unique Identifiers (UI), fees, application processes, system installation, and enforcement.

Who's affectedManufacturers, importers, wholesalers, and distributors of excisable goods, including those dealing with spirits, beer, wine, RTD products, tobacco, and bottled water.
ActionManufacturers and importers must facilitate the installation of the Excise Stamp Management System at their own cost and comply with all requirements for applying for, affixing, and accounting for excise stamps.
MoJ · 1004/2024View source