NBE Unveils Digital Banking Solution for Diaspora Amid Foreign Exchange Reforms

In a spirited financial gathering, the National Bank of Ethiopia (NBE) has launched a national portal designed to streamline the process for Ethiopians in the diaspora to virtually open bank accounts in both local and foreign currencies.

Launched in collaboration with commercial banks, the platform is already integrated with 30 banks, allowing users to register and open accounts with multiple financial institutions in Ethiopia. Unite.et provides a unified web and mobile interface that simplifies account management and offers vital services such as loan applications and online account management.

During the launch event at Skylight Hotel, NBE Governor Mamo Mihretu emphasized the importance of foreign exchange management reforms and their positive impact on Ethiopia’s economy. “We are undergoing significant economic reforms, and the NBE is committed to providing banking solutions for non-resident Ethiopians,” he said. “Our goal is to ensure that these reforms benefit non-resident Ethiopians and contribute to the economy through formal remittance channels.”

Unite.et,  focuses on facilitating digital onboarding and banking services for millions of non-resident Ethiopians and persons of Ethiopian origin, enabling them to engage in banking, payments, and investment activities within Ethiopia.

The launch of Unite.et is part of NBE’s broader DEBO initiative, which aligns with the new foreign exchange reforms. Over the next six months, this initiative will allow Ethiopians and foreigners of Ethiopian descent to open bank accounts in Ethiopia virtually.

Users can easily register by downloading the app or accessing the website, connecting with their chosen bank, verifying their details, and obtaining a bank account.

As part of the DEBO initiative, banks have allocated 100 billion birr to encourage members of the diaspora to invest in Ethiopia, offering competitive exchange rates to motivate them to use formal banking channels rather than black-market alternatives. These banking products include mortgage loans, vehicle loans, and SME loans specifically designed for remittance senders.

The DEBO launch event, attended by high-level executives from various banks and financial institutions, focused on promoting legal remittance channels to bolster Ethiopia’s economic growth. A national awareness campaign following the foreign exchange directive aims to enhance transparency, attract foreign direct investment (FDI), and strengthen the export sector. Presentations also covered the legal requirements for owning a Foreign Currency Account (FCA).

According to information on the Unite.et website, the platform offers a seamless cross-border banking experience, allowing users to open and manage accounts with both Ethiopian and select foreign banks. Instant money transfers between Ethiopian and international accounts are also available at competitive exchange rates.