Collage of business and economics

Department of accounting and finance

Financial markets and institutions (AcFn 3081)

Overview of Ethiopian financial system

section 1
group assignment:- group 3

1) Adeira Endale.....................UGR/7166/15
2) Amare Addis......................UGR/3938/15
3) Abdurezak Mohammed......UGR/5172/15
4) Beamlak Haile....................UGR/5630/15
5) Bethel Mengistu.................UGR/4213/15
6) Bedane Tesfaye..................UGR/6385/14

submitted to :- instructor Asamnew T

submission date:- jan 06, 2024

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Financial institutions in Ethiopia .................................................................................... 4
1.2 Insurance............................................................................................................ 5
1.3 Micro-finance ...................................................................................................... 7
1.4 challenges .......................................................................................................... 8
2.0Financial markets in Ethiopia .................................................................................... 8
2.3 Post-Derg Era ...................................................................................................... 9
2.4 challanges .......................................................................................................... 9
3.1 Regulatory Institutions and Framework ............................................................... 10
3.1.1National Bank of Ethiopia (NBE) ..................................................................... 10
3.2 Key Proclamations and Directives ....................................................................... 10
3. 3 Banking Sector Regulations ............................................................................... 11
3.3.1 Licensing and Supervision ............................................................................ 11
3.4 Prudential Regulations ....................................................................................... 11
3.5 Foreign Bank Entry Restrictions........................................................................... 11
3.6 Insurance Sector Regulations ............................................................................. 11
3.6.1 Licensing and Operations ............................................................................. 11
3.6.2 Consumer Protection ................................................................................... 12
3.7 Microfinance Institutions (MFIs) .......................................................................... 12
3.7.1 Role and Regulation ..................................................................................... 12
3.7.2 Challenges and Opportunities ...................................................................... 12
3.8 Payment Systems and Fintech Regulation ........................................................... 12
3.8.1 Regulatory Challenges and Opportunities ...................................................... 12
3.8.2 Future Prospects ......................................................................................... 12
3.9 Capital Market Regulations................................................................................. 13
3.9.1 Regulatory Framework ................................................................................. 13
3.9.2 Challenges and Development ....................................................................... 13
4.0 Ethiopia Commodity Exchange .............................................................................. 13
4.1 What is the Ethiopian Commodity Exchange (ECX)? ............................................. 13
4.2 How Do Traders Communicate? ......................................................................... 14

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 4.4 Importance of Ethiopia Commodity Exchange ...................................................... 16
Reference .................................................................................................................. 18

Overview of Ethiopian financial system

Introduction
A financial system comprises several key components that facilitate the flow of funds and
financial transactions. These include: financial institutions, financial markets and financial
instruments.
Financial Institutions are entities such as banks, credit unions, and insurance companies that act
as intermediaries between savers and borrowers. Financial Markets are Platforms where financial
assets are bought and sold, enabling efficient allocation of resources. Financial Instruments are
Contracts like stocks, bonds, and derivatives that represent monetary value and can be traded.
regulatory bodies play an important role in ensuring the stability of financial system. Ethiopia’s
financial system is characterized by a state dominated banking sector, with the national bank of
Ethiopia (NBE) overseeing operations. The system includes 3 public banks, 29 private banks, 53
microfinance institutions, 18 insurance companies and numerous savings and credit cooperatives.
Historically, the sector operated under a financial repression framework, leading to macro-
financial imbalances and limited development. Recent reforms aim to enhance financial
inclusion, stabilize the economy, and promote market-oriented growth, addressing challenges
like inflation and foreign exchange shortages while fostering competition among financial
institutions.

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Financial institutions in Ethiopia
Ethiopia’s financial institutions include a mix of public and private entities, that are regulated by
NBE. In this section we will see the historical development of financial institutions such as
banks, insurance companies and micro-finance institutions and their current situation
1.1 Banks
historical development
Modern banking in Ethiopia began in 1905 with the founding of the Bank of Abyssinia, which
was opened by Emperor Menelik II in 1906. This institution was the first of its kind in the
country, heralding the beginning of official banking services. It engaged in commercial banking
activities, which included: accepting Deposits, issuing bank notes (1915), granting loans and so
on. The Bank of Ethiopia was reformed and renamed in 1931, during Emperor Haile Selassie's
rule. It was the first fully government owned bank in Africa. In 1943, the state bank of
Ethiopia was established as the central bank. In 1963, the State Bank of Ethiopia was separated
into two different entities: the National Bank of Ethiopia (NBE), which serves as the national
bank, and the Commercial Bank of Ethiopia focusing on commercial banking. This split
attempted to better distinguish between central and commercial banking functions. The banking
system has developed over time, with considerable changes during the Derg regime, including
nationalization and subsequent post-Derg restructuring. After the 1974 revolution, the Derg
administration nationalized all financial institutions, bringing them under state control. The
NBE's function was modified to reflect socialist economic ideas, with its regulatory authority
expanded to cover insurance companies, credit cooperatives, and investment banks.

Following the fall of the Derg dictatorship, Ethiopia implemented a market-oriented economic
policy. The NBE was re-established as an autonomous institution in 1994, allowing private
banks and insurance businesses to operate, resulting in enhanced financial sector competition and
diversification.

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Current situation
currently there are 32 banks in Ethiopia, of which 3 of them are public banks: - commercial bank
of Ethiopia (CBE), Development bank of Ethiopia (DBE) and Construction and Business bank
(CBB). Currently banks give the following services:- they give loans to individuals and
businesses

igital banking services: mobile banking applications, local and international money transfers,
currency exchange ... so on. Ethiopia’s banking sector is undergoing significant transformation
following the recent enactment of the Banking business proclamation No. 1360/2024, allowing
foreign banks to enter the market. The government's reforms are expected to attract investment
and improve service delivery.

1.2 Insurance

Historical development of insurance companies

Traditional protection of risks in Ethiopia can be found in the form of Edir and Equib were
people get in some financial contribution to save themselves and losses of properties from
unexpected troubles in the future. Equb is a traditional saving system where a group of
individuals in a community contribute a fixed amount of money regularly. The pooled funds are
then distributed to one member at a time. Edir is a traditional funeral saving and support system
where community members contribute money and when a member passes the pooled fund is
used for funeral expenses. Based on the political and economic frameworks that Ethiopia has
implemented for over a century, the development of the modern insurance industry can be
divided into three main phases. The first phase, spanning from 1905 to 1974, marks the inception
and initial growth of the insurance sector in the country. The second phase, from 1974 to 1991,
involved the nationalization of private insurance companies, resulting in a government monopoly
over the industry. The third phase, which began in 1991 and continues to the present, is
characterized by the shift towards a market-oriented economy and the liberalization of the
insurance sector. These developments are summarized briefly here.
the first phase (1905-1974)
According to a handful of sources (Belai Giday, 1987; Haile Michael Kumsa, 1992), modern
insurance in Ethiopia was started in the 20th century when the Bank of Abyssinia (a foreign bank

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established in Ethiopia in 1905) acted as an agent for a foreign insurer to transact fire and marine
insurance policies in Ethiopia. Later on, the Italian insurer called Instituto Nazionale per
L’Assicurazione control gli infortuni sul lavoro and La Baloise Fire Insurance Company from
Switzerland set up their representative branch offices in Ethiopia in 1922 and 1923, respectively.
Until 1930, four other Italian insurance companies also started insurance business in Ethiopia on
an agency basis. During the Fascist Italian occupation of Ethiopia which ran from 1936-1941,
only Italian insurance companies were permitted to operate in the country. However, they all
ceased to exist after liberation (Economic Progress of Ethiopia, 1955 cited in Zeleke, 2007). In
Ethiopia, the first indigenous insurer named Imperial Insurance Company of Ethiopia Ltd was
founded in 1951 as per Ethiopian law, the imperial government promulgated the
first insurance proclamation (Proclamation 281/1970) in 1970 followed by the first insurance
regulation (Legal Notice 393/1971) in 1971 to regulate and monitor the insurance business in
Ethiopia through a comprehensive insurance law.
The second phase (1974- 1991)

the socialist-oriented military government nationalized all private insurance companies on

January 1, 1975, and took over their whole ownership and control through the promulgation of
Proclamation 26/1975. Then, by Proclamation 68/1975, the nationalized insurance companies
were consolidated into a single stateowned insurance company called Ethiopian Insurance
Corporation (Geda, 2006). The Ethiopian Insurance Corporation (EIC) came into existence as an
autonomous public enterprise on January 1st, 1976, by taking over the assets, liabilities, and
capital of all the nationalized private insurers.

The third phase (1991- now)

Following the change in the political environment in Ethiopia in 1991, the new government
officially introduced a market-oriented or liberal economic system in 1992 to guide the country’s
economic development. Concerning the insurance sector, the reform resulted in the re-
establishment of EIC, the
decree of new market-oriented insurance law, and the re-emergence of private sector insurers.
Due to the change of the country’s economic policy to a market-led economy, the sole state-
owned monopoly insurer had to be restructured to shape its role within the framework of the new

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market-oriented economic system. To this effect, EIC was re-structured as a state-owned
enterprise in 1994 to engage in the business of rendering insurance services and any other
associated activities helpful to the attainment of its purpose.
According to Zeleke (2007), the paid-up capital of EIC at the time of restructuring was
approximately ETB 61 million. The change in the political environment in Ethiopia in 1991, the
new government officially introduced a market-oriented or liberal economic system in 1992 to
guide the country’s economic development. Business Proclamation 86/1994 was promulgated in
1994. This law ended the 19 years of insurance business monopoly and allowed domestic private
sector insurers to engage in the country’s insurance sector but prohibited foreign insurers from
doing so. Shortly after the new market-oriented insurance law was passed in 1994, domestic
private-owned insurance companies came into existence in the country’s insurance sector again.
Currently there are 18 insurance companies in Ethiopia. today the sector faces challenges like
low public awareness and limited product diversity.
1.3 Micro-finance
In Ethiopia microfinance services were introduced after the demise of the Derg1 regime
following the policy of economic liberalization. Following the 1984/85 severe drought and
famine, many NGOs star started to provide micro credit along Microfinance is taken as a shift
from government- and NGO-subsidized credit programs to financial services run by specialized
financial institutions. With this shift some NGO and government microcredit programs were
transformed to microfinance institutions. A regulatory framework was put in place to license and
supervise the institutions (Proc- lamation No.40/1996) under the country’s central bank. The
regulatory framework was put in place as part of government’s effort to liberalize the financial
sector and lay down an alternative institutional framework to provide financial services mainly to
the rural poor to boost agricultural production, enable food self, sufficiency and reduce rural
poverty. Most importantly experts observing the unsound financial practices of NGOs and
government agencies recommended the regulatory framework to promote more systematic
financial service provision and bring microfinance in the country within the existing financial
system. Initially, microcredit was provided through NGOs and government programs, but these
were often unsustainable due to low repayment rates. Currently there are 53 micro finance
institutions in Ethiopia. These institutions, on one hand, face several challenges related to their
products, resources, organizational structure, governance, and lack of proper information systems

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to guide management decision making and external challenges as a result of the unregulated
credit system of the past.

1.4 challenges

Financial institutions in Ethiopia face several challenges, including:

Operational Risks: There is a significant rise in operational risks, including fraud, insider threats,
and third-party risks, which are expected to increase further in the short to medium term
Regulatory Framework: Inadequate regulatory frameworks and weak public financial institutions
hinder effective governance and oversight
Liquidity Issues: Local banks experience liquidity problems due to restrictive regulations, which
complicate their ability to lend and manage resources effectively
Competition from Foreign Banks: The recent liberalization of the banking sector allows foreign
banks to enter the market, potentially overshadowing local institutions and creating a challenging
competitive environment

2.0Financial markets in Ethiopia

The historical development of financial markets in Ethiopia reflects a complex evolution
influenced by political and economic changes.

2.1 Pre-20th Century

Barter System: Prior to the introduction of formal banking, Ethiopia's economy was primarily
agrarian and relied heavily on a barter system. Trade was conducted locally through direct
exchange of goods, with commodities like coffee, cattle, and grains being central to economic
transactions.

2.2 Introduction of Currency:

In the late 19th century, during the reign of Emperor Menelik II, the introduction of the Maria
Theresa thaler marked a significant shift in trade practices. This currency facilitated trade with
European nations and helped integrate Ethiopia into the global economy.

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The first attempts at a formal financial market began during Emperor Haile Selassie's reign, with
the establishment of the Addis Ababa Share Dealing Group in the 1960s, which facilitated
trading in shares but lacked a formal stock exchange structure. The Group was more like an
over-the-counter market than a stock exchange.
The nationalization policies of the Derg regime (1974-1991) stifled the development of financial
markets, leading to the dissolution of existing structures and prohibiting private business
operations.

2.3 Post-Derg Era: The fall of the Derg in 1991 marked the beginning of economic
reforms. The Proclamation No. 84/1994 allowed for the establishment of private banks and
insurance companies, leading to a diversification of financial services. This period saw the
emergence of several private banks, drastically changing the landscape of the financial sector
(Abebe, 2018).
Following the regime change in 1991, efforts to revitalize financial markets resumed. In 2008,
the Ethiopian Commodity Exchange (ECX) was launched, marking a significant step toward
establishing a broader capital market framework.

2.4 challanges
The financial markets in Ethiopia face several challenges, including:
Foreign Exchange Shortages: A significant lack of foreign currency hampers businesses' ability
to import necessary goods and services, affecting overall market performance and liquidity
Underdeveloped Market Structure: The financial markets are still in an infant stage, with limited
investment opportunities primarily focused on real estate, leading to excess liquidity in banks

Regulatory Constraints: Frequent changes in regulations create uncertainty and hinder effective
market operations, impacting investor confidence and participation

3.0 Regulation of Financial Sectors in Ethiopia

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Ethiopia's financial sector is regulated by a framework that ensures stability, promotes financial
inclusion, and protects consumers. The regulatory environment is overseen by the National Bank
of Ethiopia (NBE), which governs the banking, insurance, microfinance, and emerging fintech
sectors. This document explores the regulations that guide the functioning of these sectors, as
well as their challenges and prospects for growth.

1. Introduction
The financial sector plays a crucial role in Ethiopia’s economic development by facilitating
trade, investment, and the efficient allocation of capital. The regulatory framework is designed to
ensure that financial institutions operate transparently, protect consumers, and manage risks
effectively. In Ethiopia, the regulatory environment is shaped by laws, proclamations, and
directives issued by the National Bank of Ethiopia (NBE) and other key authorities. Despite
reforms aimed at modernization, the Ethiopian financial sector remains largely closed to foreign
investors, creating both opportunities for local businesses and challenges in attracting foreign
capital. This document will explore the key elements of Ethiopia's financial sector regulations
across various segments.

3.1 Regulatory Institutions and Framework

3.1.1National Bank of Ethiopia (NBE)

The NBE is the primary regulatory authority overseeing the financial system in Ethiopia. It is
responsible for formulating and implementing monetary policies, ensuring the stability of the
banking sector, regulating microfinance institutions (MFIs), and fostering the development of the
capital markets.

3.2 Key Proclamations and Directives

1. Banking Business Proclamation No. 592/2008: Establishes the regulatory framework for the
banking sector, covering licensing, supervision, and operational requirements.

2. Insurance Business Proclamation No. 746/2012: Regulates insurance companies in Ethiopia,

ensuring their solvency and protecting policyholders.

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3. Microfinance Institutions Proclamation No. 40/1996: Provides a regulatory framework for
MFIs to support financial inclusion and provide services to underserved populations.

4. Capital Markets Proclamation No. 1248/2021: Establishes the foundation for the Ethiopian
Securities Exchange (ESE) and governs securities trading.

3. 3 Banking Sector Regulations

3.3.1 Licensing and Supervision

The NBE is responsible for licensing banks, and it sets minimum capital requirements for new
entrants. The NBE also monitors banks to ensure compliance with regulations. Banks are
required to adhere to prudential standards, including maintaining adequate capital reserves and
ensuring liquidity.

3.4 Prudential Regulations

-Capital Adequacy:

Banks must maintain capital levels that can absorb shocks and risks.

Liquidity Requirements: Banks must hold a percentage of their deposits in liquid assets to meet
withdrawal demands.
Risk Management: Banks are required to have systems in place to manage credit, market, and
operational risks.

3.5 Foreign Bank Entry Restrictions

Currently, foreign banks are prohibited from operating in Ethiopia. This policy aims to protect
the local banking sector but has also limited foreign investment in the banking system.

3.6 Insurance Sector Regulations

3.6.1 Licensing and Operations

Insurance companies must obtain a license from the NBE to operate. They must comply with
minimum capital requirements and maintain reserves to cover potential claims.

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3.6.2 Consumer Protection

Ethiopian insurance regulations emphasize protecting consumers by ensuring transparency in

policy terms and conditions, as well as providing mechanisms for addressing grievances.

3.7 Microfinance Institutions (MFIs)

3.7.1 Role and Regulation

MFIs are regulated by the NBE and must comply with minimum capital requirements. They are
also required to maintain proper risk management and governance frameworks to ensure their
stability.

3.7.2 Challenges and Opportunities

Despite their role in financial inclusion, MFIs face challenges related to capital constraints, high
operational costs, and limited access to technology. However, there are significant opportunities
to grow the sector through technology and mobile banking.

3.8 Payment Systems and Fintech Regulation

3.8.1 Regulatory Challenges and Opportunities

The regulatory framework for fintech is still evolving. The NBE’s focus is on ensuring that
digital financial services adhere to security standards and protect consumers from fraud and other
risks.

3.8.2 Future Prospects

Ethiopia's financial services sector is likely to undergo significant changes with the adoption of
mobile money, blockchain technology, and other digital innovations. Regulatory adjustments
will be crucial to managing these changes effectively.

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3.9 Capital Market Regulations
3.9.1 Regulatory Framework

The ESE operates under the guidelines established by the Capital Markets Proclamation No.
1248/2021. It aims to provide a platform for trading securities, which will help unlock the
potential for investments in Ethiopia.

3.9.2 Challenges and Development

Ethiopia faces challenges in developing a robust capital market, including a lack of investor
education, limited securities offerings, and insufficient market infrastructure. However, the
ESE’s establishment is a significant step toward building a capital market that can attract both
domestic and foreign investments.
Conclusion
The regulation of Ethiopia’s financial sectors is evolving, with the National Bank of Ethiopia
playing a central role in ensuring stability and growth. By addressing challenges such as foreign
investment restrictions and technological gaps, Ethiopia can create a more inclusive, resilient,
and competitive financial system.

4.0 Ethiopia Commodity Exchange

What is an Exchange?

A neutral trading system that reliably and efficiently connects buyers and sellers. A means of
setting and enforcing all actors can participate fairly and transparently. A service to the market: a
3rd party that takes on the risk from both sides of the trade.

4.1 What is the Ethiopian Commodity Exchange (ECX)?

The Ethiopian Commodity Exchange (ECX) is a marketplace established in 2008 to provide a
transparent, efficient, and reliable platform for trading agricultural commodities in Ethiopia. It's a
public-private partnership, with the government of Ethiopia, private sector actors, and other
stakeholders involved in its management and operation.

History of the Ethiopia Commodity Exchange

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ECX was established in 2008, which makes it one of the newest global commodity exchanges. It
was organized as a private company, but the ownership consists of market actors, The
proclamation that established the ECX (No. 550 / 2007) mandates the ECX to set out its own
rules for self-governance of its various operations. At the same time, proclamation No. 551 /
2007 established an outside regulatory body for the ECX –the Ethiopia Commodity Exchange
Authority (ECEA). The driving force behind the creation of ECX was its former CEO, Ethiopian
economist

Dr Eleni Zewdie Gabre-Madhin.

4.2 How Do Traders Communicate?

Traders on the ECX use hand signals to convey their intentions. A trader first announces the
commodity and then the quantity. If the trader wishes to buy the commodity, the trader turns the
palm of his/her hand toward his/her face. If the trader wishes to sell the commodity, the trader
turns his/her palm away from the face. The combination of hand signals and vocalization creates
a system for communicating between traders.

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. ECX trading will cover six target commodities: coffee, sesame, pea bean, teff, wheat, and
maize. Together, they represent roughly a total value of US $1 billion of physical trade. It The
first of its kind in Ethiopia, ECX is a national multi-commodity exchange that
• provides market integrity, by guaranteeing the product grade and quantity and operating a
system of daily clearing and settling of contracts
• enhances market efficiency by operating a trading system where buyers and sellers can
coordinate in a seamless way on the basis of standardized contracts
. enables market transparency by disseminating market information in real time to all market
players, and allows risk management by offering contracts for future delivery, providing sellers
and buyers a way to hedge against price risk.

4.3 How it work ?

ECX aims to provide a low-cost, secure marketplace to benefit all participants. First and
foremost, ECX guarantees the integrity of the product. Trading is on the basis of

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warehouse receipts issued by ECX operated warehouses throughout the country, where
commodities are graded, weighed, and certified. ECX guarantees the grading of the commodities
and maintains a central registry of warehouse receipts. ECX provides standardized ECX
commodity-based contracts, which specify grade, delivery location, lot size, and other contract
terms. The contracts will be either for immediate delivery or at a pre-specified date in the future.
The ECX trading system combines a physical trading floor located in Addis Ababa, where
buyers and sellers may participate in “open outcry” bidding for commodities, with electronic
remote access to the trading system. Market prices are constantly changing throughout Trading
hours and are transmitted in real time to producers and consumers directly using electronic price
tickers in rural areas, as well as website and media.

ECX guarantees payment against delivery through an internal system for clearing and settlement
of contracts, in collaboration with partner banks. Every trading day, ECX clears the net
obligations of all of the market participants and transmits orders to partner banks and warehouses
to settle transactions through transferring funds in one direction and warehouse receipts in the
other direction.

ECX provides additional layers of security through operating an Arbitration Tribunal with
licensed arbitrators to assure the speedy and professional resolution of any commercial disputes
that may arise. Additionally, ECX maintains a system of market surveillance where experts
monitor the behavior of market actors to protect the market from manipulation, excessive
speculation, fraud, or other malpractice.

4.4 Importance of Ethiopia Commodity Exchange

Increased Market Efficiency and Transparency: the ECX provides a centralized, transparent
platform where buyers and sellers can interact, leading to more efficient price determination and
reduced market manipulation.

Improved Price Discovery and Risk Management: reduces price volatility and helps farmers and
traders manage risk more effectively. Futures contracts allow for hedging against price
fluctuations.
Enhanced Market Access for Farmers: The standardized grading and quality control systems also

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ensure fair prices for their produce.
Improved Quality and Standardization: improves the quality of exported goods and enhances
Ethiopia's competitiveness in the global market. Increased Investment and Economic Growth:
contributes to increased agricultural productivity and export earning
Reduced Post-Harvest Losses: Bs: By providing efficient storage and warehousing facilities, the
ECX helps minimize post-harvest losses, a significant problem in Ethiopia's agricultural sect
Strengthened Financial Sector: The ECX facilitates the development of related financial
instruments, such as warehousing receipts and commodity-backed loans.
Government Revenue Generation: • Government Revenue Generation: The ECX generates
revenue for the government through transaction fees and other charges, contributing to public
finances.

4.5 The Ethiopia Commodity Exchange (ECX) challenges and risks.

1. Infrastructure and Logistics.

• Limited Warehouse Capacity and Distribution Network.

• Technological Limitations.

2. Market and Regulatory Risks:

• Market Volatility and Price Fluctuations.

• Regulatory Uncertainty and Policy Changes

• Lack of Market Depth and Liquidity

3. Operational and Management Challenges.

• Competition from Informal Markets.

• Corruption and Inefficiency.

• Capacity Building and Training

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• Data Management and Transparency.

Reference
1. Abebe, G. (2018). “The Banking Sector in Ethiopia: Growth and Challenges”. Addis Ababa
University Press.

2. African Development Bank. (2020). “Ethiopia Economic Outlook”

3. Ethiopian Ministry of Finance. (2019). “Homegrown Economic Reform Agenda”.

4. Ethiopian National Bank. (2023). ““Annual Economic Report””

5. Harris, D. (1998). “Banking in Ethiopia: A Historical Perspective”. Journal of African

Economies, 7(2), p124-145.

6. Keller, E. (2002). “The Ethiopian Economy: The Challenge of Reform”. Review of African
Political Economy, 29(90), 289-306.

7. International Monetary Fund (IMF). (2021). Ethiopia: 2021 Article IV Consultation.

8. World Bank. (1999). “Ethiopia: The Challenge of Growth”.

9Banking Business Proclamation No. 592/2008

10 Insurance Business Proclamation No. 746/2012

11Microfinance Institutions Proclamation No. 40/1996

12Capital Markets Proclamation No. 1248/2021

13National Bank of Ethiopia (NBE) Reports and Directives

14World Bank, “Financial Sector Development in Ethiopia,” 2023

15. Ecx.com.et: “ ethiopian commodity broshure”
16. Alemayehu Y, 2008: “The performance of micro finance in ethiopia : a case of six micro

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finance institutions”: Addis Ababa university
17. Hailu Zeleke 2007. “Insurance in Ethiopia: Historical Development, Present Status and
Future Challenges. “: Addis Ababa university
18. Misrak T & Ratinder K ,2023 : Insurance Sector In Ethiopia: Evolution And Current State
19. Biniam G : insurance business in Ethiopia

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