History of EIFS
The EIFS started its activity in February 1966, when National Bank of Ethiopia and the Commercial Bank of Ethiopia established the Ethiopian Institute for Banking Studies (EIBS) to provide trainings to the Ethiopian Banking sector.
With the nationalization of banks and insurance companies in January 1975, the NBE was given the authority to direct, coordinate and control the activities of the financial sector. As a result, the Ethiopian Institute of Banking and Insurance (EIBI) was re-structured by the National Bank of Ethiopia as a central training institute for the employees of the financial sector industry in 1976. During the next 31 years, the EIBI conducted educational diploma programs in Banking and Insurance and short-term training programs to the staff of the financial industry.
The EIBI, again, was transformed into the Ethiopian Academy of Financial Studies (EAFS) in 2007 to render short-term training programs and thereon to resume the educational programs in the areas of banking and finance, insurance and micro financing.
In 2009, the EIFS was renamed again and became the Ethiopian Institute of Financial Studies in order to better represent the scope of activities to be undertaken.
Ethiopian Institute of Financial Studies (EIFS)
EIFS provides short term training courses grouped in four main categories: Banking, Microfinance, Insurance and Management Development. Theses courses are either provided in half day or full day sessions with different duration. The Institute offers a big variety of trainings; please see our current training program for more information.
In total EIFS offers 48 different training courses on the above mentioned categories. In the fiscal year 2009/10 they were organizing 143 different training sessions including half day and full day sessions.
The EIFS is based and mainly supported by the National Bank, but it also is supported by the public financial institutions: Commercial Bank of Ethiopia, Construction and Business Bank of Ethiopia, Development Bank of Ethiopia and Ethiopian Insurance Corporation. But the trainings of the Institute are open to private banks, insurance companies, and microfinance organizations as well.
EIFS is the first indigenous Ethiopian Training & Educational Institute which has been trying to meet the training & educational needs of the financial sector since its formation about 33 years ago. Throughout 2010 the EIFS was accompanied by international consultants from the German firm Frankfurt School of Finance & Management who worked on the modernization and professionalization of the Institute. Their work was part of World Bank’s Financial Sector Development Program (Financial Sector Capacity Building Project). The consultants conducted an extensive training needs assessment and afterwards developed 34 new training courses and provided them to EIFS. The training materials follow the interactive methodological approach and therefore consist of illustrations on all topics and many hands-on practical exercises and case studies.
The aim of the Institute is to develop further and to broaden their product offers, including certification programs and in the long run even bachelor and master degrees. This goal is also well visible in the EIFS vision:
“To be a fully-fledged independent center of excellence for enhancing the development of human resources of the Ethiopian Financial Services Industry.”
Capacity Building in 2010
Frankfurt School of Finance & Management started to work with the Ethiopian Institute of Financial Studies (EIFS) in January 2010. After a very successful six-months-capacity-building-project the project stakeholders decided to extend the project for another six months. The financing is made by the International Development Association (IDA) in the context of the Financial Sector Capacity Building Project for National Bank of Ethiopia.
After carrying out an extensive Training Needs Assessment in the first phase of the project, the objective of the second phase was to further improve and extend the EIFS curriculum and boost the management abilities in the Institute. In the context of the project 13 newly developed trainings were piloted and in total 34 new courses were developed –in the area of management, banking, insurance and microfinance. The updated curriculum of the Institute will guarantee an up-to-date training supply for the Ethiopian Financial and Insurance Sector. In addition to that, the Institute will be supported to improve its daily management and efficiency with the help of proper management tools, e.g. the quality of the trainings will be improved by the introduction of a more comprehensive and effective evaluation system. The implementation of proper MIS and a homepage for EIFS will upgrade the Institute’s administration and marketing capabilities.
Description of Actual Services provided in the project:
- Development of strategic plan for the Institute.
- Development of certified training products
- Development of 34 new training products based on the Training Needs Assessment results.
- Review of curriculum of EIFS and revision of training products.
- Capacity building of EIFS staff in the area of training evaluation.
- Capacity building of EIFS staff in daily management
- Development of a training plan for the second half of 2010.
- Delivery of 13 pilot workshops by international trainers
- Implementation of MIS and homepage for EIFS