The National Bank of Ethiopia (NBE) has officially launched a transformative remittance awareness campaign, “DEBO: Together, Investing in Tomorrow,” aimed at promoting the use of legal remittance channels and fostering greater diaspora engagement in Ethiopia’s national development efforts.
The campaign was inaugurated by H.E. Mamo E. Mihretu, Governor of the NBE, at an event held at Skylight Hotel on September 5, 2024. In his address, the Governor emphasized the critical role of remittances in supporting Ethiopia’s economic growth, stating that remittances first enhance the well-being of receiving households, then stabilize the economy, and ultimately promote sustainable growth.
Governor Mamo highlighted the significant contribution of the Ethiopian diaspora, noting that 76% of the billions of US dollars remitted to Ethiopia over the past three years came from individuals in the diaspora. He stressed the importance of increasing these remittance flows through legal banking channels, citing countries like India, the Philippines, Mexico, and Nigeria as examples of nations benefiting from strong remittance frameworks.
The Governor also shared that Ethiopian banks are offering attractive exchange rates and new savings and loan products—including mortgages, vehicle loans, and SME loans—to encourage the diaspora to open foreign currency accounts. Additionally, he urged all banks to fully comply with the new Forex Directive, ensuring their responsibilities are properly discharged in line with NBE’s vision for the country’s economic future.
In a bid to make banking more accessible, Unite.et, a new platform developed by the NBE, was introduced. This platform allows Ethiopians and foreigners of Ethiopian origin to open bank accounts in Ethiopia—whether for checking, savings, or foreign currency—virtually.
To support this initiative, Ethiopian banks have collectively allocated an unprecedented 100 billion ETB for diaspora-related products and services. This fund aims to help diaspora members access a wide range of banking services and actively participate in Ethiopia’s economic growth.
During the event, Yenehassab Taddesse, Director of Foreign Exchange Monitoring and Reserve Management at NBE, provided a detailed explanation of the new Forex Directive and the goals of the remittance awareness campaign. The ceremony concluded with a visit to an exhibition showcasing the services offered by various banks, where the Governor and CEOs of all major Ethiopian banks officially announced their support for the initiative.
Over the next six months, the “DEBO” campaign will see banks and the NBE working hand in hand to encourage the Ethiopian diaspora to remit funds through formal channels by offering attractive benefits and innovative solutions.
For more details on this initiative and to watch the full event, visit Unite.et or Read the Governor’s Speech.
