NBE launches a new remittance solution to promote diaspora’s engagement in national development

Addis Ababa, September 5, 2024 (FBC) – The National Bank of Ethiopia (NBE) has launched Debo, an awareness initiative on remittance aligned with the new Foreign Exchange Directive 01/2024.

The initiative aims to educate the Ethiopian Global Community on the reforms, offering clear guidelines and benefits for using Foreign Currency Accounts (FCY) and legal remittance systems. By promoting understanding and adoption of these policies, Debo seeks to strengthen Ethiopia’s economic growth, according to NBE.

The central bank highlighted several innovative remittance solutions, emphasizing their importance in providing secure and legal means to facilitate Ethiopia’s economic growth.

On this occasion, the National Bank has introduced an app called unite.et, designed to assist the Diaspora community in opening checking accounts, savings accounts, and foreign currency accounts with no limits on the amount of money.

Additionally, the central bank has announced a deposit of 100 billion birr across 31 banks nationwide, available for the Diaspora community to utilize for various purposes through their foreign currency accounts created via the unite.et app.