Regulatory Alerts2022-01-15
Added · Updated
Requirements for Information Technology (IT) Management of Banks Directive No. SBB/83/2022
The National Bank of Ethiopia requires all banks operating in the country to fully automate core business processes and implement a robust management information system. Banks must establish IT governance, conduct quarterly IT risk assessments, and report significant IT incidents to the Banking Supervision Directorate within two working days. Compliance with automation and disaster recovery requirements is mandatory within two years of the directive's effective date, with non-compliance subject to a monthly penalty of Birr 10,000 per requirement and potential suspension of core business functions.
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