Regulatory Alerts2022-04-25
Added · Updated
Requirements for Information Technology (IT) Management of Capital Goods Finance Company Directive CGFB/12/2022
The National Bank of Ethiopia requires all capital goods financing companies operating in Ethiopia to fully automate core business processes and implement a comprehensive management information system within three years. The directive mandates the development of IT strategies, governance frameworks, and risk management programs, including quarterly IT risk assessments and the establishment of disaster recovery sites. Non-compliance with automation and disaster recovery requirements incurs a monthly penalty of 10,000 Birr per requirement, with potential business suspension after two additional years, while other violations are penalized under relevant directives. The directive entered into force on April 1, 2022, with most provisions becoming effective one year later.
More like this from NBE
NBE published 1 document in the last 30 days. We email you each new one the day it's published.