Regulatory Alerts2023-04-25
Added · Updated
Requirements for Information Technology (IT) Management of Microfinance Institution Directive No. MFI/33/2022
The National Bank of Ethiopia requires all microfinance institutions operating in Ethiopia to fully automate core business processes and implement a comprehensive management information system. Institutions must establish IT governance, risk management programs including quarterly assessments, disaster recovery sites, and IT audit functions, while adhering to specific reporting timelines for incidents and risk reports. Non-compliance with automation and disaster recovery mandates within the three-year transition period incurs a monthly penalty of Birr 10,000 per requirement and potential suspension of related core businesses. The directive entered into force on April 1, 2022, with most provisions effective after one year and automation requirements effective after three years.
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