Regulatory Alerts2023-04-25
Added · Updated
Use of Agents Directive No. FIS/02/2020
The National Bank of Ethiopia establishes a regulatory framework for banks, microfinance institutions, and payment instrument issuers to engage agents for providing agency business services within Ethiopia. Financial institutions must obtain prior written approval from the National Bank by submitting detailed applications covering risk management, operational workflows, and compliance policies, with decisions communicated within 30 days. The directive mandates strict agent due diligence, including verification of criminal records and credit history, and defines permissible activities such as cash-in/cash-out, bill payments, and account opening while prohibiting unauthorized fees and transactions without connectivity.