World Bank Pledges Continued Support for Ethiopia’s Financial Inclusion Strategy

Addis Ababa — The World Bank has affirmed its ongoing support for the National Financial Inclusion Strategy of Ethiopia, a move that underscores the institution’s commitment to the country’s economic growth and prosperity.

According to Ethiopian News Agency, a Senior Economist at the World Bank, the strategy is pivotal for the transformation of financial inclusion in Ethiopia, benefiting millions across the nation. The strategy, covering the years 2021-2025, was revised through extensive collaboration with various stakeholders in both the public and private sectors, aiming to foster a coordinated effort towards this goal.

In an exclusive interview with the Ethiopian News Agency (ENA), O’Sullivan highlighted the critical momentum building around financial inclusion in Ethiopia, supported by data indicating increasing levels of such inclusion over recent years. The World Bank’s collaboration with the National Bank of Ethiopia and other key players seeks to accelerate this trend. O’Sullivan also lauded the launch of the Network of Ethiopia’s Women in Finance (NEWFin) initiative, aimed at enhancing women’s leadership within the financial sector.

The Senior Economist emphasized the importance of the National Financial Inclusion Strategy in integrating more women into the financial and market economy, thereby contributing to the country’s growth. He noted the World Bank’s keen interest in supporting financial sector reforms in Ethiopia, especially in digital financial services, acknowledging the efforts of the National Bank of Ethiopia and the Ethiopian government in this domain. The inclusive approach of these initiatives, according to O’Sullivan, is essential for the sustainable growth and prosperity of Ethiopia.