Media personality Seifu Fantahun

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July 28, 2017

 

The Ethiopian Deposit Insurance Fund, which started its work with the idea of ​​guaranteeing depositors that they will be refunded their money if banks and microfinance institutions fail for various reasons, has been put to the test in practice in a short time since its establishment. 

 

According to the scheme of the insurance fund, if a financial institution fails, bank customers with deposits of less than 100,000 birr will receive their full money in less than 90 days. 

 

Recently, it has been reported that a microfinance institution has gone out of business.

 

Although it is said that there are not many people who have savings accounts in the microfinance institution, which is said to be small in size and capacity, the newly established insurance fund has become a practical test. 

 

Will it be able to refund depositors' money as stipulated in the scheme? How long will it take to do so?

 

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