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Representatives from public and private banks said they have made a huge commitment to providing uninterrupted service and deploying large numbers of staff to encourage the public to exchange old banknotes on a schedule set by the National Bank of Ethiopia (NBE).
Contacted by the EPA, the banks stated that they have been moving with the same speed the desire and effort of the government to provide a quality service to customers who come to exchange bills, thus improving the culture of public savings and channeling more money to the Finance system.
The acting director of corporate communication for the Commercial Bank of Ethiopia (CBE), Yabsera Kebede, said that the bank requires customers who come to exchange more than 5,000 Birr to open new accounts which, in turn, would boost the level of deposit and customer base. On average, 16,700 new customers open CBE accounts and deposit more than 351 million Birr in daily transactions since the announcement of the banknote exchange was made public.
According to Yabsera, the bank has allocated substantial new notes in its more than 1,600 branches that are spread throughout the country in order to improve accessibility to rural communities. CBE’s automated teller machines (ATMs) have also taken advantage of a large number of new bills.
Dashen Bank’s director of marketing and customer experience, Aschalew Tamiru, said the bank has deployed more than 10,000 employees to communities and rural centers to inform the public that the government has introduced new banknotes. Dashen staff also notify the public of the need to change available cash within the deadline set by NBE.
Dashen, through its more than 430 branches that are spread throughout the country, has been disbursing the new banknotes in accordance with the Central Bank’s opinion. The bank has also been offering various incentives to people who come to exchange bills to open accounts, thus supporting the government’s goal of banking in the unbanked society.
In addition to extending working hours and providing service throughout the week in Addis Ababa, the bank has also disbursed considerable new bills through its more than 390 ATMs in the country, Aschalew noted.
