(3 Minutes Read)
Staff correspondent
Tigray people who were suffering from the hazards of war now can have a sigh of relief as major banks have announced the re-opening of their services. Commercial Bank of Ethiopia is the first one to re-commence its operations in the government-controlled northern region of Tigray
Tigray people who were suffering from the hazards of war now can have a sigh of relief as major banks have announced the re-opening of their services. Commercial Bank of Ethiopia is the first one to re-commence its operations in the government-controlled northern region of Tigray; while people are waiting for the opening of the banking operations in the rest of the region, which was under the control of Tigray rebels.
Since the shutdown for more than one year, June 2021 to be specific- it is the first time that several banks resumed their services in government-controlled areas of Ethiopia’s northern Tigray region. The move can be seen as the result of the truce between the federal government and Tigray rebels which was signed earlier in November.
Among the banks which opened their branches, including the Commercial Bank of Ethiopia which is the largest bank in the country. The bank’s branches in the towns of Shire, Alamata, and Korem have started banking operations recently. The bank said it would continue its efforts to expand its services and gradually resume operations in all branches. Banking operations in the region were severely impaired following the conflicts. Some of the bank branches faced looting and buildings were devastated. Importantly, Lion International Bank and Wegagen Bank have also resumed services in parts of Tigray and more banks are expected to follow them.
Read also.
https://trendsnafrica.com/after-two-years-of-war-tigray-limping-back-to-normalcy/
Banks have been closed across Tigray since the Ethiopian national army was driven out of the region in June 2021 by forces led by the dominant Tigrayan political party, the Tigray People’s Liberation Front (TPLF). The resumption of banking services in areas still controlled by the TPLF continues to be an issue. As the peace process gains momentum under the African Union’s (AU) peace monitoring team, which recently inducted former president of Kenya, Uhuru Kenyatta, analysts expect normalcy in banking operations would return to the Tigray region soon.
