The Ethiopian Deposit Insurance Fund (EDIF) has released its nine-month performance report for the 2018 fiscal year, announcing that it successfully collected 6.76 billion birr in premiums.
This performance represents 100% of the set target and shows a 31.26% growth compared to the same period last year.
The increase in premium volume is attributed to the rising amount of deposits within the fund’s member financial institutions. Currently, 31 commercial banks and 64 microfinance institutions (totaling 95 institutions) are members of the fund.
Since its inception, the Ethiopian Deposit Insurance Fund has collected a total of 20.61 billion birr in premiums, with private banks accounting for the largest share at 10.41 billion birr.
The Commercial Bank of Ethiopia contributed 9.96 billion birr, while microfinance institutions provided 0.24 billion birr.
On the other hand, the fund’s total investment reached 22.98 billion birr, showing a significant increase of 89.76% compared to the same period last year.
Additionally, the fund managed to generate 1.74 billion birr in income over the past nine months from government treasury bills and Mudarabah savings investment accounts.
Established under Council of Ministers Regulation No. 482/2013, this fund is known for protecting the rights of depositors by ensuring an immediate refund of up to 100,000 birr per depositor in the event that financial institutions face insolvency.
