Addis Credit Nets Half a Billion Birr in Profits

Jan 7 , 2022

Addis Credit & Saving Institution S.C. netted 490 million Birr in profits during the last fiscal year. The figure represents a 64pc increase from its performance in the preceding year. The microfinance institution (MFI) is one of three in the process of transitioning into a bank. Addis Credit plans to rebrand itself as the 'Bank of Addis' and join the industry with a subscribed capital of 10 billion Br and a paid-up capital of 3.7 billion Br. Oromia Credit & Saving S.C. will be entering the banking industry with 7.7 billion Br in paid-up capital as Siinqee Bank. Addis Credit's executives announced during the shareholders' assembly held a couple of weeks ago that they plan to raise the paid-up capital to 10 billion Br before the deadline set by regulators at the central bank expires in around six years' time. Incorporated in 1996, the microfinance institution owned by Addis Abeba City Administration and 10 other shareholders has assets valued at 7.7 billion Br.


Addis Chamber Embarks on Leadership Forum

A leadership forum where prominent executives will share their experiences in the business environment is organised by the Addis Abeba Chamber of Commerce & Sectoral Association (Addis Chamber) and SAK Training & Consultancy Firm. Headlining Arega Yirdaw (PhD), president of Unity University, who is expected to address the fortunes and adversities of the leadership ecosystem and share insights into his cascade of experiences, the first round is expected to set off at the Inter-luxury H...


Wegagen Bank Launches its Mobile App

Embracing the digital realm, Wegagen Bank officially launched its mobile banking application last week. The App was inaugurated in Dire Dewa City, with Yehwalashet Zewdu, vice president of the Bank Enterprise Services, showcasing its service that provides secure and seamless financial services. According to Yehwalashet, Wegagen Mobile meets the evolving needs of its clientele in Amharic, English, Afan Oromo, Tigrigna and Somali languages. Incorporated in 1997, Wegagen Bank has grown to become...


Zemen Bank Joins IFC's Trade Finance Program with $30m Boost

Zemen Bank has secured a 30 million dollar trade finance guarantee from the International Finance Corporation (IFC) to boost the trade finance operations. A member of the World Bank Group, IFC has welcomed Zemen as the newest member of its Global Trade Finance Program aimed at supporting exports and imports. Signed by Dereje Zenebe, president of Zemen Bank and Madalo Minofu, country manager of IFC, the trade financing is part of the one-billion-dollar Africa Trade & Supply Chain Finance P...