The shareholders of Addis Credit & Saving Institution S.C have agreed to transform the firm into a full-fledged bank, dubbed the "Bank of Addis," during a general assembly held last week. Addis Credit & Saving has a paid-up capital of 3.7 billion Br. It is the latest microfinance institution to embark on the transformation. The shareholders of Omo Microfinance made a similar decision earlier this month, while Amhara and Oromia saving & credit institutions have also entered the process. Addis will be providing microfinance services in addition to operating as a bank, according to Damtew Alemayehu, managing director at the firm. However, a directive from the central bank obligates microfinance institutions to finalise their transition into a bank within a 24 month period. Addis Credit & Saving was founded in 1996 and acquired a license to operate as a microfinance institution four years later.
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