Ahadu Bank Gears Up for Service

Jan 3 , 2021


[ssba-buttons]

Ahadu Bank, one of the under formation banks, held its first establishment general assembly at Ghion Hotel this past Saturday. The Bank had received permission from the central bank to begin selling shares last year in February 2020, but it was postponed to May due to the Novel Coronavirus (COVID-19) pandemic. The sale of shares commenced from May until early September. Buyers were able to purchase shares by depositing 50pc of the cost and paying off the remainder within a three-month period. A single share sold for 500 Br, while a minimum of 40 shares and a ceiling of 40,000 shares were in place. The Bank has amassed 540 million Br in paid-up capital from a total of 760 million Br of subscribed shares through 10,500 shareholders. Seventeen individuals with backgrounds in banking, business and construction initiated the establishment of the Bank, including Kassahun Hailemariam, former director-general of the Federal Transport Authority. Ahadu is among around a dozen banks that are currently under formation in the country. In the coming year, the likes of ZamZam, Gadda and Amhara Banks are set to join the 17 commercial banks that are currently operating in the country.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...