Ahadu Bank Navigates Inaugural Year

Dec 2 , 2023

Ahadu Bank sustained a 267 million Br loss in its first year of operation through its 75 freshly opened branches. The Bank managed to mobilise 2.03 billion Br in deposits while disbursing 924.6 million Br in loans and advances during its inaugural year, marked by service provision to 201,000 new customers. President of the Bank Sefialem Liben told Fortune the extent of loss is lower than expected as new entrants. The Bank was able to generate 21.6 million dollars from remittances, exports and other foreign currency-generating activities. Ahadu's total assets stand at 3.1 billion Br while its paid-up capital has risen to 673 million Br. Board Chairman Anteneh Sebsibe expressed a sense of trepidation about the looming pressure imposed by the credit growth cap of 14pc while addressing shareholders during the general assembly at Millennium Hall last week.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...