Amhara Bank Opens Maiden Branch, Awaits Operational License

May 7 , 2022

Amhara Bank has opened its first branch in the Arat Kilo area of Addis Abeba while its promoters await an operational license from regulators at the central bank. The Bank is looking to join the industry with 5.9 billion Br in paid-up capital, putting it on par with first-generation banks such as Dashen, which has managed to surpass the six billion Birr mark after nearly three decades of operation. The central bank approved the nomination of Henok Kebede, a former Dashen Bank executive, as president of Amhara Bank late last year. He will lead one of the "fourth generation banks" lining up to join the industry. Others include Ahadu and Tsehay banks, which are also awaiting operational licenses. Tsehay Bank has mobilised 734 million Br in paid-up capital from 373 shareholders, while Ahadu looks to join the financial sector with a little over half a billion Birr in paid-up capital.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...