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.


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...