Amhara Credit Association Cuts Regional State's Share

Sep 6 , 2020


[ssba-buttons]

The Amhara Credit & Saving Institution (ACSI) has reduced Amhara Regional State's share of its ownership by 28pc. The Institution, which initiated the move to join the banking industry last week, has decreased the ownership of the regional government to 70pc. This followed a directive issued two weeks ago by the National Bank of Ethiopia (NBE) allowing microfinance institutions to upgrade into full-fledged banks. The directive necessitated that the government's ownership in such microfinance institutions not exceed 70pc to be eligible for the change in its charter. The Institution, which has been licensed as a microfinance share company since April 1997, is undergoing preparations within the next three to six months to start providing banking services across its 53 branches. It has finalised preparations to offer training to its employees, facilitate service rendering offices and organise database centres as part of the pre-operational activity, according to Mekonnen Yelewumwossen, general manager of the microfinance organisation. ACSI is also investing 300 million Br in the installation of a data centre and a core banking system. Currently, there are 38 microfinance institutions in the country, accounting for 41.6 billion Br in mobilised savings deposits.


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...