Amhara Credit Association Cuts Regional State's Share

September 6 , 2020


Amhara Credit Association Cuts Regional State's Share

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.


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