Radar | Dec 02,2023
Upbeat, Shimelis Abdisa (left), president of the Oromia Regional State, walks out of the main hall of Sheraton Addis with Dima Negewo (PhD), a veteran politician and a member of the national economic advisory council, and Lencho Bati, Ethiopia`s ambassador to Saudi Arabia, for a morning break. The occasion was Oromia Credit & Saving Share Company’s graduation from a microfinance institution (MFI) to a full-fledged commercial bank. It gets a new name, Sinqe, which refers to a stick held by women in the region and a new headquarters – which just began construction – to fit its new stature.
Three days later, in another lavish event at the Hyatt Regency, Selam Bank’s founders celebrated the green lighting by the central bank of its entry into the unchartered waters of mortgage banking.
Although there are currently some 20 banks under various stages of formation – a proliferation that has led the central bank to raise the minimum paid-up capital to five billion Birr - Sinqe will likely be one of the major players in the field. The road was opened by a directive last year that allowed microfinance institutions to transition into commercial banks. It is doing as such with seven billion Birr in paid-up capital, only behind that of the state juggernaut the Commercial Bank of Ethiopia’s (CBE) 40 billion Br.
But banking is in such momentum that Sinqe was only one of two banks inaugurated last week.
Three days later, in another lavish event at the Hyatt Regency, Selam Bank’s founders celebrated the green lighting by the central bank of its entry into the unchartered waters of mortgage banking. The only other institution to attempt the same is Goh Mortgage Bank, which is itself under formation after mobilising around half a billion Birr in capital. With two million shares availed to the public, Selam Bank hopes to provide an ambitious 200 billion Br worth of mortgages over half a decade. Zemedeneh Negatu, an Ethiopian American businessman, addresses the founding meeting held last week.
PUBLISHED ON
May 29,2021 [ VOL
22 , NO
1100]
Radar | Dec 02,2023
Fortune News | Apr 13,2020
Radar | Oct 03,2020
Fortune News | Jul 18,2021
Radar | Dec 19,2021
Fortune News | Jul 11,2021
Radar | Apr 16,2022
Radar | Feb 26,2022
Radar | Jul 18,2021
Radar | Jun 12,2021
Dec 22 , 2024 . By TIZITA SHEWAFERAW
Charged with transforming colossal state-owned enterprises into modern and competitiv...
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 28 , 2024 . By TIZITA SHEWAFERAW
Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and f...
Jun 20 , 2026
When Parliament takes up the appropriation bill, federal legislators will receive a d...
Jun 13 , 2026
The recent policy decision to fully open freight forwarding to foreign capital may be...
Jun 6 , 2026
For a political veteran as controversial as Getachew Reda, last week's national elect...
May 30 , 2026
Tomorrow, millions of Ethiopians are expected to vote in the seventh national electio...
Loading your updates...