FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo
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.

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]

How useful was this post?

Click on a star to rate it!

Average rating 5 / 5. Vote count: 2

No votes so far! Be the first to rate this post.



Related Posts

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.

Editors' Pick

Agenda

Realty Roulette

Feb 24 , 2024 . By MUNIR SHEMSU

Abel Yeshitila, a real estate developer with a 12-year track record, finds himself unable to sell homes in his latest venture. Despite slash...

Fortune News

A Tooth Extraction for Growth, with the IMF as Dentist

Feb 10 , 2024 . By MUNIR SHEMSU

In his last week's address to Parliament, Prime Minister Abiy Ahmed (PhD) painted a picture of an economy...

Editorial

Is Ethiopia Drifting into a Diplomatic Abyss?

Jan 7 , 2024

In the realm of international finance and diplomacy, few cities hold the distinction that Addis Abeba doe...

Agenda

PEELING BACK LAYERS

Sep 30 , 2023 . By AKSAH ITALO

On a chilly morning outside Ke'Geberew Market, Yeshi Chane, a 35-year-old mother cradling her seven-month-old baby, stands amidst the throng...

Commentaries

The Hidden Costs of "Slowbalisation"

The emergence of an open multilateral trading system that separated trade from geopol...

Supreme Court Rattles the Foundations of Corporate Law

In a landmark shift that could define the evolving dynamics of the legal system, the...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Policy Espresso Demands a Strong Brew to Transform Negative Dynamic

Apr 13 , 2024

In the hushed corridors of the legislative house on Lorenzo Te'azaz Road (Arat Kilo)...

Blundered CBE Plunders Privacy Naming, Blaming and Shaming for a Glitch's Recovery

Apr 6 , 2024

In a rather unsettling turn of events, the state-owned Commercial Bank of Ethiopia (C...

Central Bank Tries Monetary Gymnastic Dodging Pitfalls, with the IMF as Its Reluctant Coach

Mar 30 , 2024

Ethiopian authorities find themselves at a crossroads in the shadow of a global econo...

Is Addis Abeba "Renewing" While Forsaking Its Soul ?

Mar 23 , 2024

Addis Abeba has been experiencing rapid expansion over the past two decades. While se...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Silencing Inner Critic: One Size Does Not Fit All

A couple who had refrained from social interactions paid a visit to my house last we...

Housing Control Law: Balancing Act or Quick Fix?

Last week's decision by lawmakers to regulate rental properties has sent shockwaves t...

Life Matters

Modern Kids Call for Matching Parents

A recent television program focusing on children's interactions with adults sparked...

The Silent Money Drain

Offering help without expecting something in return is a genuine act. However, while well-meaning, these kind souls can unintentionally lead...

Back
WhatsApp
Telegram
Email