First Private Mortgage Bank Steps a Milestone

Dec 10 , 2022


Goh Bank, the first private mortgage bank in Ethiopia, registered a 7.9 million Br gross profit during its first year of operation. The Bank disbursed 298 million Br in loans and advances, while the provision for impairment of loans and advances stood at 3.1 million Br. Raising 780 million Br in equity, Goh mobilised a 256.6 million Br deposit in 2021/22 from over 5,000 customers. Goh provides services through four branches: three in Addis Abeba and another in Dire Dewa city administrations. It opened its doors dedicated to providing mortgage finance with industry veterans such as Mulugeta Asmare as the president and Getahun Nana, former central bank's vice governor, chairing the board. Goh bank commenced its operation on October 25, 2021. The Bank's President said that the effects of the pandemic, inflation, Russia's war in Ukraine and new entrants in the financial sector are attributed to the Bank's challenges in the operational year. However, he said Goh Bank achieved a milestone that placed it on "solid ground." The mortgage Bank will begin implementing a five-year strategy to raise its capital and operational base. However, long-term funds mobilisation will be a significant challenge in the coming years, said Getahun.


Radar

ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that pay...


Radar

AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking place at the Kenyatta International Conference Centre in late May, will focus on "Africa's Transformation," a theme reflecting the continent's ongoing pursuit of economic and social development. "Despite progress over the years, Africa's transformation remains incomplete," said Vincent O. Nmehielle...


Radar

Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...


Back
WhatsApp
Telegram
Email