Hijra Bank Opens Over a Dozen Branches

Jan 15 , 2022

Hijra Bank has opened 17 branches since it became operational in September last year. Seven of the branches are located in Addis Abeba and neighbouring towns while the remaining are spread across the rest of the country. Locations include Jimma (Oromia Regional State); Halaba, Werehabe and Shashemene (Southern Regional State); and Dessie in the Amhara Regional State. Hijra was incorporated with a capital of 1.2 billion Br, of which 700 million Br is paid-up. The Bank is the second full-fledged interest-free bank to open its doors following ZamZam Bank. ZamZam has been operational since June 2021 with a paid-up capital of over 870 million Br and has opened over a dozen branches in the capital and other cities thus far.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...