Microfinance Turned Bank Embarks on Securities Exchange Investment


Microfinance Turned Bank Embarks on Securities Exchange Investment

Siinqee Bank has taken a significant step towards the realisation of the inaugural securities exchange by making a 50 million Br equity investment in the Ethiopian Securities Exchange (ESX). The agreement was signed last week between Neway Megerssa, president of Siinqee and Tilahun Kassahun, CEO of Exchange, at the Bank's headquarters on Tito St. Siinquee Bank, which transitioned from a microfinance institution to a full-fledged bank, has rapidly expanded its branch network, reaching 530 branches across the country in less than two years. As part of the deal, it becomes a five percent stakeholder in the paid-up capital of ESX, with the minimum equity investment set at 10 million Br. The equity investment in ESX follows a broader trend, with Zemen Bank being the first private commercial bank to invest in the exchange with a 47.5 million Br purchase last month. An initial 275 million Br was raised from four state-owned enterprises under Ethiopia's sovereign wealth fund, Ethiopian Investment Holdings and FSD Africa. Neway Megerssa highlighted the opportunity presented by the launch of capital markets, emphasising its potential to boost savings, increase capital, and enhance overall efficiency. He also noted that the establishment of capital markets would contribute to increased competitiveness among financial institutions.

[ssba-buttons]

Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...