Omo Microfinance to Upgrade into Bank

Oct 2 , 2021

Omo Microfinance is edging closer in its bid to transform into a bank. It is the third microfinance institution to make such a move, after Amhara and Oromia saving & credit institutions. The shareholders of the microfinance voted last week to change its name to Omo. Established 25 years ago with an initial capital of half a million Birr and four branch offices, the institution has total assets of 10.7 billion Br and a paid-up capital of 1.9 billion Br. Omo was one of the five largest microfinance institutions in Ethiopia, along with Amhara, Oromia, Addis, and Dedebit. These institutions account for 82.6pc of the total capital, 90pc of the savings, and 85.9pc of the credit provided in the microfinance market. Omo mobilised over seven billion Birr in deposits last year, bringing its aggregate to 36 billion Br.


Addis Chamber Embarks on Leadership Forum

A leadership forum where prominent executives will share their experiences in the business environment is organised by the Addis Abeba Chamber of Commerce & Sectoral Association (Addis Chamber) and SAK Training & Consultancy Firm. Headlining Arega Yirdaw (PhD), president of Unity University, who is expected to address the fortunes and adversities of the leadership ecosystem and share insights into his cascade of experiences, the first round is expected to set off at the Inter-luxury H...


Wegagen Bank Launches its Mobile App

Embracing the digital realm, Wegagen Bank officially launched its mobile banking application last week. The App was inaugurated in Dire Dewa City, with Yehwalashet Zewdu, vice president of the Bank Enterprise Services, showcasing its service that provides secure and seamless financial services. According to Yehwalashet, Wegagen Mobile meets the evolving needs of its clientele in Amharic, English, Afan Oromo, Tigrigna and Somali languages. Incorporated in 1997, Wegagen Bank has grown to become...


Zemen Bank Joins IFC's Trade Finance Program with $30m Boost

Zemen Bank has secured a 30 million dollar trade finance guarantee from the International Finance Corporation (IFC) to boost the trade finance operations. A member of the World Bank Group, IFC has welcomed Zemen as the newest member of its Global Trade Finance Program aimed at supporting exports and imports. Signed by Dereje Zenebe, president of Zemen Bank and Madalo Minofu, country manager of IFC, the trade financing is part of the one-billion-dollar Africa Trade & Supply Chain Finance P...