Goh Betoch has officially begun providing services as the country's first private mortgage bank. Established with over 6,600 shareholders, Goh received a banking license after it collected a paid-up capital of over half a billion Birr from 1.2 billion Br subscribed. Goh was one of nearly a dozen banks that managed to meet the central bank's minimum paid-up capital requirement of half a billion Birr before the deadline a few weeks ago. Selam Bank, another industry hopeful aiming to engage in mortgage banking, was unable to meet the requirement. Goh has opened its first branch in Abderuf Office Plaza on Africa Avenue (Bole Road). Veteran bankers Mulugeta Asmare and Getahun Nana are serving as its founding president and chairperson, respectively. In establishing the first private mortgage bank in Ethiopia, Mulugeta and Goh's founders aim to alleviate gaps in the financing of housing development in the country.
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