Rammis Bank, which will provide interest-free banking services, held its first general assembly last Saturday, announcing it has successfully met the minimum capital requirements enforced by the central bank. Rammis has collected a paid-up capital of 724 million Br, almost quarter of a billion higher than the minimum requirement that is applicable until the end of this month. It is one of dozens of banks under formation that were given a three-month period to start operations with half a billion Birr in capital and reach seven billion Birr within a seven-year period. Once securing a license, it will be the third interest-free banking service provider, next to ZamZam and Hijra. There are 20 private banks in Ethiopia, with the latest entrant being Goh Mortgage bank.
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