Sidama Microfinance Receives Banking License

Jul 9 , 2022

Regulators at the central bank have granted Sidama Microfinance Institution a banking license, finalising its transition into Sidama Bank. Tadesse Hatiya, the Bank's founding president, leads it into the industry with 575 million Br in paid-up capital. Shareholders have subscribed to 1.45 billion Br of equity. The institution started off as the Sidama Rural Women's Credit & Saving Scheme in 1994 before becoming a full-fledged microfinance institution (MFI) four years later. It is among several MFIs transitioning into banks. Oromia Credit & Saving S.C. is joining the industry as Siinqee Bank, while its counterpart based in the Amhara Regional State is in the process of becoming Tsedey Bank. Sidama will have six years to raise its paid-up capital to five billion Birr to meet the central bank's minimum threshold.



The recently unveiled statue of the late singer  Ali Birra glistens in the foggy weather around the Haile Garment area. Art in all its forms has been intimately weaved into the tapestry of Ethiopian history since the advent of Axumite civilisation. Be it paintings etched into the walls of churches across the country or the endemic pentatonic musical scale, art has provided an escape in times of war, drought and strife. As Ethiopia ventures into a new year haunted by inflation, conflicts and uns...



Bundles of sticks and figs are sold for 40 Br around the Gofa area, as urbanites prepare for Mesqel celebrations. Soaring prices of everyday amenities in the capital as conflict resurges in Ethiopia's north has Addis Abeba residents haggling fervently in this holiday season. As the price of a quintal of teff stabilised above 10,000 Br mark this year and a kilogram of onions soared past 100 Br, city dwellers have been counting pennies trying to stretch their holiday budget. The capital's trade bu...



Mesqel Square fills with smoke as thousands gather to mark the eve of the eponymous holiday by lighting ritual bonfires. Followers of the Orthodox Tewahdo Church celebrate the day each year that marks the rediscovery of the "True Cross" in the 4th century. The evening is set against a backdrop of hymns by choirs armed with unique Ethiopian church instruments. Mesqel celebrations take place two weeks into the Ethiopian New Year weaving into the early months a festive spirit rarely seen throughout...