Siinqee Leaps into Banking Industry


Siinqee Leaps into Banking Industry

Siinqee Bank has made its official debut in the banking industry with a capital base that puts it on a footing with veterans. The Bank's executives celebrated the entry during a launch ceremony last week that saw the attendance of Shimelis Abdissa, head of the Oromia regional administration, and Yinager Dessie (PhD), governor of the central bank. Formally known as Oromia Credit & Saving S.C., Siinqee is among the first microfinance institutions (MFIs) to obtain a banking license after the central bank allowed MFIs to evolve into full-fledged banks last year. Other large MFIs are following suit. Founding President Neway Megerssa leads Siinqee into the industry with seven billion Birr in paid-up capital and 250 branches. The equity means Siinqee joins the ranks of first-generation banks operating for three decades. The Bank has also surpassed the five billion Birr minimum threshold set by Governor Yinager and his deputies last year. The central bank compels MFIs that transition into commercial banks to continue serving underbanked rural communities and low-income households. However, regulators do not specify the resource ratio needed to be dedicated to the activities.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...