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

BLOOM-MELON

Addis Abeba strives to be a city of distinction with a glamorous look. But lately, most parts of the city are overwhelmed by informal street vendors. Underneath the bridge around La Gare, commonly known as Lagahar, a street vendor sells pieces of watermelon from a mobile pushcart. Watermelon is a flowering plant species with more than 1,000 varieties worldwide. It lowers high blood pressure and cholesterol levels when taken regularly. Ethiopia exported 483tns of watermelon to Djibouti in 2018, w...


Radar

THE CITY'S PULSE

Since its establishment during the reign of Emperor Haile Selassie, Meskel Square, on the interseciotn of Africa, Ras Mekonen and Jomo Kenyatta avenues, has been one of the landmarks of Addis Abeba. Having been the site for public gatherings, rallies and festivities like (Meskel celebration), the Square laid out a somewhat classy atmosphere to the city and has become a recreational centre with a mesmerizing look. Following the Beautifying Sheger Initiative, the refurbishment of the Square was in...


Radar

SOOTHING RIDES

Addis Abeba's Stadium neighbourhood has been home to driving and cycling trainees for decades. Homeless children favour the location for its open spaces and high traffic. They ride rented bikes around on a school day. Pangs of hunger are numbed out by riding in circles on top of colourful bikes for the children. They were escaping vicious cycles of poverty on top of bicycles, if only for minutes...