Tsehay Bank Aspires to Rise to 5b Br Equity Before Deadline

Dec 24 , 2022


[ssba-buttons]

Shareholders of Tsehay Bank, a fourth-generation bank, voted to raise its paid-up capital to five billion Birr until 2024, a couple of billion short of the minimum required capital set by the central bank before 2026. Tsehay, which opened its door in July, held its first general assembly last week at Hilton Hotel. Bank executives addressed that it has taken two years for promoters to raise the equity to 734 million Br from 373 shareholders. Tsehay's subscribed capital stands at 2.8 billion Br with a par value of 1,000 Br. The aftermath of the pandemic, policy and directive amendments from the central bank, and domestic instability were attributed as challenges by Taye Debekulu, the board chairman, who had also served as the president of Hibret Bank for seven years. The executives, under Yared Mesfin, aim to expand the branch numbers to 100 and the outstanding debt to 5.12 billion Br while mobilising a deposit of 5.1 billion Br.


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...


Radar

Export Recovery Gains Ground, Industry Still Lags Potential

The Ministry of Industry (MoI) has reported a modest rebound in Ethiopia's manufacturing exports, with revenues climbing eight percent in the 2025 fiscal year to reach 318 million dollars. Minister Melaku Alebel attributed the growth to a gradual sectoral recovery but acknowledged the figures remain well below the country's industrial potential. Speaking at a forum held with 60 top-performing manufacturers, Melaku said the ministry is working to unlock bottlenecks and improve coordination. Th...