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

Milkii App Disburses 25 Million Br in Collateral-Free Loans in Two Months

Oromia Bank's new collateral-free digital lending app, Milkii, has disbursed 25 million Br in loans without requiring collateral. Of this, 16 million Br has already been repaid, generating 1.4 million Br in revenue within just two months. Developed in partnership with Quantum Technology PLC, the app plans to make lending more accessible and inclusive, aligning with Oromia Bank's contribution to the Digital Ethiopia initiative. According to a press release, Milkii promotes financial inclusi...


Radar

Ethiopia Partners with UK to Ease Shipping Bottlenecks

The Ethiopian Freight Forwarders & Shipping Agents Association (EFFSAA) and the British International Freight Association (BIFA) signed a memorandum of understanding (MoU) on May 27, 2025, at Hilton Hotel Addis Abeba, to address skills gaps, customs delays, and corridor inefficiencies in the freight and logistics sector. The partnership focuses on technical cooperation, training, and regulatory reform. With over 90pc of trade dependent on the Djibouti corridor, rising congestion, customs...


Radar

Education Authority Sanctions Mishqen College for Rule Violations

The Education & Training Authority has issued a decisive directive last week, mandating legal action against Mishqen College for persistently defying regulatory orders and unlawfully continuing to offer higher education services. Mishqen College had previously been licensed to conduct undergraduate distance learning programs across multiple regions from 2019 to 2022. However, after serious regulatory breaches, the institution was ordered to cease all instruction, complete pending academic...