Sep 18 , 2023
Tsehay Bank introduces a service that allows customers and affiliates credit purchases by analysing monthly incomes and creditworthiness on their deposits and transactions. President of the Bank, Yared Mesfin, expects the service to help widen their customer base as the monthly interest rate under two per cent is much lower than industry averages. The service was launched last week at its headquarters located in the Beklo Bet area, Debre Zeit Road. Tsehay Bank was founded in July 2022 with 373 shareholders a subscribed capital of 2.8 billion Br, and a paid-up capital of 737 million Br. It has increased to 1.1 billion Br in the ended year with 280,000 customers and 82 branches across the country. There has been a rise in the number of banks that offer microloan services amidst a formidable challenge brewing by non-banking institutions that offer mobile money solutions based on customer data. Tsehay's credit card is also set to accommodate customers who prefer interest-free banking solutions by imposing service charges on payments made on the card. The loan services offered by the Bank extend payback periods ranging between six months and a year, depending on the creditworthiness.
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