Tsehay Dawns Credit Card Services

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.


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...