Tsehay Dawns Credit Card Services

Sep 18 , 2023


[ssba-buttons]

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

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...