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.


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


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The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...