Zemen Bank Rolls Out Cash Deposit ATMs

May 14 , 2022


Zemen Bank has deployed automated teller machines (ATM) that enable clients to deposit cash. The two machines are installed at the Bank's main branch on Tito Street in the Casanchis and its banking centre on Africa Avenue (Bole Road). The state-owned Commercial Bank of Ethiopia was the first to deploy the technology in late 2019. Zemen netted 953 million Br in profits last year, a 28pc increase from its previous performance. The Bank saw its assets climb 36pc to 25.1 billion Br over the same period. Its paid-up capital stood at 2.75 billion Br at the end of the last financial year, a little over half of the central bank's updated minimum threshold. Zemen's executives are awaiting the finalisation of construction on a 1.2 billion Br, 31-storey headquarters building in Senga Tera, Addis Abeba's financial district. Hibret and Nib banks have already inaugurated their buildings neighbouring Zemen's on Ras Abebe Aregay Street.


Radar

Coffee Exports Bring in 1.5B Br in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...