The Bank of Abyssinia (BoA) has exceeded the central bank’s minimum requirement to arrive at a paid-up capital of ETB5.18 billion. Profits before tax reached ETB2.05 billion from total earnings of ETB10.2 billion. Of ETB8.15 billion in expenses, 33Pct was in the form of interest payments.
Ethiopia’s imports amounted to USD14.1 billion in 2020, 13.9Pct lower than in 2016 and 9.3Pct lower than in 2019 and 2020. Based on average exchange rates for 2020, the Ethiopian Birr has depreciated 60.7Pct against the US dollar since 2016 and by 7Pct between 2019 and 2020. Imports paid in relatively stronger US dollars are thus more expensive for Ethiopian buyers.
It has been one year since the Tigray People’s Liberation Front (TPLF), labeled as a terrorist group by Parliament, attacked the National Defense Force stationed in Tigray Region. Ever since the attack and the ensuing military engagement and all its baggage, the state of the economy seems to have arguably missed the attention it deserves.
With 18 years of financial sector experience under his belt, Abay Sime is Director of the Online Banking Department of the Bank of Abyssinia, which has over 6 million customers and 1,078 automated teller machines. The bank’s recent growth shows a doubling of its deposit base from ETB32 billion to 82 billion within the past year. The number of customers has also blossomed to its current 6 million. Yet, wide-ranging inclusion remains difficult owing to a variety of reasons, key of which is financial and digital literacy to which he recommends institutionalizing the matter in the nation’s education curriculum. EBR had an audience with Abay, who also argues that banks are competing for the same pie rather than reaching out to unbanked societies.
Over a decade old and known for its unique services, Zemen Bank has announced gross profit of ETB1.2 billion from an income of ETB2.8 billion during the financial year which ended June 30, 2021.
Dashen Bank—the 25-year-old private commercial bank—announced the appointment of five new senior officials looking to revamp its organizational structure and to address the departure of two senior officials, Henok Kebede and Yared Mesfin, to newly-establishing banks.
Four positions were filled from within the bank and the fifth arrived from the Commercial Bank of Ethiopia, for which it got approval from the central bank.
Among the pioneering private commercial banks, Dashen’s shareholders have decided to almost double the bank’s paid up capital to ETB12 billion. The 25-year-old bank was established with 11 shareholders which has grown to over 2,000 alongside a current capitalization of ETB5.4 billion. Moreover, Dashen has also announced that it has earned over ETB2 billion in profit from gross earnings of ETB10 billion from the last fiscal year which concluded on June 30.
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Starting a media organization, particularly in the print sector, and surfing the thorns for 100 editions takes nothing less than immense courage. But witnessing the thirst and trust of our readers and partners, carrying Sisyphus’ rock is worth the effort.
Dashen Bank has announced the launch of an exclusive partnership with American Express this week. The bank believes the products will significantly benefit overseas-travelling customers by enabling easy use of foreign currency during card transactions when travelling outside of Ethiopia.
Asfaw Alemu, CEO of Dashen Bank, said that as the payment industry continues to evolve and regulations start to relax, it has allowed travelers to make easy, secure, and convenient payments globally, avoid the potential risk of carrying cash, and give customers freedom when shopping. The bank’s customers that are allowed forex deposits are permitted to use this card.
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Dashen Bank to raise paid up capital to ETB12 billion – Ethiopian Business Review
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In this digital fast-paced age, an online reference book is looking to take hold. Alphabetic African Timeline, an almost three-decade old journey of information compilation, is now looking to take a spot amongst students, researchers, and the general public as a go-to repository of general African information. Its developer has been working with a handful of government organs to institutionalize the work and looks to the near future where anyone can purchase general African information from the website africacomplete.org and other digital platforms. EBR looks into this yearning to enlighten the public.
Ethiopian Business Review