Dashen Bank announced that its total assets have reached ETB 183.7 billion, reflecting a growth of 27 % over the last financial year. The bank held its 31st regular and 26th shareholders’ meeting today at Millennium Hall, where it discussed its performance from the previous year, plans for the upcoming fiscal year, and other relevant issues.

The Cooperative Bank of Oromia has announced a strategic partnership with InFTF, an international humanitarian organization focused on inclusive finance. This collaboration has resulted in the launch of Ethiopia’s first blockchain-powered remittance service, making Cooperative Bank of Oromia the first bank in both Ethiopia and Africa to offer this innovative solution.

The International Monetary Fund (IMF) has announced a staff-level agreement with Ethiopian authorities on key economic policies, marking a significant step toward concluding the first review of a four-year, USD3.4 billion Extended Credit Facility (ECF) arrangement. This agreement, pending approval from the IMF Executive Board, would enable Ethiopia to access approximately USD345 million in financing.

The National Bank of Ethiopia (NBE) has issued a new directive aimed at regulating the investment activities of banks operating in the country. The “Limitation on Investment of Banks Directive No. SBB/92/2024” sets clear guidelines and restrictions on the types of investments banks can make.

The directive is intended to ensure sound and prudent practices in bank investment activities, promote diversification, and manage risk exposure. It also seeks to encourage bank investment in capital market service providers while ring-fencing banking business from capital market operations.

Dashen Bank, one of Ethiopia’s biggest private bank, has reported a profit of ETB 6.6 billion in the 2023/24 fiscal year, further solidifying its position as a dominant player in the country’s banking sector next to Awash Bank.

Established in 1995, Dashen Bank has grown to become a formidable institution, leveraging its innovative approach and expertise to drive consistent growth. According to the bank’s financial statements, Dashen Bank recorded a pre-tax profit of ETB 5 billion in the last fiscal year, representing a 31.9% increase compared to the previous year.

Awash Bank, Ethiopia’s private commercial bank, has announced a substantial increase in its profits for the 2023/24 fiscal year. According to the bank’s financial statements, Awash Bank reported a pre-tax profit of ETB 14 billion, representing a 42.85% increase from the previous year’s figure of ETB 9.8 billion.

The bank’s total assets also reached a new high, growing to ETB 224 billion as of June 30, 2023, up from ETB 95.6 billion recorded at the end of June 2020. Additionally, Awash Bank’s paid-up capital saw a significant increase of 42.85%, rising from ETB 10.2 billion to ETB 14.6 billion during the same period.

Cooperative Bank of Oromia (Coopbank) has taken a significant step forward in enhancing its digital service offerings with the launch of the Cash Recycler Machine (CRM) and the Dx-Valley 2.0 digital innovation incubation center.

The CRM is designed to provide seamless cash withdrawal and deposit services, operating continuously regardless of working hours or power outages. Equipped with its own battery and solar panels, the machine ensures uninterrupted service and improved accessibility compared to traditional ATMs.

In its 35th regular meeting today, Ethiopia’s Council of Ministers discussed and approved several important bills and reform plans.

Firstly, the Council approved a loan agreement with the International Development Association to obtain USD 207.2 million in interest-free funding for the second phase of the country’s urban drinking water and sanitation projects. This loan will be repaid over 38 years with a 6-year grace period.

Jiji, Africa’s leading classified platform, has announced the launch of its premium services in Ethiopia. This milestone marks a step in Jiji’s growth as it aims to empower small and medium-sized enterprises (SMEs) in the region.

Jiji’s premium services offer promotional tools and features that enable businesses to advertise their products and services across key categories such as property, vehicles, and more. The packages, which include Basic, VIP, Diamond, and Enterprise options, provide solutions to meet the needs of businesses.

Dashen Bank, one of Ethiopia’s leading financial institutions, has been honored as the Best Bank for Financial Inclusiveness in East Africa at the 2024 Africa Bank 4.0 Summit in Nairobi, Kenya. This award recognizes Dashen Bank’s innovative efforts to expand access to financial services for underserved populations across the region.

“This award is a testament to Dashen Bank’s commitment to ensuring financial inclusion for all,” said Asfaw Alemu, CEO of Dashen Bank. “We are grateful to our valued partners Ethio-Telecom, EagleLion System Technologies, and Ethiopian Airlines, whose collaborative efforts have enabled us to deliver impactful financial solutions to our customers.”