Zamzam Bank SC has started operation naming its first branch Alif, located around Wollo Sefer, Bole district in Addis Ababa. Zamzam has become the first full fledged non-interest bank to operate in Ethiopia. The grand inauguration ceremony today was attended by Yinager Dessie, governor of central bank of Ethiopia, and Grand Mufti Haji Idris, among others.
The bank sold shares to over 11,200 people and planned to increase its branches to 50 this year. Zamzam has over ETB880 million paid up capital and ETB1.8 billion subscribed capital, when it was licensed from the central bank in October 2020. Currently, close to 20 new banks are in the pipeline, even after the central bank raised the paid-up capital bar to ETB5 billion last month, to be met over the next five years.