Zamzam bank, the first full fledged interest free bank, became operational on october 12, 2020. The bank has received its operation license from Yinager Dessie (PhD) governor of NBE, at a grand inauguration ceremony at Skylight hotel.
Zamzam, which is established with 11,200 shareholders, has ETB880 million paid up capital and ETB1.8 billion subscribed capital.
Zamzam bank has requested license from the central bank 13 years ago. Nonetheless, the founding members had to wait in vain,despite fulfilling requirements.
close to 20 new banks are currently in the pipeline, doubling the number of commercial banks in the country soon.
“It is not about competition. it is about cooperation and serving the largely unbanked population in the country,” lamented Melika Bedri, first president of Zamzam, who became the third female bank president in the financial industry.