Neway Megersa, the founding president who steered Siinqee Bank through its transformation from a regional microfinance institution into one of Ethiopia’s fastest-growing commercial lenders, has been appointed Chief Executive Officer of the Oromia Sovereign Fund. The bank has named Getachew Deressa as its Acting Chief Executive Officer. From microfinance to commercial banking Neway’s departure closes
Ethiopia’s Interbank Money Market (IMM) has surpassed ETB 4 trillion in cumulative transaction volume, a new milestone that shows how quickly commercial banks are shifting to market-driven liquidity management less than two years after the platform opened. The market began operating in October 2024. The National Bank of Ethiopia (NBE) runs it, and trades are
The Cooperative Bank of Oromia (Coopbank) posted a profit before tax of ETB 11.47 billion for the 2025/26 fiscal year. The bank reported the results at its 22nd Ordinary General Assembly of Shareholders. At the meeting, shareholders reviewed the bank’s annual performance and strategic priorities. Total deposits reached ETB 193.26 billion, and foreign exchange earnings
The National Bank of Ethiopia (NBE) sold USD 140 million to commercial banks on Tuesday at Foreign Exchange Auction No. 30. It was the first sale under the central bank’s enlarged second-quarter programme, and bank demand came in above the amount on offer, after two straight auctions that fell short. Banks bid a total of
Oromia Bank has officially launched three tiers of international Visa payment cards, expanding its services to customers seeking to make payments abroad and conduct international online transactions. The cards, unveiled at Skylight Hotel, include the Oro Visa Classic, Oro Visa Gold, and Oro Visa Platinum. The bank introduced the services in partnership with Visa, a
Awash Bank has launched five new card services in partnership with Mastercard, expanding its domestic and international payment offerings following Ethiopia’s foreign currency reforms. The launch ceremony was held today at Elilly International Hotel in Addis Ababa, attended by Awash Bank officials and Mastercard representatives. Speaking at the event, Awash Bank CEO Tsehay Shiferaw said
The National Bank of Ethiopia (NBE) will supply $840 million to commercial banks through foreign exchange auctions in the second quarter of the 2026/27 fiscal year, a 68% increase over its regular first-quarter allocation. In a statement issued on Tuesday, the central bank said it will hold six bi-weekly auctions of $140 million each, starting
Zemen Bank reported a 15% increase in profit after tax to ETB 6.75 billion for the 2025/26 financial year, according to a statement shared by Board Chairman Ermias Eshetu. The bank’s profit before tax reached ETB 9.3 billion, up 13% from the previous year. Zemen Bank said the quality of its earnings improved as foreign
Ethiopia’s largest private bank adds roughly 32 billion Birr in deposits in the three months since closing its books, as it prepares a regional push and faces a market still dominated by the state-owned CBE Awash Bank’s total deposits have surpassed half a trillion Birr, a first for an Ethiopian private bank, cementing its position
Mela Finance Inc. has officially launched Mela, a digital banking and financial platform designed for members of the Ethiopian diaspora, initially focusing on financial services connecting the United States and Ethiopia. The public launch follows an early beta period and introduces services including U.S. banking access, direct deposit and payroll, digital money management, bank account
Tsedey Bank and Eagle Lion System Technology Group have signed a joint venture agreement aimed at modernizing the distribution of agricultural inputs through digital technology. The agreement was signed on August 18, 2018, at Tsedey Bank’s headquarters, marking a new collaboration focused on improving efficiency, transparency, and accountability in the agricultural input distribution system. Tsedey
The National Bank of Ethiopia (NBE) allotted USD 500 million at a Special Foreign Exchange Auction held on Thursday, clearing the market at a marginal rate of 160.2121 Birr per US dollar, 0.79 birr below the cut-off rate recorded at the regular auction eight days earlier. The intervention was four times the size of Foreign
Banking & Finance
