Tsedey Bank has officially appointed Yohannes Ayalew (PhD) as its new president, marking a major leadership change for the fast-growing commercial bank.
Yohannes previously served as Chief Executive Officer of Amhara Bank S.C., where he led a major restructuring program. Under his leadership, the bank moved from losses to a pre-tax profit of 655 million birr within 16 months. During this period, revenue increased by 146 percent, digital banking usage expanded, and foreign exchange reserves improved, with a target of USD 250 million.
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Before joining Amhara Bank, Yohannes spent over nine years at the National Bank of Ethiopia (NBE) as Vice Governor and Chief Economist. In that role, he was closely involved in shaping monetary policy, economic growth strategies, and financial sector stability. He later served as Executive Director of the Ethiopian Development Research Institute and President of the Development Bank of Ethiopia (DBE), where he significantly improved performance by reducing non-performing loans from 57 percent to 6.7 percent.
Tsedey Bank was formerly known as the Amhara Credit & Savings Institution (ACSI), one of Ethiopia’s largest and oldest microfinance institutions. Established more than 30 years ago, ACSI was relicensed as a commercial bank in January 2022 and officially launched in September 2022. The bank began operations with 11.3 billion birr in registered capital and over seven billion birr in paid-up capital.
Since then, Tsedey Bank has expanded rapidly, growing from 140 branches to a wide network across the Amhara region and Addis Ababa. The bank continues to focus on financial inclusion, with strong support for micro, small and medium enterprises (MSMEs) and agricultural financing.
With his appointment, Yohannes is expected to use his experience in bank turnarounds, regulation, and economic policy to strengthen Tsedey Bank’s operations and expand its market presence.
