Shabelle Bank started with over 500 million Ethiopian Birr capital
Shabelle Bank on Sunday was officially launched in Jijiga, seat of Somali regional government in south-eastern Ethiopia. It is an interest free commercial bank.
Over 700 invited guests, businessmen and government officials attended the official inauguration ceremony which was held in Jijiga, the seat of Somali Region Government.
Shabelle Bank evolved from Somali Micro financing institution, which was established in 2011.
A formal application for its establishment was submitted to the National Bank of Ethiopia sometime in May 2021, according to the Capital Ethiopia report.
Somali Micro Financing Institution met the minimum requirement of half a billion birr paid capital. They have also been selling shares.
“It is a great honour for us to share with the Somali community and the Ethiopian people that the Shebelle Bank has been opened,” Mustafa Mohammed, president of Somali region, is quoted as saying.
He also said the bank has the potential to transform the lives of people in the region and that its success depends on public support, competence of management and shareholders.
Currently, the bank is said to have 43 branches in and outside the region.
Join the conversation. Follow us on Twitter @zborkena to get the latest Ethiopian News updates regularly. Like borkena on Facebook as well. To share information or for submission, send e-mail to email@example.com