Tsedey Bank started operations with 148 Branches across the country
Ethiopia is still getting new banks. Last week, Tsedey Bank was inaugurated. Tsedey is an Amharic word for the spring season in Ethiopia.
It is established with over 7.5 billion birr working capital.
It is what used to be Amhara Credit and Savings Institute (ACSI) that transformed itself into Tsedey Bank.
It started credit service for rural communities, as a government body, to rural services as early as 1996 – then with the capital of only 3 million Ethiopian birr. It became a microfinance institution in the next year – 1997 – as Amhara Credit & Savings Institute (ACSI) and was operating at zone level in the region.
Gashaw Workneh is announced as the Chief Corporate Property Manager of the Bank. He recalled that ACSI was ranked as one of the leading financial institutions in Africa.
He has also revealed that the Bank strives to be competitive internationally, and is focused on introducing a “new system.”
Quality banking and financial service delivery is another focus area, and it is hoping to make a positive contribution to the country’s economy.
The industry is increasingly becoming competitive even within the context of the domestic market as the number of private banks in the country is growing faster.
Tsedey bank has a total of 11.3 billion birr registered capital of which 7.75 billion birr is already signed. It has a high rise building project in the capital Addis Ababa. It is believed to be a headquarters when completed.
The Ethiopian government has introduced a controversial policy to allow foreign banks to the local market.
It met with a considerable degree of criticism. If implemented, new banks in the country will have a challenging ahead.
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