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Tsehay Bank Exchange Rate

The exchange rate for Tsehay can be found HERE

Quick Overview

About Tsehay Bank

Tsehay Bank S.C. (ፀሐይ ባንክ) — whose name means “The Sun” in Amharic — is one of Ethiopia’s newest and most energetically growing private commercial banks. Embracing the tagline “For All,” Tsehay Bank aspires to serve everyone, just as the sun shines on all people equally — providing accessible, innovative, and inclusive financial services to every segment of Ethiopian society, from individuals and households to businesses and institutions.

The bank was established on July 23, 2022, following a founding Shareholders’ General Assembly held at the Sheraton Addis Hotel on February 18, 2021. The official inauguration took place in the presence of His Excellency Dr. Yinager Dessie, the then-Governor of the National Bank of Ethiopia — a signal of the strong institutional confidence in the bank’s founding team and vision. The bank commenced operations with 30 branches in Addis Ababa and other major towns, rapidly expanding to over 91 service centres by 2024.

Tsehay Bank was founded by 373 shareholders — one of the smallest shareholder bases among Ethiopia’s newer banks, but one characterized by deep institutional experience. The Board is chaired by Taye Debekulu, the former President of Hibret Bank, one of Ethiopia’s most respected banking institutions. Other shareholders bring extensive experience from banking, manufacturing, agriculture, domestic trade, import, export, and other sectors — giving the bank a governance foundation built on decades of business expertise.

What sets Tsehay Bank apart is its commitment to both technological innovation and cultural inclusion. The bank launched the “Fajr” Interest-Free Banking brand — Fajr meaning “Sunrise” in Arabic, creating a poetic complementary identity alongside Tsehay (“The Sun”) — providing Sharia-compliant banking at all of its branches. Tsehay Bank’s vision is to become one of the best private banks in East Africa by 2040, and its trajectory in just three years of operation suggests it is building the foundations to pursue that ambition.

The Tsehay & Fajr Names — Cultural Significance

The name “Tsehay” (ፀሐይ) — meaning “The Sun” in Amharic — was chosen to reflect the bank’s aspiration to be a source of light, energy, and warmth for all Ethiopians. Just as the sun rises every day without discrimination, illuminating all people equally, Tsehay Bank commits to being available “For All” — accessible to every customer regardless of income, location, or background.

The IFB brand name “Fajr” (Arabic: فجر) means “Sunrise” — the moment the sun first appears on the horizon. This name creates a beautiful complementary identity: Tsehay is the full Sun at its peak, while Fajr is the dawn of the Sun — the beginning of a new day, a new opportunity, and a fresh start. For Ethiopia’s Muslim community, Fajr also carries deep spiritual significance as the name of the first prayer of the day, symbolizing purity, commitment, and new beginnings.

Deposit Products

Tsehay Bank offers one of the most comprehensive ranges of savings and deposit products among Ethiopia’s newer generation banks, designed to serve every age group, profession, and financial circumstance.

Local Savings Accounts

Tsehay Bank’s local savings account range is one of its most distinctive features — with dedicated products for nearly every segment of the Ethiopian population:

• Ordinary Savings Account: A standard interest-bearing savings account available to all eligible customers. Accessible via branches, ATMs, mobile banking, and internet banking.
• Education Savings Account: A goal-oriented savings product designed for families and individuals saving toward educational goals — tuition fees, school supplies, and related educational expenses.
• Special Savings Account: A flexible, higher-tier savings product for customers with specific savings requirements that go beyond the standard account terms.
• Eddir Savings Account: A unique savings product linked to Ethiopia’s traditional Eddir community savings and mutual support system. By incorporating the Eddir concept into a formal banking product, Tsehay Bank bridges the gap between Ethiopia’s deep-rooted informal savings traditions and the formal financial system — making it one of the most culturally embedded banking products in the country.
• Salary Solution Account: A savings account specifically linked to salary payments, designed for employers and organizations that pay salaries through Tsehay Bank. It provides employees with a dedicated savings vehicle that is automatically funded with each salary credit.
• Muday Savings Account: A community-oriented savings product inspired by the traditional Ethiopian Muday (rotating savings group) concept. It facilitates group-based savings and financial planning, particularly popular in rural and semi-urban communities.
• Youth Savings Account: A savings product designed for young Ethiopians, providing competitive interest rates and features tailored to build financial literacy and saving habits from an early age.
• Women’s Savings Account: A dedicated savings account for women, offering terms and features that reflect and support women’s financial circumstances and empowerment goals.
• Elders’ Account: A savings account specifically designed for senior customers, with features and terms tailored to the financial needs and convenience of older Ethiopians.
• Teen Youth Savings Account: A savings product specifically for teenage customers (younger than the Youth account threshold), designed to introduce the next generation to formal banking.
• Minor / Junior Savings Account: A savings account for children, typically opened by parents or guardians. Designed to build financial awareness from the earliest age, with child-friendly features and no minimum balance requirement.

Fixed Time Deposit

Tsehay Bank’s Fixed Time Deposit allows customers to earn higher interest by locking in funds for an agreed period. The longer the deposit period, the higher the applicable interest rate. Both the principal and accrued interest are paid at maturity. Available to individuals and institutional customers.

Current (Demand) Deposit Account

A non-interest-bearing current account operated by cheque, providing unlimited transaction access for individuals and businesses with high-frequency transaction needs. Accessible via branch, ATM, and digital channels.

Other Special Deposit Products

• NGO / Institutional Accounts: Dedicated accounts for non-governmental organizations, development agencies, and other institutional clients with specific account management requirements.
• Corporate Current Account: Specialized demand deposit accounts for corporate clients with large-volume transaction requirements.

Loan Services

Tsehay Bank provides a comprehensive range of loan products serving both business and personal customers. The bank extends commercial loans to eligible customers to meet their day-to-day working capital requirements and for investment purposes.

Business Loan Products

• Export Financing: Credit facilities for Ethiopian exporters to finance pre-shipment and post-shipment activities. This is particularly relevant given Ethiopia’s strong export sectors in coffee, sesame, and other agricultural commodities.
• Manufacturing Loan: Term loans and working capital facilities for manufacturing enterprises, supporting Ethiopia’s industrial development agenda.
• Domestic Trade Loan: Working capital financing for businesses engaged in domestic trade, including merchants, distributors, and retailers.
• Construction Loan: Medium and long-term loans for residential and commercial construction projects.
• Import Financing: Credit facilities for importers, including Letter of Credit settlement loans, pre-import finance, and advance against import bills.
• Transport Loan: Financing for the purchase of commercial vehicles, trucks, and other transport assets for businesses in the logistics sector.
• Overdraft Facility: A revolving credit line on a current account for businesses requiring short-term cash flow management.
• Term Loan: Fixed-period loans for capital investment, business expansion, and asset acquisition across all sectors.

Consumer Loan Products

• Personal Consumer Loan: Financing for household goods, education, medical expenses, and other personal needs.
• Salary Advance: Short-term loans against expected salary, available to salaried employees of organizations with salary payment arrangements with Tsehay Bank.
• Housing / Home Improvement Loan: Long-term financing for the purchase, construction, or renovation of residential property.
• Vehicle Loan: Financing for the purchase of personal motor vehicles.

International Banking

Tsehay Bank provides a comprehensive suite of international banking services for Ethiopian importers, exporters, and individuals with cross-border financial needs. All international services are conducted through the bank’s correspondent banking network and SWIFT connectivity.

Importer Services

• Letter of Credit (LC) — Import: Tsehay Bank opens Letters of Credit on behalf of Ethiopian importers, providing a conditional and irrevocable payment guarantee to foreign suppliers upon fulfillment of specified document conditions. Available as both revolving and one-time LCs.
• Cash Against Documents (CAD): Documentary collection services for importers, providing a cost-effective alternative to LCs for established trade relationships.
• Advance Payment (Telegraphic Transfer): International wire transfers for trade-related advance payments to foreign suppliers.
• Import Bills Collection: Collection and processing of import shipping documents on behalf of the customer.

Exporter Services

• Letter of Credit (LC) — Export: LC advising, confirmation, and negotiation services for Ethiopian exporters receiving payment via international LCs.
• Pre-Shipment Export Finance: Credit to exporters before shipment to finance production, processing, and delivery.
• Post-Shipment Export Finance: Credit to exporters after shipment against confirmed export documents.
• Export CAD: Documentary collection services for exporters.

Remittance Services

Tsehay Bank facilitates inward international remittances through partnerships with internationally recognized money transfer operators, enabling Ethiopians abroad to send money to their families and business partners in Ethiopia quickly and reliably. The bank’s remittance services cover:

• International wire transfers via SWIFT network
• Western Union — fast global money transfers
• MoneyGram — international remittance partner
• Other licensed international money transfer operators

Funds can be collected in cash at any Tsehay Bank branch or credited directly to the recipient’s Tsehay Bank account.

Correspondent Banks

Tsehay Bank has established correspondent banking relationships with reputable international financial institutions, enabling it to process cross-border payments, trade finance, and foreign currency transactions on behalf of its customers. The bank’s international banking capabilities are supported by its SWIFT membership and its growing network of global banking partners.

Bank Guarantees

• Bid Bond: A guarantee issued to a project owner confirming that a bidder will fulfill their contractual obligations if awarded a contract.
• Performance Bond: A guarantee ensuring completion of a contract to the agreed standard.
• Advance Payment Guarantee: A guarantee protecting a buyer who has made an advance payment, ensuring the seller delivers as agreed.
• International Guarantees: Guarantees issued in favor of foreign beneficiaries, subject to NBE foreign exchange permit requirements.

Foreign Currency Accounts

Tsehay Bank provides dedicated foreign currency account products for both resident Ethiopians with foreign currency income and non-resident Ethiopian diaspora customers.

FCY Savings Accounts

• Foreign Currency Savings Account: An interest-bearing savings account denominated in major foreign currencies (USD, EUR, GBP). Available to individuals and businesses with legitimate foreign currency income, including exporters, remittance recipients, and diaspora investors.
• Non-Repatriable FCY Account: A foreign currency account for non-resident Ethiopians and foreigners of Ethiopian origin, holding funds that are not subject to mandatory repatriation.

Diaspora Deposit Products

• Diaspora Savings Account: A savings account for Ethiopian nationals living abroad, denominated in Ethiopian Birr and offering a preferential interest rate above the standard local savings rate.
• Diaspora Fixed Time Deposit: A fixed-term deposit for diaspora customers, available in foreign currency and offering higher returns for committed investment periods.
• Diaspora Current Account: A foreign currency current account for diaspora customers requiring flexible, day-to-day transaction access to funds held in Ethiopia.

All diaspora accounts are also available in Fajr IFB-compliant formats for diaspora customers who prefer Sharia-compliant banking arrangements.

Digital Banking — Omnichannel Solutions

Tsehay Bank has built a comprehensive Omnichannel digital banking ecosystem from its very first year of operation — a deliberate strategy to ensure that customers can bank through any channel of their choice, at any time, from any location. The bank’s digital banking infrastructure supports mobile, internet, card, agency, and merchant banking in a fully integrated platform.

Mobile Banking

Tsehay Bank’s mobile banking application is available on iOS and Android, bringing banking services directly to customers’ smartphones wherever they are. As CEO Yared Mesfin stated: “Wherever you are, Tsehay Mobile Banking brings banking service much closer to you through your mobile device.”

Mobile banking features include:

• Account balance inquiries and full transaction history
• Real-time fund transfers between Tsehay Bank accounts and to other Ethiopian banks via EthSwitch
• Bill payments and utility payments
• Loan application and repayment tracking
• Fajr IFB account management
• Push notifications and real-time transaction alerts
• Branch and ATM locator
• Customer support and in-app messaging

Internet Banking

Tsehay Bank’s internet banking platform is available at tsehaybank.com.et, providing secure, 24/7 browser-based account access for individual and corporate clients. The CEO noted: “You can now use Tsehay Internet Banking Service anywhere, anytime. Easy to Use and Reliable!”

Internet banking features include:

• Full account management and transaction history
• Fund transfers (domestic and international payments)
• Bill payments and batch payment processing
• Corporate payroll management
• Account statement downloads
• Fixed deposit creation and management

Card Banking

Tsehay Bank issues ATM debit cards to its account holders, integrated with Ethiopia’s EthSwitch national payment network. Card services include:

• Cash withdrawals at any Tsehay Bank or EthSwitch-connected ATM nationwide
• Balance inquiries and mini-statement printing
• PIN changes and card management
• Point-of-sale purchases at EthSwitch-integrated merchant terminals

Agency Banking

Tsehay Bank’s agent banking network extends formal financial services beyond its branch network to communities, particularly in rural and peri-urban areas. Authorized agents provide:

• Cash deposits and withdrawals
• Account opening and registration
• Mobile wallet top-ups and balance inquiries
• Fund transfers on behalf of customers

Agency banking is a key pillar of Tsehay Bank’s “For All” mission, enabling the bank to serve customers who live far from the nearest physical branch.

POS Terminals

Tsehay Bank deploys Point-of-Sale (POS) terminals at merchant locations, enabling businesses to accept card payments from Tsehay Bank debit card holders and other EthSwitch-compatible cards. This promotes cashless commerce and supports Ethiopia’s digital payments transition.

Fajr — Interest-Free Banking (IFB)

Tsehay Bank’s Interest-Free Banking (IFB) service is branded as “Fajr” — an Arabic word meaning “Sunrise.” Just as Fajr is the first light of a new day, the Fajr banking service represents a new beginning for customers who wish to bank in full compliance with Sharia principles. Fajr has its own distinct color scheme and logo, providing a clear and recognizable identity within Tsehay Bank’s broader brand.

Fajr IFB is available to all eligible customers at every Tsehay Bank branch — both through dedicated IFB windows at standard branches and through two full-fledged IFB-exclusive branches in Addis Ababa and Sheger towns. The service is accessible to all individuals, private business entities, and government institutions meeting Tsehay Bank’s eligibility criteria, regardless of religion.

All Fajr IFB products are developed and supervised by Tsehay Bank’s Sharia Advisory Committee, composed of renowned religious scholars with expertise in Islamic commercial law. The committee ensures that all Fajr products comply strictly with Sharia principles and the NBE’s IFB directives.

Fajr Deposit Products

• Wadia Savings Account: A safekeeping savings account based on the Wadia (trust) principle. The bank holds deposited funds securely and guarantees their full return on demand. The bank may voluntarily offer a gift (Hibah) but is not contractually obligated to pay any return.
• Mudarabah Savings Account: A profit-sharing savings account where the depositor provides capital and Tsehay Bank acts as the fund manager (Mudarib). Profits generated from Sharia-compliant investments are shared between the bank and the depositor according to a pre-agreed ratio.
• IFB Foreign Currency Accounts: Sharia-compliant foreign currency savings products for customers with foreign currency income who prefer an interest-free banking arrangement. Available in major currencies including USD, EUR, and GBP.

Fajr Financing Products

• Murabahah Financing: A cost-plus-profit sale arrangement in which Tsehay Bank purchases a commodity, asset, or property on behalf of the customer and resells it at a disclosed mark-up, repayable in installments. Murabahah is the most widely used IFB financing product and is applicable across all sectors.
• Ijarah Financing: Lease-based financing for productive assets such as vehicles, machinery, and equipment.
• Salam Financing: An advance payment contract for the future delivery of agricultural commodities, providing farmers with upfront capital at the time of planting.
• Istisna’ Financing: Manufacturing and construction financing for assets built to specification.
• Mudarabah Business Financing: Investment partnership financing where Tsehay Bank provides capital for a customer-managed business.
• Musharakah Financing: Joint venture financing where both Tsehay Bank and the customer contribute capital.

Fajr International Trade & Services

Fajr IFB customers can access Tsehay Bank’s full range of international trade services in Sharia-compliant formats, including:

• Murabahah-structured Import Letter of Credit financing
• IFB-compliant export financing
• Kafalah — Islamic Letter of Guarantee for trade and contracting purposes
• IFB foreign currency accounts for trade purposes

Tsehay Bank — Credit Score, Worthiness & Credit History

Credit Score

Tsehay Bank does not carry a formal published credit rating. As a bank in only its third year of full commercial operations, it is in the early stages of building its institutional credit profile. Key indicators of its credit standing include:

• Strong Governance Foundation: Board Chairman Taye Debekulu’s credentials as the former President of Hibret Bank — one of Ethiopia’s most respected and consistently profitable private banks — provide exceptional governance expertise and credibility at the highest level.
• Inaugural Capital Credibility: Tsehay Bank collected Birr 734 million in paid-up capital before commencing operations — making it one of the few new Ethiopian banks to exceed NBE’s minimum capital requirements from day one.
• Rapid Profitable Growth: Achieving Birr 6.2 billion in total assets and Birr 4.3 billion in deposits by the end of just its second fiscal year demonstrates exceptional deposit mobilization and asset deployment capacity.
• 500,000+ Customer Milestone: Crossing the half-million customer mark by the end of FY 2023/24 in just two years reflects strong market acceptance and growing public trust.
• Capital Growth Momentum: Paid-up capital has grown from Birr 734 million at launch to over Birr 1.26 billion as of May 2025 — a 72% increase — demonstrating consistent shareholder confidence and capital building momentum.
• Capital Gap: With Birr 1.26 billion in paid-up capital against the NBE’s Birr 5 billion minimum requirement, Tsehay Bank still has a significant capital building journey ahead. The bank is actively calling on shareholders to accelerate subscriptions toward the Birr 5 billion target.

Credit Worthiness — Key Financial Indicators

Credit History

• Established July 23, 2022, Tsehay Bank has operated for over three years without any reported regulatory sanctions, license issues, or compliance violations.
• The bank was launched in the presence of the NBE Governor — reflecting the high-level regulatory confidence in the founding team from the outset.
• CEO Yared Mesfin confirmed in July 2024: “Despite being a young player in the market, Tsehay Bank has accomplished significant achievements during the last fiscal year, which has enabled us to record impressive profits.”
• Total assets more than doubled from Year 1 to Year 2, and deposits grew from an estimated Birr 1–2 billion to Birr 4.3 billion — one of the fastest deposit mobilization rates among Ethiopia’s recently established banks.
• The customer base crossed 500,000 in just two years — a pace of customer acquisition that reflects both the strength of the Tsehay brand and the effectiveness of its “For All” positioning.
• Paid-up capital has grown consistently year-on-year from Birr 734 million to over Birr 1.26 billion, demonstrating sustained shareholder commitment and institutional confidence.
• The Fajr IFB launch — with dedicated branches, a named Sharia advisory board, and full IFB product suite at all branches — demonstrates the bank’s commitment to comprehensive financial inclusion that extends to Ethiopia’s Muslim community.

Financial Report

The most recently published full-year results are for FY 2023/24 (Year 2), announced at the Annual Performance Review Meeting on July 25, 2024, at Eliana Hotel, Addis Ababa. The FY 2024/25 (Year 3) full-year results are expected to be announced in July/August 2025. As of May 2025, the bank’s official website confirms that paid-up capital has reached over Birr 1.26 billion, reflecting continued growth.

FY 2023/24 — Full-Year Results (Most Recent Official)

FY 2022/23 — First Year of Operations

Capital Growth Trajectory

Year-on-Year Growth Trajectory

FY 2024/25 — Outlook (Year 3)

The FY 2024/25 full-year results have not yet been formally published as of the date of this review. However, the following context is available:

• As of May 2025, Tsehay Bank’s paid-up capital had reached over Birr 1.26 billion, indicating continued capital growth during the fiscal year.
• CEO Yared Mesfin, at the July 2024 Annual Performance Review, urged management and employees to “redouble their efforts to achieve even greater milestones in the current 2024/25 FY” — signaling ambitious internal targets for Year 3.
• The bank’s trajectory from Year 1 to Year 2 (total assets from early-stage to Birr 6.2 billion; deposits from Birr ~1–2B to Birr 4.3 billion; customers to 500,000+) suggests that Year 3 results, when published, are likely to show continued strong growth.
• FY 2024/25 results are expected to be announced in July/August 2025 at the bank’s Third Year Annual Performance Review. The official annual report will be published at tsehaybank.com.et/annual-report/.

Corporate Social Responsibility (CSR)

Tsehay Bank’s commitment to its “For All” tagline extends beyond banking services into genuine community responsibility:

• Financial Inclusion for All: By launching with 30 branches and rapidly expanding to 91+ service centres, combined with Omnichannel digital banking, Tsehay Bank has made banking accessible to hundreds of thousands of Ethiopians in just two years.
• Cultural Product Innovation: The Eddir Savings Account and Muday Savings Account — products inspired by Ethiopia’s traditional savings systems — demonstrate genuine cultural respect and a commitment to bridging informal and formal financial systems.
• Fajr IFB for Inclusive Banking: By making Fajr IFB available at all branches with dedicated full-IFB branches in Addis Ababa and Sheger, Tsehay Bank has brought Sharia-compliant banking to communities across Ethiopia who were previously underserved by IFB options.
• Employee Recognition: The bank’s annual performance review honors outstanding employees and branches, demonstrating investment in staff motivation and workplace excellence.
• Life Stage Banking: By offering dedicated accounts for children (Minors), teenagers (Teen Youth), young people (Youth), women, and elders, Tsehay Bank serves customers across every stage of life — building multi-generational financial relationships.
• East African Ambition: Tsehay Bank’s vision to become one of the best private banks in East Africa by 2040 positions Ethiopia’s banking sector as a regional leader — a CSR act toward Ethiopia’s national economic reputation.

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