NBE Approves Abduljuhad Hassen Muhammed as Shabelle Bank CEO

The National Bank of Ethiopia (NBE) has formally approved the appointment of Abduljuhad Hassen Muhammed as Chief Executive Officer of Shabelle Bank S.C., ending his nine-month tenure as the bank’s acting CEO. The regulator confirmed the appointment on August 7, 2026.

Abduljuhad brings more than 17 years of experience in Ethiopia’s banking sector, including 11 years in managerial positions. His career began at Wegagen Bank in 2009, followed by positions at Hibret Bank and Oromia Bank, where he served as a branch manager for five years.

In 2021, he joined ZamZam Bank, progressing through branch management and digital services before becoming Director of Corporate Banking and Customer Relationship Management. He joined Shabelle Bank in July 2025 as Vice President for Banking and Microfinance Operations and was appointed acting CEO in November 2025.

His confirmation comes after a year of rapid expansion for Shabelle Bank. During the 2025/26 fiscal year, the Islamic bank’s profit before tax increased more than tenfold to 231 million Birr. Customer deposits rose 122 percent to more than 4.7 billion Birr, while the financing portfolio increased 101 percent to 3.5 billion Birr.

The bank’s total assets grew 55 percent to more than 9.7 billion Birr. Financing disbursements reached 2.5 billion Birr, representing a 530 percent increase from the previous year, while financing recoveries and collections rose 45 percent to 855 million Birr.

Operating income increased 66 percent to 941 million Birr, compared with a 35 percent rise in operating expenses to 709 million Birr. The bank also reported more than 425,000 customer accounts and approximately 1.7 million digital wallet accounts, highlighting the growing role of digital services in its expansion.

The growth, however, also leaves Abduljuhad with a larger balance sheet to manage. Deposits of 4.7 billion Birr covered about 48.5 percent of the bank’s 9.7 billion Birr asset base, according to analysis of the bank’s unaudited financial statements. Financing reached 3.5 billion Birr, equivalent to roughly 74.5 percent of deposits.

For the 2026/27 fiscal year, Abduljuhad is expected to focus on sustaining the bank’s growth while improving operational efficiency, expanding customer-focused services and accelerating digital transformation. The bank has also identified customer acquisition, service quality and corporate governance as key priorities going forward.

The appointment places Abduljuhad at the helm of a bank that has expanded rapidly over the past year, with the challenge now shifting from achieving high growth to maintaining profitability, strengthening deposit mobilisation and ensuring that its expanding financing and digital operations remain sustainable.