Sidama Bank officially starts operation on the 3rd of july,2023

 

 

It was announced that Sidama Bank officially start its operation on the day of july 3/2023 with one point five billion birr(1.5 billion) collected from shareholders from all parts of the country.

The Bank announced its full launch at the celebration ceremony indicating its growth from   Sidama Microfinance Institution with a capital of more than one billion birr, over 2000 shareholders and  13 branches, and more than 90 thousand savings customers.

Sidama Bank made the seat of its headquarters at the center of Sidama region, Hawassa city.

 

Sidama Bank and its previous journey as a microfinance institution

 

 

Sidama Bank, the third-generation financial firm make its transformation from a microfinance institution to a Commercial Bank similar to other Microfinance institutions which have made their evolution to the Banking sector, siinqee Bank, Tsedey Bank, Shebelle Bank is the recent examples of these institutions all has to get licensed according to  National Bank’s proclamation number 40/1996 which permits Microfinance to grow into Bank.

 

Sidama Microfinance Institution was established 25 years ago in the leat 1980’s E.C, by the Name of Sidama Rural Women credit and saving institution with 200,000 registered capital which has grown to 1.45 million through 8 years and the institution’s transaction to a full-fledged microfinance institution(MFI).

 

Sidama Microfinance, current Sidama Bank has expectations to maintain in the coming six years by raising its paid-up capital to 5 billion birr to meet the central Banks minimum capital threshold proclamation.

 

The Bank starts its journey by building its board member with experienced Banking and Business scholastic who can also set as a cultural representative to the Sediama region which is the head quarter seat and the source for its nomination.

 

Sidama Bank makes it its mission to provide modern Banking services to the urban and rural population and make eligible shareholders. And a vision to be a leading financial service provider in the country.