cbe

USD
57.2653
58.4106
,
GBP
69.4105
70.7987
,
EUR
61.4457
62.6746
,
CHF
61.4753
63.7048
,
SEK
4.9682
5.0676
,
NOK
4.923
5.0215
,
DKK
7.4564
7.6055
,
DJF
,
JPY
0.3272
0.3337
,
CAD
37.7982
38.5542
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
34.5933
35.2852
,
SDR
,
ZAR
,
CNY
7.1379
7.2807
,
KWD
178.3661
181.9334

awash

USD
57.2653
58.4106
,
EUR
61.4457
62.6746
,
GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
CAD
37.7982
38.5542

abyssinia

GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
EUR
61.4457
62.6746
,
USD
57.2653
58.4106
,
CAD
37.7982
38.5542
,
AED
14.109
14.3912
,
SAR
13.8141
14.0904
,
SEK
4.9682
5.0676
,
NOK
4.923
5.0215

abay

USD
56.5376
57.6684
,
EUR
61.7956
63.0315
,
GBP
72.289
73.7348
,
CHF
64.3716
65.659
,
AUD
37.3657
38.113
,
AED
15.3911
15.6989
,
CNY
7.8594
8.0166
,
DKK
8.2877
8.4535
,
DJF
0.3166
0.3229
,
INR
0.6826
0.6963
,
JPY
0.3821
0.3897
,
KES
0.4082
0.4164
,
NOK
5.3785
5.4861
,
SAR
15.0739
15.3754
,
ZAR
3.0306
3.0912
,
SEK
5.5156
5.6259
,
SDR
78.118
79.6804

zemen

CAD
41.6356
42.4683
,
EUR
61.3505
62.5775
,
GBP
72.5868
74.0385
,
SEK
5.426
5.5345
,
USD
57.2406
58.3854

buna

nib

GBP
69.4105
70.7987
,
EUR
61.4457
62.6746
,
CHF
61.4753
62.7048
,
USD
57.2653
58.4106
,
CAD
37.7982
38.5542
,
AED
14.109
14.3912
,
SAR
13.8141
14.0904

berhan

wegagen

dgb

USD
57.1651
58.3084
,
GBP
73.1806
74.6442
,
EUR
61.3553
62.5824
,
CHF
63.7221
64.9965
,
CAD
41.5052
42.3353

enat

USD
57.2406
58.3854
,
GBP
72.5868
74.0385
,
CHF
64.4819
65.7715
,
SEK
5.1879
5.2917
,
NOK
5.1733
5.2768
,
DKK
8.1014
8.2634
,
KES
0.4271
0.4356
,
JPY
0.3673
0.3746
,
DJF
0.3181
0.3245
,
CAD
41.1312
41.9538
,
AUD
36.4897
37.2195
,
SAR
15.1424
15.4452
,
AED
15.5162
15.8261
,
ZAR
2.9861
3.0458
,
CNY
7.846
8.0029

addis

nbe

USD
57.2653
57.838
,
GBP
72.6811
72.7098
,
CHF
64.372
64.4009
,
SEK
5.4897
5.4913
,
NOK
5.4398
5.4407
,
DKK
8.2391
8.2396
,
DJF
0.3207
0.3225
,
INR
0.6848
0.6849
,
KES
0.4439
0.4474
,
JPY
0.3616
0.3616
,
CAD
41.766
41.7873
,
AUD
38.2246
38.2475
,
SAR
15.2642
15.265
,
AED
15.59
15.5909
,
EUR
61.4457
61.4686
,
XDR
75.447
75.447
,
ZAR
3.1652
3.1657
,
CNY
7.8872
7.8873
,
KWD
186.7708
186.828

dashen

USD
57.2653
58.4106
,
GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
SEK
4.9682
5.0676
,
NOK
4.923
5.02146
,
DKK
7.4564
7.6055
,
JPY
0.3272
0.3337
,
CAD
37.7982
38.5542
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
EUR
61.4457
62.6746
,
DJF
0
0
,
INR
0
0
,
KES
0
0
,
AUD
34.5933
35.2852
,
ZAR
0
0
,
CNY
7.1379
7.2807
,
KWD
178.3661
181.9334
,
AED

oromia

USD
57.2653
58.4106
,
GBP
72.6811
74.1347
,
EUR
61.4457
62.6746
,
CHF
64.372
65.6594
,
SAR
15.2642
15.5695
,
AED
15.59
15.9018

lion

coop

USD
57.2406
58.3854
,
GBP
72.5868
74.0385
,
EUR
61.3505
62.5775
,
AED
15.5825
15.8942
,
SAR
15.2556
15.5607

gadaa

USD
57.0384
58.1792
,
GBP
69.4569
70.846
,
EUR
91.9494
63.1884
,
AED
14.0523
14.3333
,
SAR
13.7631
14.0384
,
CHF
59.61
60.8022

hijra

amhara

tsehay

USD
57.2406
58.3854
,
GBP
69.3204
70.7068
,
EUR
61.3505
62.5775
,
CAD
37.6802
38.4338
,
SAR
13.8063
14.0824
,
AED
14.1022
14.3842

tsedey

USD
57.2653
58.4106
,
EUR
61.4457
62.6746
,
GBP
69.4105
70.7987
,
AED
14.109
14.3912

Breaking: Tsedey Bank Officially Launches Operations in 2022

Tsedey Bank Launches Operations

Tsedey Bank, previously known as Amhara Credit and Savings Institution (ACSI), has officially begun operations today on September 24, 2022. In doing so, the bank has upgraded its status from a microfinance institution (MFI) to being the first newly launched Ethiopian bank in 2015 E.C (2022-23 G.C fiscal year). A total of 148 branches were simultaneously opened in Addis Ababa and the Amhara region during the day.

The history of the bank dates back to 1996 according to Gashaw Workneh, the Chief Corporate Property Manager of the Bank. Initially established as a “Rural Credit Service” with only ETB3 million to its name, the institution was elevated to an MFI– Amhara Credit & Savings Institute (ACSI)– a year later in 10 zones of the Amhara region. In its 20 years of operation, it managed to become Africa’s top and world’s 6th best credit and savings institute.

Two decades later, the firm grew large enough to transform into a fully operational bank under the name Tsedey, a term referring to the spring season where Ethiopia transitions from a time of rain and cold to a period of sunshine, warmth, and optimism. The name will perhaps be a symbol of what this bank can do for Ethiopian citizens and businesses without adequate and appropriate financial reach.

Tsedey Bank, as a NEW Bank, comes as one of the Highest Capitals Recorded

Tsedey Bank, upon its inauguration, registered one of the highest capitals recorded among new banks, with net capital and signed up capital reaching ETB11.3 and ETB7.75 billion, respectively. As per the article by Ethiopians Today, Tseday has a total asset of more than ETB40 billion, ETB24billion of total savings, and has disbursed an aggregate of ETB28.8 billion loans.

However, the establishment of Tsedey Bank comes at a time of vigorous competition.  The number of local banks increased from 18 to 30, just in the last year, adding one bank every month, on average. These include Goh Betoch, Amhara, Ahadu, and Tsehay Banks, in that particular order. As a matter of fact, the number is just so because an additional 13 banks in the pipeline failed, as they could not meet even the ETB500 million minimum paid-up capital, which was raised to ETB5 billion a few months back.

The upsurge followed the NBE’s new banking proclamation, which permitted the establishment of interest-free banks and the transformation of MFIs into banks. Furthermore, it is worth noting that the Ethiopian government recently deregulated the banking sector, allowing foreign investors to enter the market.

Understanding this nature and trend of the sector, Tsedey hopes to arm itself with up-to-date and sophisticated technology. Just last week, the bank installed an ETB270 million data center in Bahir Dar, a northern region in Ethiopia. The information center, being one of high capacity, complexity, and longevity, had required the staff to undergo the required training to ensure the hub is run smoothly and efficiently. The firm considered the move a necessity rather than one made out of luxury. At the launching event, Tsedey Bank’s CEO, Mekonnen Yelewemwessen duly noted, “Besides capital, valuable and meaningful technology is imperative to survive and thrive in the banking industry.”

Installation of Tsedey Bank's up-to-date datacenter
Installation of Tsedey Bank’s up-to-date datacenter
Source: DW

Tsedey Bank Future Vision

Tseday Bank is sure to face strong competition from the already existing private banks in the country in addition to foreign banks poised to enter, and potentially dominate, the banking industry. Mr. Gashaw, as per Fana Broadcasting Corporation (FBC), remarked that the bank will continue providing quality service and strengthen its international competitiveness by introducing new systems. Only time, and perhaps some experts, will tell whether Tsedey Bank’s tremendous success as a microfinance institution will spill over into its future as a private bank in Ethiopia.

Addis Ababa, Ethiopia (September 24, 2022)