cbe

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
EUR
60.8824
62.1
,
CHF
61.0648
62.2861
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662
,
DKK
7.3921
7.5399
,
DJF
0.3158
0.3221
,
JPY
0.3396
0.3464
,
CAD
37.8192
38.5756
,
SAR
13.6041
13.8762
,
AED
13.8911
14.1689
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
33.4448
34.1137
,
SDR
,
ZAR
,
CNY
7.0913
7.2331
,
KWD
174.8588
178.356

awash

EUR
56.5106
57.6408
,
GBP
64.5257
65.8162
,
JPY
0.4037
0.4118
,
CHF
57.4629
58.6122
,
SAR
14.1527
14.4358

abyssinia

GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
EUR
60.8824
62.1
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662

abay

USD
56.3677
57.4951
,
EUR
60.7418
61.9566
,
GBP
71.1248
72.5473
,
CHF
63.9815
65.2611
,
AUD
36.8476
37.5846
,
AED
15.3465
15
,
CNY
7.8307
7.9873
,
DKK
8.1483
8.3113
,
DJF
0.3157
0.322
,
INR
0.6783
0.6924
,
JPY
0.3753
0.3833
,
KES
0.3887
0.3965
,
NOK
5.365
5.4723
,
SAR
15.0294
15.33
,
ZAR
2.9677
3.0271
,
SEK
5.4037
5.5118
,
SDR
74.6759
76.1694

zemen

CAD
41.7892
42.625
,
EUR
60.8824
62.1
,
GBP
70.9853
72.405
,
SEK
5.4273
5.5358
,
USD
56.3778
57.5054

buna

nib

GBP
67.791
69.1468
,
EUR
60.8824
62.1
,
CHF
61.0648
62.2861
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762

berhan

wegagen

USD
56.1663
57.2896
,
GBP
67.9979
69.3579
,
EURO
60.9124
62.1306
,
CAD
37.9021
38.6601
,
AUD
33.5177
34.1881
,
CHF
60.8664
62.0837
,
SEK
4.8361
4.9328
,
NOK
4.6333
4.726
,
DKK
7.3141
7.4604
,
DJF
0.3128
0.3191
,
INR
0.6693
0.6827
,
KSH
0.3636
0.3709
,
JPY
0.3477
0.3547
,
SAR
13.4673
13.7366
,
AED
13.7552
14.0303
,
ZAR
3.1723
3.2357
,
CNY
7.0448
7.1857
,
KWD
172.7992
176.2552

dgb

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
CHF
63.9422
65.221
,
CAD
41.7892
42.625
,
AUD
36.9556
37.6947
,
SEK
5.4273
5.5358
,
NOK
5.3799
5.4875
,
DKK
8.1681
8.3315
,
DJF
0.3158
0.3221
,
INR
0.6794
0.693
,
KSH
0.3861
0.3938
,
JPY
0.3753
0.3828
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563
,
ZAR
2.9646
3.0239
,
CNY
7.8357
7.9924
,
KWD
183.0982
186.7602

enat

addis

nbe

dashen

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662
,
DKK
7.3921
7.5399
,
JPY
0.3396
0.3464
,
CAD
37.8192
38.5756
,
SAR
13.6041
13.8762
,
AED
13.8911
14.1689
,
EUR
60.8824
62.1
,
DJF
,
INR
,
KES
,
AUD
33.4448
34.1137
,
ZAR
,
CNY
7.0913
7.2331
,
KWD
174.8588
178.356
,
AED

oromia

USD
55.4509
56.5599
,
EUR
58.7724
59.9478
,
GBP
64.394
65.6819
,
SAR
13.3775
13.6451
,
CHF
59.3141
60.5004
,
AED
13.662
13.9352

lion

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
EUR
60.8824
62.1

coop

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563

gadaa

USD
56.3677
57.4951
,
GBP
67.9242
69.2827
,
EUR
60.7418
61.9566
,
AED
13.8886
14.1664
,
SAR
13.6016
13.8736
,
CHF
61.1023
62.3243

hijra

EUR
61.5525
62.7836
,
USD
56.0843
57.206
,
GBP
71.5355
72.9662
,
AED
15.2681
15.5735
,
CAD
41.9322
42.7708
,
SAR
14.9478
15.2468

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)