cbe

awash

abyssinia

USD
53.8978
54.9758
,
GBP
63.5273
64.7978
,
EUR
58.5007
59.6707
,
AED
13.2815
13.5471
,
NOK
4.694
4.7879
,
SAR
12.9896
13.2494
,
SEK
4.6921
4.7879
,
CAD
35.8711
36.5885

abay

USD
53.9027
54.9808
,
EUR
58.5545
59.7256
,
GBP
66.5267
67.8572
,
CHF
58.8393
60.0161
,
AUD
36.0879
36.8097
,
AED
14.6766
14.9701
,
CNY
7.8307
7.9873
,
DKK
7.8617
8.0189
,
DJF
0.2995
0.3055
,
INR
0.6557
0.6688
,
JPY
0.4061
0.4142
,
KES
0.4071
0.4152
,
NOK
5.1657
5.269
,
SAR
14.3587
14.6459
,
ZAR
2.9836
3.0433
,
SEK
5.1818
5.2854
,
SDR
72.483
73.9327

zemen

CAD
39.7533
40.5484
,
EUR
57.8729
59.0304
,
GBP
65.2913
66.5971
,
SEK
5.081
5.1826
,
USD
53.408
54.4762

buna

nib

berhan

wegagen

USD
53.8009
54.8769
,
GBP
61.5685
62.7999
,
EURO
56.9859
58.1256
,
CAD
35.1957
35.8996
,
AUD
32.0768
32.7183
,
CHF
55.9713
57.0907
,
SEK
4.676
4.7695
,
NOK
4.834
4.9307
,
DKK
7.1135
7.2558
,
DJF
0.2976
0.3035
,
INR
0.6534
0.6665
,
KSH
0.4289
0.4375
,
JPY
0.3771
0.3846
,
SAR
12.909
13.1672
,
AED
13.1884
13.4522
,
ZAR
3.1723
3.2357
,
CNY
7.1867
7.3304
,
KWD
167.5769
170.9284

dgb

USD
53.9027
54.9808
,
GBP
66.5267
67.8572
,
EUR
58.5545
59.7256
,
CHF
58.8393
60.0161
,
CAD
39.7718
40.5672
,
AUD
36.0879
36.8097
,
SEK
5.1818
5.2854
,
NOK
5.1657
5.269
,
DKK
7.8617
8.0189
,
DJF
0.2995
0.3055
,
INR
0.6557
0.6688
,
KSH
0.4071
0.4152
,
JPY
0.4061
0.4142
,
SAR
14.3587
14.6459
,
AED
14.6766
14.9701
,
ZAR
2.9836
3.0433
,
CNY
7.8307
7.9873
,
KWD
175.6959
179.2098

enat

addis

GBP
61.7297
62.9643
,
USD
53.7176
54.792

nbe

KWD
126.8085
129.34467
,
CNH
5.6258
5.738316
,
ZAR
2.6751
2.728602
,
AED
9.9063
10.104426
,
SDR
57.7908
58.946616
,
EUR
48.4016
49.369632
,
CAD
28.7765
29.35203
,
AUD
28.3265
28.89303
,
JPY
0.3389
0.345678
,
SAR
9.7001
9.894102
,
INR
0.5525
0.56355
,
DJF
0.2234
0.227868
,
KES
0.3664
0.373728
,
DKK
5.8896
6.007392
,
NOK
4.2714
4.356828
,
SEK
4.3114
4.397628
,
CHF
41.5822
42.413844
,
GBP
53.539
54.60978

dashen

USD
53.9027
54.9808
,
GBP
63.533
64.8037
,
CHF
56.1915
57.3153
,
SEK
4.6895
4.7833
,
NOK
4.675
4.7685
,
DKK
7.1148
7.2571
,
JPY
0.3675
0.3749
,
CAD
35.9935
36.7134
,
SAR
12.9946
13.2545
,
AED
13.2823
13.5479
,
EUR
58.5545
59.7256
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY
,
AED

oromia

USD
53.3285
54.3951
,
EUR
56.7522
57.8872
,
GBP
64.2235
65.508
,
SAR
14.185
14.4687
,
CHF
57.398
58.546
,
AED
14.5198
14.8102

lion

coop

USD
53.8887
54.9665
,
GBP
66.3532
67.6803
,
EUR
58.3453
59.5122
,
SAR
14.3466
14.6335
,
AED
14.6716
14.965

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)