Abay Bank S.C. has officially launched its 15th Anniversary celebrations, marking a decade and a half of remarkable growth, innovation, and nationwide service in Ethiopia’s banking industry. Speaking at a press event held at the Hyatt Regency Hotel in Addis Ababa, CEO Ato Yehuala Gessesse reflected on the Bank’s journey from its humble beginnings in
Awash Bank and M-PESA have signed a strategic partnership aimed at expanding access to digital credit and savings services in Ethiopia. The agreement kicks off with the launch of “Errif be M-PESA / እርፍ በኤም-ፔሳ,” an overdraft feature that allows customers to complete mobile transactions even when their M-PESA wallet is out of funds. At
Hijra Bank has reported a 740% surge in annual profit, earning over 840 million birr during the 2024/25 fiscal year. The bank’s total income exceeded 1.8 billion birr — up 148.85% from the previous year — marking one of the strongest performances in Ethiopia’s growing interest-free banking sector. According to the bank’s annual performance disclosure,
Ethiopia’s interbank money market continues to demonstrate active liquidity exchanges among financial institutions, with a total of ETB 9.68 billion traded in the week spanning June 30 to July 4, 2025. The latest data reveals a marginal decline in weighted average interest rates, reflecting subtle shifts in the short-term funding dynamics between banks. During the
The African Development Bank (AfDB) has approved a $50 million trade finance guarantee for Awash Bank, Ethiopia’s largest private bank by paid-up capital. The facility aims to ease the strain of foreign currency shortages by covering up to 100% of the non-payment risk on letters of credit issued by the Bank. This backstop reduces the
In a major step toward stabilizing its public finances, the Ethiopian government has finalized a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC) under the G20 Common Framework, securing debt relief exceeding USD 3.5 billion. The agreement formalizes a deal reached in principle back in March 2025 and marks the successful end of
Zemen Bank has reported a remarkable profit of 9 billion birr for the just-concluded financial year, with total revenue reaching 14 billion birr. The bank’s paid-up capital has also surpassed 9 billion birr, signaling a strong capital base and continued growth momentum. CEO Dereje Zebene attributed the performance to the bank’s strategic direction and favorable
The Commercial Bank of Ethiopia (CBE) has reported a major milestone for the 2024/25 fiscal year, mobilizing over 515 billion birr in new deposits, bringing its total deposits to 1.69 trillion birr — a historic achievement in the bank’s history and a strong indicator of public confidence in the institution. Compared to the previous fiscal
Awash Bank has reported a stellar performance for the 2024/25 financial year, recording a pre-tax profit of over 22 billion birr, the highest in its history. This impressive growth comes as the bank aligned its operations with Ethiopia’s ongoing macroeconomic reforms, leading to strong results across all major performance indicators. Awash Bank’s total income skyrocketed
The Monetary Policy Committee (MPC) of the National Bank of Ethiopia (NBE) held its third meeting on June 23, 2017, to review the country’s economic outlook and set monetary policy directions. The Committee, responsible for ensuring price stability and guiding Ethiopia’s financial system, analyzed recent trends in inflation, economic growth, financial markets, fiscal policy, and
In a landmark move signaling a new era for Ethiopia’s financial sector, the National Bank of Ethiopia (NBE) has officially opened the country’s banking industry to foreign participation. The central bank announced today the issuance of Directive No. SBB/94/2025, titled “Requirements for Licensing and Renewal of Banking Business and Representative Office Directive.” The directive provides
They were the new kids on the block just three years ago. Now, they’re ringing the bell at the Ethiopian Securities Exchange (ESX). Gadaa Bank officially became the second bank to list on the ESX, following Wegagen Bank’s debut earlier this year. With 1.23 million ordinary shares hitting the trading board, Gadaa’s move is more
Banking & Finance
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