YeEthiopia Diaspora Bank S.C, a new bank under formation is preparing the join the ever growing banking industry in Ethiopia. The bank aims to collect over 6 billion birr as capital from both the Ethiopian and Diaspora communities. The diaspora community can buy shares using their foreign currency.
YeEthiopia Diaspora Bank is one of the few banks which are joining the Ethiopian banking industry. Currently, there are 16 private banks operating in Ethiopia with 10 or more banks waiting to join the industry. Amhara Bank is one of the new banks under formation which managed to collect more than 6 billion birr (around 168 million usd using today’s exchange rate ) capital from 128,000+ share holders, a record breaking amount in Ethiopia’s banking industry. Ethiopia’s currently law requires more than 50% of the shareholders to be present and sign a document for the bank to officially launch it’s operations. This has created a problem for the likes of Amhara Bank which have found it difficult to conduct a general assembly meeting with at least 64,000 people in one place, especially in the current covid-19 crisis. Goh Betoch bank and the likes are exploring technology and delegation as a means of having more than 50% of the shareholders present for the assembly.
New emerging banks include Jano Bank, Geez Bank / Midre Geez Bank, Gadaa Bank, Amhara Bank, Shaggar Bank, Ahadu Bank, Selam Bank, Goh Betoch Bank as well as interest free banks such as ZamZam Bank, Kush Bank, Nejashi Bank, Huda Bank, Hijira Bank and Zad Bank.
YeEthiopia Diaspora Bank has setup an office at Bole MedhaneAlem, Selam City Mall, 4th floor. The bank’s project office can be contact using the following numbers
+251 929 00 5902
+251 911 40 6802
+251 930 59 2059