New Private Banks Under Formation in Ethiopia Latest News

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Paid-up capital Requirement for banks in Ethiopia raised from 500mln birr to 5bln birr

The National Bank of Ethiopia (NBE) has directed new entrants to the banking industry to increase their paid-up capital to 5 billion birr 7 seven years.

Currently, 20 banks are under-formation, another four are waiting for an approval from the NBE.

Except for Amhara Bank, which has collected six billion birr paid-up capital prior to its general assembly, almost all new entrants have sold shares worth below one billion Birr

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Hijira Bank’s Board Receive Approval

The National Bank of Ethiopia (NBE) has given the green light to the founding board of directors of Hijra, the second under establishment, full-fledged interest-free bank in the country. Issued on September 14, 2020, under the signature of Frezer Ayalew, director of banking supervision at the central bank, the letter approved the nomination of the 13 board members drawn from the academia, law, ICT, finance and business arenas.

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Products and Services in Ethiopia

Date: Jul 26, 2024
Currency (Code) Buying Rate Selling Rate
US DollarUS Dollar(USD)57.489558.6393
EuroEuro(EUR)62.335963.5826
Pound SterlingPound Sterling(GBP)70.675972.0894
UAE DirhamUAE Dirham(AED)14.164614.4479
Saudi RiyalSaudi Riyal(SAR)13.868214.1456
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