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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