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Tsehay Bank has officially started its operations.
National Bank Governor Dr. Yinagar Dese, the bank’s board leaders and invited guests were present at the bank’s launch program.
The governor of the National Bank, Mr. Yinager Dese, said that the changes that have been taking place in the past four years in terms of new banks joining the market are of great importance in terms of making banking work recognized in the community.
He said that it is a great opportunity for private banks to enter the market in this way in order to make banking access to the rural community in an efficient way, so we should focus on making it accessible in a proper way.
In addition, they stressed that preparations are being made for foreign banks to enter the country and that the competition will not be easy for local banks, so they should work hard.
The bank started its operations with 2.9 billion birr signed capital and 734 million birr paid up capital.
Yared Mesfen, the executive director of the bank, said that the bank has completed the preliminary preparations and started working by establishing regular banking services and interest-free banking services as well as digital banking services.
It was pointed out that Tsehay Bank has started operations today with 30 branches and plans to reach 100 branches this year.
