Zemen Bank Mobilizes Over $500 Million in Foreign Currency During 2023/24 Fiscal Year

Zemen Bank has announced that it successfully mobilized over $500 million in foreign currency during the 2023/24 fiscal year. The bank reported a total of $566 million in foreign exchange mobilization, a notable achievement amid ongoing economic challenges in Ethiopia’s financial sector.

Tewahido Tafesse, Chief Strategy and Marketing Officer of Zemen Bank, shared the details during a recent report, noting that the bank’s capital has reached 12.26 billion birr, with total assets growing to 59 billion birr. The bank’s paid-up capital now stands at 7.5 billion birr.

At a forum last week, the bank also announced an increase in its legal reserves to 1.7 billion birr. The event recognized more than 200 of the bank’s long-standing customers and partners, including those engaged in sectors such as trade, investment, flower farm development, technology, air transport, hotel management, and tourism.

Zemen Bank’s CEO, Dereje Zebene, expressed appreciation for the support from its customers and partners during his remarks at the forum. He emphasized the bank’s ongoing commitment to working with stakeholders as Ethiopia’s financial sector continues to evolve.

Zemen Bank currently operates with a network of 127 branches, 293 ATMs, and 801 point-of-sale (POS) machines. The bank’s signed capital has increased to 15 billion birr, while its paid-up capital remains at 7.5 billion birr, alongside its legal reserves of 1.7 billion birr.

The mobilization of foreign currency is seen as significant given the broader economic reforms taking place in Ethiopia. Zemen Bank’s ability to attract foreign exchange is viewed as an important factor in supporting both local businesses and the broader economy as the country navigates economic stabilization efforts.

Zemen Bank’s latest achievement adds to its 16-year operational history, with the institution continuing to play a role in Ethiopia’s banking sector. The bank’s growing capital base and extensive network position it as a player in the country’s financial services industry, as Ethiopia’s economic landscape continues to develop.