Tsedey Bank disclosed that it was working to have a total asset of Birr 65 billion in the coming five years during its 1st shareholders’ meeting which was held in Bahir Dar. Its current asset totals Birr 44 billion while its subscribed capital stands at Birr 11 billion. The bank started its operation in September 2022 with a subscribed capital of Birr 11 billion and a paid-up capital of Birr 7.8 billion. Tsedey Bank was launched as a Rural Credit Service in 1996 with Birr 3 million. It became a microfinance institute – Amhara Credit and Savings Institute (ACSI) – in 1997 opening branches across 10 zones of the Amhara Regional State.

Source: Ethiopian News January 02, 2023 09:07 UTC