Tsehay Bank increased its capital to Birr 5 billion within four moths of its inauguration. The bank announced the capital increment during its first general meeting. Tsehay Bank’s initial capital was Birr 2.8 billion.

According to the bank, a better capital is needed to resist the competition of foreign banks which may enter Ethiopia after the country’s decision to open up the banking sector to foreign banks.

The bank also aims to have 100 branches and 365 thousand customers during the 2022/2023 fiscal year. It currently has 45 branches across the country.

Source: Fana BC and Sheger FM 102.1