Rammis Bank, Ethiopia's fourth interest-free bank, officially opened its doors last week. The bank, which has a capital of Birr 2 billion is expected to play a significant role in expanding access to financial services in the country.

The bank's launch was attended by a number of high-profile officials, including Finance Minister Ahmed Shide, Urban and Infrastructure Minister Chaltu Sani, National Bank Deputy Governor Solomon Desta, Addis Ababa Mayor Adanech Abebie, and religious leaders.

Rammis is named after one of the biggest tributaries of Wabi Shebele River. It conducted its founding general assembly in October 2, 2021. The bank was able to secure Birr 724 million in paid up capital on formation.

Source: Fana BC and Capital Ethiopia