Hello Cash in Somali region upgrades into Shabelle Bank
Hello Cash financial services, microfinance services provider in Somali region, has upgraded itself into Shabelle Bank.
The newly re-branded bank will provide interest free bank services under the brand name Shabelle Bank.
The announcement has been officially announced on Sunday in Jijjiga City Somali region with the presence of Mustafa Mohammed, Chief Administrator and Ibrahim Osman, Deputy Administrator of the region, among others.
The rebranded financial institution has registered 3.7 billion Birr asset.
“Unveiled newly established Shebelle Bank, the first Somali-owned bank in Ethiopia,” Mustafa said in a tweet.
“Its success depends on the commitment of the owners, the competency of its management, and the support of the public,” Mustafa said. “When it realizes its potential, it will transform the lives of the population,” he added.
The Institution has a network of 43 branches across the Somali region and beyond.
It is now “a fully licensed commercial bank in Ethiopia, which conducts all its operations under the principles of Islamic banking”, its website says.
The move was made as per the directive of the National Bank of Ethiopia (NBE) issued in mid-2020, allowing microfinance institutions to evolve into commercial banks.