Tsehay Bank discharges CSR as officially launches services

Tsehay Bank Share Company, the new entrant bank to the banking industry, has donated a financial support of 1.6 million Birr to four institutions as part of discharging its Corporate Social Responsibility (CSR).

The Bank officially launched its operations on Saturday at its headquarters located in front of Global Hotel, around Lancha area.

Each Nia Foundation and Gergesenon Mental Rehabilitation Center received a financial support of 300, 000 Birr.

Meanwhile, the Children Heart Fund of Ethiopia (CHFE) received 500,000 Birr. And Ethiopian Kidney Patients Charitable Association received 500,000 Birr from Tsehay Bank.

Tsehay Bank launched operations at 30 branches across the country. And it has a plan to expand branches to 50 in the near future; while reaching 100 branches in a year.

Yinager Dessie (PhD), Governor of the National Bank of Ethiopia (NBE) attended the official inauguration of Tsehay Bank.

He said that there are many who are not incorporated into the Banking system, and also stressed the expansion of banks and other financial institutions.

Including the banks under formation there are 30 banks in Ethiopia. Close to 40 micro-finance institutions are providing their services— pushing a total of 89 financial institutions in the country.

Currently, the banking system in Ethiopia consists of around one state-owned Development Bank, one government-owned commercial bank, and 21 private banks. Commercial Bank of Ethiopia holds more than 60 percent of total bank deposits, bank loans, and foreign exchange.

There are also private banks that are under formation.