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Abay Bank has set out plans to build its cash reserves and work to benefit shareholders, customers and staff in order to contribute to Ethiopia’s growth.
The bank’s president, Mesenbet Shenkute, said the bank has recorded some remarkable achievements since it was established.
The bank officially started operating in September 2010 from its headquarters at Ziquala Building on Jomo Kenyatta Street.
It now operates 51 branches across the country, employing 480 people.
When it was established, the bank had just 823 registered shareholders. Less than three years later, it now has more than 1,500 shareholders. Mesenbet claims the bank has 42,000 customers on its books.
She said the bank is famous for the work ethic of its employees, with staff regularly working until 9:00p.m and supporting development, rather than focusing solely on profit: “These features are the key to the astounding growth the bank’s registered.”
There are 19 banks operating in Ethiopia. Mesenbet acknowledges the increase in banks, especially private ones, in recent years.
She believes that the number of banks still is not enough for this country with more than 80 million people.
“The number of banks in Ethiopia, compared to other African countries like Kenya, Uganda and Tanzania, isn’t enough,” she said.