Siinqee Bank, a prominent player in Ethiopia’s banking sector over the past three years, has announced that it is awaiting regulatory approval to become the country’s third investment bank. If granted, this license will enable Siinqee Bank to expand its role in Ethiopia’s emerging capital market, marking a significant milestone in the nation’s financial sector development.
The bank’s president confirmed that all necessary documentation has been submitted to the Ethiopian Capital Market Authority (ECMA), and the institution is now awaiting a formal response. This move reflects Siinqee Bank’s commitment to broadening its services beyond traditional banking and contributing more actively to capital market activities.
The entry of Siinqee Bank into investment banking is expected to enhance Ethiopia’s financial landscape by providing more diversified investment options and supporting the growth of the capital market. This development comes at a time when Ethiopia is working to modernize its financial system and attract both domestic and foreign investment.
Siinqee Bank’s ambition to become an investment bank is underpinned by strong financial performance. In the 2024/25 fiscal year, the bank reported a remarkable 173% increase in total revenue, reaching 15.4 billion birr. Its unaudited annual profit, before tax and provisions, stood at 3.5 billion birr. The bank’s lending portfolio also expanded significantly, with loans totaling 56.7 billion birr distributed across key sectors including agriculture, manufacturing, micro and small enterprises, and support for entrepreneurial youth and women.
Capital growth has been equally impressive, with the bank’s total capital rising by 28% from 9.7 billion birr in the previous fiscal year to 12.4 billion birr as of June 30, 2025. Deposits have surged to 102.5 billion birr, representing an extraordinary 897% increase since the bank’s inception. On average, deposits have grown by 116% annually over the past three years. The bank also reported a customer base of 8 million, underscoring its rapid expansion and growing market presence.
Ethiopia’s regulatory framework for investment banking, as outlined in the Ethiopian Capital Market Service Providers Licensing Directive No. 980/2024, sets clear requirements for institutions seeking to operate in this sector. Among these is a minimum starting capital of 100 million birr. While Siinqee Bank has not publicly disclosed its intended starting capital for investment banking operations, its leadership has indicated that the bank has allocated sufficient capital in line with regulatory expectations.
Should Siinqee Bank receive its investment banking license, it will join a select group of institutions already operating in Ethiopia’s nascent capital market. The first two licensed investment banks—Wegagen Capital Investment Bank and Commercial Bank of Ethiopia Capital Investment Bank—have set precedents with starting capitals of 385 million birr and 100 million birr respectively. These banks provide services including strategic advisory, brokerage, and underwriting, playing a vital role in expanding Ethiopia’s financial markets.
Siinqee Bank’s transformation from a microfinance institution into a full-fledged commercial bank has been marked by rapid growth and strategic innovation. Since receiving its banking license in 2022, the bank has invested heavily in technology and organizational restructuring to compete effectively with established players. Its planned expansion into investment banking signals a new phase of growth and diversification.
The addition of Siinqee Bank as an investment bank is expected to contribute to increased market depth, improved access to capital for businesses, and enhanced financial inclusion. The bank’s leadership has expressed optimism about its future role in supporting Ethiopia’s economic development through innovative financial solutions and expanded capital market activities.
The Ethiopian Capital Market Authority is currently reviewing Siinqee Bank’s application, and a decision is anticipated in the near future. The approval will mark a significant step forward for the bank and for Ethiopia’s broader financial sector reforms.
