Tsehay Bank S.C. holds Shareholders’ 2nd Annual Meeting

“During the year ending on June 30, 2023, Tsehay Bank achieved strong growth in various areas,” Board of Directors Chairperson, Taye Dibekulu stated while presenting the 2022/23 annual report of the Bank.

The total assets of the Bank reached 3.5 billion Birr at the end of the fiscal year, with its paid-up capital reaching 1.09 Billion Birr.

The Bank also witnessed a significant increase in its number of customers reaching 229,691 by June 30, 2023.

“The Bank opened 76 branches in different parts of the country during the stated period, of which 35 branches are located in Addis Ababa,” the Chairperson said.

“Expanding the bank’s branch networks, procuring new cutting-edge banking technologies and hiring qualified employees took significant sum of the bank’s budget,” he added. 

The Bank introduced different new products, technology-based services as well as, the first of its kind, Credit Card service during the 2022/23 fiscal year.

Having received the go-ahead from the National Intelligence and Security Service of Ethiopia, the Bank also launched ‘TsehayBot’, a Telegram-based Social Media Banking; currently on trial amongst employees of the Bank. 

The Shareholders’ 2nd Annual Meeting, held at Sheraton Addis Hotel, also looked into the 2022/23 external auditors’ report before unanimously approving it.

It also elected members of the Bank’s Board of Directors in the presence of representatives of the National Bank of Ethiopia.

“Expanding the bank’s market, forging strong ties with Correspondent Banks and local partners like EthSwitch S.C., improving the availability of Microloans, introducing new products and services as well as building a strong capital base would be the bank’s priority areas during the FY 2023/24,” Chief Executive Officer of Tsehay Bank Yared Mesfin asserted.

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