First Women-Initiated Bank Launched in Ethiopia (Video)

Photo: Meaza Ashenafi, lawyer and activist is the founder and CEO of Enat Bank

“Enat” is an Amharic word for “mother”

Enat Bank, the first women’s bank in Ethiopia, was launched on Tuesday in Addis Ababa, the country’s capital.

Initiated by eleven Ethiopian women and with about 7400 shareholders, the bank has been set to serve all with focus on women.

Meaza Ashenafi, Chairperson of Bank Board of Directors, told Xinhua that 64 percent of the shareholders are women.

Meaza revealed that the Bank has been launched with initial capital of 120 million Ethiopian Birr (about 18.5 Ethiopia Birr equals 1 US dollar), to be raised to 500 million Ethiopian Birr in two years time.

The Chairperson noted that it is women’s initiative potentially to be one of the biggest banks in Ethiopia.

The bank launched its services with two branches in Bole and Bambis areas of Addis Ababa.

The Chairperson stated that they would expand the bank’s services by opening other branches in different parts of the country and also by using mobile bank.

“We have launched the bank, the first women’s bank in the country; and potentially be one of the biggest banks in Ethiopia. It is women’s initiative. It was promoted by eleven Ethiopian women and we have over 7,000 shareholders,” she said.

She said they wanted to use mobile bank as it has huge potential to reach all.

Speaking at the launching ceremony, Mekonnen Manyazewal, Ethiopian’s minister of trade, noted that the bank initiated by Ethiopian women would have its contribution to development activities in the country.

The bank has said that it provides bank services uniquely in a manner it improves citizens’ saving culture and loan services that promotes investment in the country.

Source: Global Times

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Enat Bank Opens its First Branch

After laboring for five years Enat bank has finally been delivered. Initiated in 2008 by eleven prominent Ethiopian women, including Meaza Ashenafi, who currently serves as the bank’s board chairperson, the bank has opened its doors naming its main and branch offices after renowned women in Ethiopian history.

The main branch, opening first in front of Yordanos Hotel, off Guinea Conakry Street, is named after Itegue Taitu, wife of Menelik II.

The second branch, which is expected to open its doors in two weeks time, in front of Bole Medhanealem Church, off Cameroon Street, is named Queen of Sheba Branch.

The third branch office will be near Teklehaimanot Church in Mercato and is named after a woman who is still alive, the renowned humanitarian Abebech Gobena.

Photo: PM Hailemariam Desalegn and first lady Roman Tesfaye (on is left) with the founding members of Enat Bank during the inauguration ceremony held at Sheraton Addis

With about 7,400 shareholders, Enat Bank, the first women’s bank in Ethiopia, aims to focus on women. 64 percent of the shareholders are women. The bank was launched with an initial capital of 120 million birr, to be raised to 500 million birr in two years time. The bank will be presided by Fasika Kebede, an economics graduate from Addis Ababa University. Before joining Enat, she worked at the Commercial Bank of Ethiopia (CBE) for 24 years. She completed her postgraduate studies at the University of Wales in the UK. Married and a mother of one, she was the bank’s third choice after the National Bank of Ethiopia rejected the nomination of Birtukan Gebrezgi and Brutawit Dawit Abdi.

Source: The Reporter