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Tsedey Bank officially joins banking industry with 148 branches

Addis Ababa, September 24, 2022 (FBC) – Tsedey Bank S.C, formerly known as Amhara Credit and Savings Institute (ACSI), has officially joined the banking industry with 7.75 billion Birr signed capital on September 24, 2022.

On its opening ceremony, Tsedey Bank commences its official banking service with 148 branches in Addis Ababa and the Amhara region.

Gashaw Workneh, the Chief Corporate Property Manager of the Bank, revealed that Tsedey Bank’s previous status as credit and savings institute, ACSI, has been ranked as Africa’s top and world’s 6th financial institute.

Gashaw remarked that the Bank will continue providing quality service and strengthen its international competitiveness by introducing new systems.

He also announced that Tsedey Bank has entered the banking industry with 11.3 billion Birr net capital, 7.75 billion Birr signed capital and strong human resource.

The corporate manager pledged that the Bank will contribute greatly to the country’s economy.

Tsedey Bank started its service in 1996 as “Rural Credit Service” within only 3 million Birr, and in 1997 it was upgraded into microfinance institute – Amhara Credit & Savings Institute (ACSI) in 10 zones in the Amhara region, he elaborated.

Its name, Tsedey, implies “spring season”- the time Ethiopian New Year starts, the land filled with daisies and tulips, and everyone buoyed by hope and optimism

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