Zemen Bank has announced that it successfully mobilized over USD 500 million in foreign currency during the last fiscal year. This accomplishment marks a significant milestone for the bank, which has been serving the Ethiopian market for 16 years.
In the 2023/24 fiscal year, Zemen Bank reported a total of USD 566 million in foreign exchange mobilization. Tewahido Tafesse, the bank’s Chief Strategy and Marketing Officer, highlighted that the bank’s capital had reached Birr 12.26 billion, with total assets growing to Birr 59 billion. The paid-up capital currently stands at Birr 7.5 billion.
During a recent forum, Zemen Bank also announced an increase in its legal reserves to Birr 1.7 billion, recognizing over 200 long-standing customers and partners. CEO Dereje Zebene expressed gratitude for their support, emphasizing the bank’s dedication to enhancing its services amid the evolving financial landscape in Ethiopia.
With a network of 127 branches, 293 ATMs, and 801 POS machines, Zemen Bank is positioned as one of the key players in Ethiopia’s banking sector.
Source: Capital Ethiopia
