Sidama Bank has announced plans to open 130 branches across Ethiopia in the next financial year. The bank's president, Ato Tadese Hatia, said that the expansion was part of a strategy to increase capital and expand access to financial services.

Currently, the bank has 31 branches in and outside of Addis Ababa. It will open 10 new branches soon in Addis Ababa, Batu, Shashemene, Wolayta Sodo, and Dila.The expansion is expected create jobs for many Ethiopians, and it will also help to contribute to the country's economic development.

Sidama Bank, which was established in June last year, has a 24-year history of serving the rural community in microfinance, and, according to its President, it will bring this experience to the banking industry. It is conducting a bank market research together with the Ethiopian Management Institute to help the bank to identify the challenges of entering the banking market and to develop strategies to overcome them. The bank is owned by Sidama Regional State and other shareholders who own 70% and 30% of the total shares, respectively.

Source: Addis Zemen