Sidama Bank has officially started providing services as of yesterday. At the launch program, the Deputy Governor of the National Bank, Ato Solomon Desta, emphasized that the bank's success would play an important role in the country's economic development and in providing access to modern banking on a large scale. Sidama Bank is one of the five banks that have transformed from small financial institutions to banks in the past five years.

The President of Sidama Regional State, Ato Desta Ledamo, also highlighted the bank's contribution to the economic development of the region. The bank's transformation from a microfinance institution to a bank with over a capital of Birr 1 billion nearly two thousand shareholders from all over the country is lauded a great success. The bank plans to continue to expand its accessible and modern services, with plans to give loans up to Birr 2.5 billion in the next year. The bank's deposit collection amount has already reached more than half a billion. The bank plans to work mainly in large business sectors and small and medium business sectors to make banking accessible to rural communities, women entrepreneurs, and value-adding products and services that are beneficial to the national economy.

The Chairman of the bank's board, Ato Abraham Marshalo, announced plans to increase the number of branches that provide banking services to more than 100 and increase the number of customers to one million in the next year.

Source (including image): Addis Zemen