2merkato

Zemen Bank, Ethiopia declared 123 million birr in gross profits in the 2011-12 financial year, netting 86 million birr. The revenue earned by the bank is 2 million birr more than what the bank had declared in the previous financial year according to the statement by the bank. Zemen was able to deliver 58% in earnings per share to its shareholders it reported.

The rate of growth for the bank was slower as compared to the performance it had registered in the previous year said Ermias Eshetu, Vice President of Marketing and Corporate Services with Zemen.

The investment and capital of the bank has been tied up in provisional investment costs for the construction of the future headquarters of the bank and in the purchase of National Bank bonds as per requirement he explained.

Zemen Bank Ethiopia introduced a new pre-paid card service that can be used without requiring an account at the bank. The cards will be preloaded with a determined amount of funds that can be drawn from ATMs or used for purchases at POS terminals.

The prepaid cards, expected to be made available for a range of denominations from 100-50,000 birr, will be equipped with a personal identification number to facilitate cash withdrawal said Tsegaye Tetemke President of Zemen.

The prepaid cards can be used as expense cards or be gifted to avoid the need to carry around a lot of cash he noted.

Zemen Bank has announced a partnership with Mastercard that will see the introduction of the first-ever Mastercard branded prepaid contactless travel card in Ethiopia. Zemen Mastercard prepaid travel cards will enable cardholders to use cards with either of the two major currencies, U.S. Dollars and Euros, based on their travel destination.

Ethiopia's Zemen Bank announced it has sold close to 200 million birr in shared in the past two month, achieving its target of capital increase for the fiscal year. The sale of shares has been limited to existing share holders in the bank. The total capital of the bank now stands at 400 million birr, a two fold increase from the previous year.

The Bank noted that its deposit base in the first nine months of the current fiscal year has increased 42 percent and had passed 2.5 billion birr, all mobilized from a single main branch.

Zemen Bank, Ethiopia is acquiring land in the Sengatera area to build its head quarters. The Bank has completed 99% of the process associated with acquiring the land according to Ermias Eshetu, Deputy Marketing President.

The bank’s headquarter building is expected to be the tallest in an important part of the financial district in Addis Ababa. The Zemen Bank headquarters will be erected in front of Addis Ababa University School of Commerce according to the announcement made by the bank at the official launch of the construction design last Thursday.