New Business Ethiopia

Compared with the preceding year, the annual gross profit of Zemen Bank Share Company, one of the 16 private banks in Ethiopia, has surpassed one billion Birr for the financial year concluded June 30, 2020. The Bank’s gross profit has increased to 1.04 billion Birr growing by 388 million Birr (59 percent).

CR2, one of the top financial technologies companies operating in Ethiopia, has been awarded the tender to roll out Zemen Bank’s mobile banking with Bank World, its digital banking platform, CR2 said.

As compared to the previous year, the annual profit before tax of Zemen bank, one of the financial institutions in Ethiopia, has soured by 87 percent to 635 million birr (about $20 million at the current exchange rate) during the budget year ended June 30, 2019.

The total capital of bank in Ethiopia has increased by around 8% to 85.7 billion birr (around $3.1 billion at the prevailing exchange rate) at the end of last Ethiopian fiscal year ended June 2018.