NBE gives green light for new Sinqe Bank president

The National Bank of Ethiopia (NBE) has approved the appointment of Neway Megersa Bedri, as the first president of Sinqe Bank.
Neway brings to the table about 13 years of experience in the banking industry, serving Nib international Bank for 5 years as planning and research officers and 8 years of service at several positions in Oromia bank. Similarly, the new president presents high level managerial expertise as he has led Kegna Beverages as Managing Director as from 2018. Moreover, for the past year, Neway was working as board chairperson of the bank.
The company has also appointed Zewdie Tefera, who has been working as acting president of the bank as the Chief Operating Officer.
Sinqe on February 16, 2022 officially received its license from the National Bank of Ethiopia (NBE) to start operations with a subscribed capital of 15 billion birr and a paid up capital of 7 billion birr following its transformation from Oromia Credit and Saving Share Company staring from May 2021.
Following the issuance of proclamation no.40/1996 proclamation that determines the licensing and supervision of micro finance institutions, Oromia Credit and Saving Share Company was established in August 1997 to give micro finance service obtaining operational license from NBE and trading license from the federal Ministry of Trade and Industry.
The change came through the proclamation no 626/2009 and NBE directive no SBB/74/2020, which allows microfinance institutions to evolve into commercial banks with a two-year transition period, to which the executives of the microfinance made the transformation from microfinance to banking services. The company was thus renamed to Sinqe bank, which is sourced from the cultural institution of Oromo women.
“The primary goal of the relicensing is to realize inclusive services to all withstanding the microfinance service targeting job creation and financing to the poor whilst incorporating larger financial seekers as well,” said the bank’s board during the transition.
Currently, the company has more than 400 full-fledged branches. When it becomes operational, the bank will start giving its services with these branches.

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