BY HAILE DEMEKE
ADDIS ABABA– Gada Bank S.C has officially joined the banking industry with 552 million Birr paid capital yesterday in compliance with the guidelines of the National Bank of Ethiopia (NBE).
Speaking at the launching ceremony Gada Bank CEO Wolde Bultu said that, the Bank is established with the paid capital of 552 million Birr will continue providing quality service and strengthen its international competitiveness by introducing new systems.
He further stated that, the bank has started operations with a paid-up capital of 552 million Birr by over 28,000 shareholders adding that that the Bank has commenced services to its customers with 30 branches.
He also announced that, Gada Bank has entered the banking industry with 1.1 billion unpaid capitals and the Bank will contribute greatly to the country’s economy.
NBE governor Yinager Dessie (PhD) said that, joining of Gada bank is to the financial sector will add another input to the financial industry and is expected to boost private sector’s financial accessibility.
As the economy of the country is based on agriculture the bank is expected to support the farmers in lending money both to support the economy and change the livelihoods of the society. The financial accessibility is crucial in economy and Gada Bank is also expected to address financial accessibility coupled with the application of latest technologies. Saving is the main thing to support the banking sector and urged the people to save money and benefit themselves.
Oromia State Chief Administrator Shimelis Abdisa said that, the Gada bank needs to be lived up to its name and has double responsibility in both supporting the economy of the country.
The launching ceremony was held in the Gada Bank’s own building near Gotera area, in capital Addis Ababa.
THE ETHIOPIAN HERALD SUNDAY EDITION 25 DECEMBER 2022
