Enat Bank, the first women’s bank in Ethiopia, was launched on Tuesday in Addis Ababa, the country’s capital.

Initiated by eleven Ethiopian women and with about 7400 shareholders, the bank has been set to serve all with focus on women.

Meaza Ashenafi, Chairperson of Bank Board of Directors, told Xinhua that 64 percent of the shareholders are women.

Meaza revealed that the Bank has been launched with initial capital of 120 million Ethiopian Birr (about 18.5 Ethiopia Birr equals 1 US dollar), to be raised to 500 million Ethiopian Birr in two years time.

The Chairperson noted that it is women’s initiative potentially to be one of the biggest banks in Ethiopia.

The bank launched its services with two branches in Bole and Bambis areas of Addis Ababa.

The Chairperson stated that they would expand the bank’s services by opening other branches in different parts of the country and also by using mobile bank.

“We have launched the bank, the first women’s bank in the country; and potentially be one of the biggest banks in Ethiopia. It is women’s initiative. It was promoted by eleven Ethiopian women and we have over 7,000 shareholders,” she said.

She said they wanted to use mobile bank as it has huge potential to reach all.

Speaking at the launching ceremony, Mekonnen Manyazewal, Ethiopian’s minister of trade, noted that the bank initiated by Ethiopian women would have its contribution to development activities in the country.

The bank has said that it provides bank services uniquely in a manner it improves citizens’ saving culture and loan services that promotes investment in the country.

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Source: Xinhua – March 6, 2013