Geda Bank, a financial system established targeting the agriculture sector will start its operation in 2014 E.C which translates to late 2021 or early 2022 financial year. On Thursday August 5, 2021, the bank held its first founding meeting at the skylight Hotel.
The bank was incepted in 2018 to meet the needs of displaced farmers, as well as to empower farmers to use their resources to acquire capital for more business. Through the period, the bank has registered 1.3 billion in subscribed capital and 550 million in paid up capital.
Consultants from the financial sector, university lecturers, Abba Gadaas and farmers initiated the bank’s establishment. As the organizing committee said the bank has more than 27,000 shareholders who are engaged in the finance sector.
The bank will be expected to start its operation in the coming budget year with over 2,000 job opportunities when it begins opening the proposed 15 branches for the first phase of its operation.
“The coming up of new banks to the banking industry will not be seen as a threat for there is a huge gap in terms of quality, accessibility in the Ethiopian Banking sector,” the project manager of the bank stated.
Currently, the organizing committees of the bank are conducting the legal works to get license from the national
bank of Ethiopia.