Enat Bank to Deliver at Last




Enat Bank is finally opening its doors as the 16th private bank on March 5, 2013 with a subscribed capital of 260 million Br and 120 million Br paid up capital.

It is naming its main and branch offices after famous names of women in Ethiopian history. The main branch, opening first in front of Yordanos Hotel, is named after Itegue Taitu, wife of Menelik II.

The second branch, expected to open in two weeks in front ofBoleMedhanealemChurch, is named QueenSheba. The third branch office nearTeklehaimanotChurch, Merkato, is named after a woman who is still alive, Abebech Gobena.

The bank has rented the first floor of three buildings to house the branches.

First established in September 28, 2008, with nine women promoters, the bank now has 7,200 shareholders, out of which 64pc of the shares are held by women.

“The bank is working to produce more capable Ethiopian women by enabling them to participate in the economy,” Fasika Kebede, president of the bank told Fortune.

Females are a majority on the board, taking up six of the 11 seats. Moreover, both the president and vice president are women. Eight shareholders have shares worth more than one million Birr, whilst 35 have shares amounting to 500,000Br.

The bank managed not to have to adhere to the central bank edict that was issued in September 2011 that new entrants in the industry had to come up with a capital of half a billion Birr, since it had submitted its application before this decision was made.

The bank’s first year activity will focus on deposit mobilisation according to Fasika.

“Unless we follow the business wisely, it is very difficult to stay in the sector,” she said. “However we are very ready to face any challenges in the sector, whether it is policy or any other type of competition.”

The bank is planning on offering special accounts for children under 18, she told Fortune.

Fasika, an economics graduate fromAddisAbebaUniversityin 1981, had been with the state owned Commercial Bank of Ethiopia (CBE) for 24 years. She completed her postgraduate studies at theUniversityofWalesin theUnited Kingdom.

Married and a mother of one, she was the bank’s third choice after the central bank rejected the nomination of Birtukan G.Ezgi and Brutawit Dawit Abdi.

Birtukan is now serving as vice president to Enat Bank. She got her first degree in management and international trade fromHowardUniversityand another degree in applied economics, international trade, and management fromGeorgeWashingtonUniversity, both inWashingtonDC. She was a manager of international banking at the Bank of Abyssinia (BoA).

Meaza Ashenafi is chairwoman of the Board at Enat. She is the founding Executive Director of the Ethiopian Women Lawyers Association, as well as the current women’s rights advisor at the Economic Commission for Africa (ECA). Meaza has won the 2003 Africa Prize for Leadership awarded by the Hunger Project, and she was also nominated for the Nobel Peace Prize in 2005.



By MELKEAM ASCHALEW
FORTUNE STAFF WRITER

Published on March 3, 2013 [ Vol 13 ,No 670]


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