Amhara Credit & Savings Institution (ACSI) is holding a general assembly at Bahir Dar to transform into a bank. Upon being relicensed by the National Bank of Ethiopia (NBE), it will be called Tsedey Bank.
ACSI, which is the biggest Microfinance in Ethiopia, has been requesting the National Bank of Ethiopia to turn into a conventional bank since 2017.
The capital of ACSI currently stands at nine billion Birr, the highest amongst all microfinance institutions. Its total assets stands at 36 billion Birr, while its number of customers have reached 8.8 million.
According to a directive approved by the Central Bank, MFIs will be relicensed as a bank after 24 months of transition period. ACSI currently has 471 branches and 1,107 satellite branches.
Adding to ACSI, the other big four MFIs, including Oromia, Omo, Addis and Somali saving and credit institutions, have already announced their interest to transform into a bank.