TechInAfrica – The interest-free bank ZamZam Bank has gotten a green light from Ethiopia in the bank’s launching event attended by government high ranks, religious leaders, and the bank shareholders.
As the only bank with an interest-free policy, it will cater to ‘halal’ business and ventures.
The National Bank of Ethiopia has given an operational license for ZamZam bank, and now the bank’s main branch, Alif has run in the Wollo Sefer area, Addis Ababa.
Various high officials spoke about the bank launch during the event, such as Yinager Dessie (Ph.D.), Governor of NBE that said the opening of ZamZam Bank testifies to the government’s commitment to building the economy through a concerted action of people from multi-religious backgrounds.
Melika Bedri, CEO of ZamZam, said the bank has devised “meticulous” strategies to be at the helm of interest-free banking in Ethiopia, despite anticipation of fierce competition in the sector. She praised the commitment and active support of Prime Minister Abiy Ahmed.