Siinqee Bank S.C., a three-year-old institution that evolved from a quarter-century legacy in microfinance, has increased its total deposits by an astounding 897% since its inception, reaching 102.5 billion Birr by the end of the current financial year. The bank, which managed to earn 3.5 billion Birr gross profits at the end of the current financial year, while its total deposit accounts surged to nearly 8 million.
The rapid growth has propelled Siinqee into the ranks of Ethiopia’s decades-old banking giants, having already surpassed the National Bank of Ethiopia’s minimum capital requirement of 5 billion Birr ahead of next year’s deadline.
At a press briefing held Thursday at the bank’s headquarters, Founding CEO Neway Mergassa reflected on Sinqee’s three-year journey. He credited the sharp rise in capital, deposits, and total assets to the “concerted efforts” of the bank’s staff.
“The pace of our growth will accelerate from here,” Neway told reporters.
While Siinqee now operates 590 branches across the country, the bank has also invested heavily in expanding its digital services. Its mobile banking app has garnered approximately 1.3 million users, with small and medium businesses favoring it for its higher transfer limit of 100,000 Birr.
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