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Rammis Bank S.C

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Rammis Bank S.C

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Historically, traditional finance has started before many centuries, yet reached its peak with industrial revolution. The expansion of trades and industries required strong institutional finance and banking industry which is at the center of modern finance was expanded to support growth of businesses and industries.   However, despite global financial development, Ethiopia embraced modern finance and banking in the beginning of the 20th century – way behind the rest of the world.

Banking industry in Ethiopia has short history, and the number of banks and their diversity don’t add-up to the population of more than one hundred million people. The current banking outreach in Ethiopia makes the country one of less banked country and the sector less diversified banking industry. On the other hand, finance is a powerful instrument to move the economy to the growth frontiers and improve livelihood.  Indeed, bank is the major player in economic  growth yet the Ethiopian banking industry is dominated by conventional and collateral based finance – which skewed wealth creation and economic development to one side. However, the new administration has keen interest and strong commitment to develop inclusive finance and economy.

Economic and social development cannot be realized without equal access to resources including finance, yet lack of interest free banking services (both for financing and deposit) makes the country one of less financially inclusive and diversified industry. The current limited number of banking services compared to the country’s population and lack of full-fledged Interest Free Bank makes the country require many more banks with different financial products, services and instruments.  The existing limitations are considered as an entry point to initiate and launch a new interest free bank – Rammis Bank. 

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