Ethiopia's first private mortgage bank, Goh Betoch Bank SC, has received its license from the financial sector supervisory body and has officially begun operations.
The mortgage bank will facilitate homeownership and address the home financing shortages in Addis Ababa and other urban cities.
Goh Betoch Bank will provide financial loans for the purchase, construction, repair, and improvement of residential homes based on the needs of the borrowers.
Established by 6,658 founding shareholders, the bank joined Ethiopia’s financial sector with 1.1 billion Birr signed and 521.5 million Birr paid-up capital.
Also, the institution recently donated 1.5 million Birr for the rehabilitation of elderly people's homes in the city.