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Ethiopia’s First Mortgage bank Begins Operations

Updated: Dec 12, 2022

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 home ownership and address the home

financing shortages in Addis Ababa and other urban cities. The bank will primarily

target medium and low income households to become homeowners in major

cities of the country.


Goh Betoch Bank will provide financial loans for 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.




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