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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