Enat Bank commenced operations last week during two high-level events on March 5 and March 7 in Addis Ababa, Ethiopia.

Enat’s Grand Inaugural Ceremony, held on March 7 at the Sheraton, hosted numerous business and government dignitaries – including Ethiopia’s Prime Minister Hailemariam Desalegn.

In his public address, the Prime Minister described the importance of savings and investments to spur the nation’s economic development. He said the government’s vision is for Ethiopia to become a middle-income country in the next 15 years. The Prime Minister also mentioned Enat’s creation marked a rare moment in the county’s evolution.

“This is a historic day, as Ethiopia is having the first Bank envisioned and established by women promoters, and with the majority of shareholders being women – more than 64% of shareholders are female,” said Desalegn.

Attendees also heard from Meaza Ashenafi, one of Enat’s founders and the Chair of the Bank’s Board of Directors. In a highly praised speech, Ashenafi described what drove her and the other 10 founders to make the bank a reality.

“Enat Bank gives particular attention to women not only because they constitute half of society, but also because studies have shown that, given the necessary support and encouragement, women can become a powerful force for economic development.”

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