Siinqee Bank Names Getachew Deresa Acting CEO As Founder Neway Megersa Takes Helm of Oromia Sovereign Fund

Siinqee Bank S.C. has appointed Getachew Deresa as its acting chief executive officer, succeeding founding president Neway Megersa, who is moving to lead the Oromia Sovereign Fund (OSF), the bank announced.

Deresa, previously vice president of microfinance and banking operations, assumes the top role as Siinqee continues a period of rapid expansion after its transformation from a microfinance institution into a mid-sized commercial bank.

Megersa, who served as founding president from February 2022 until October 2026, is taking charge of the OSF, a regional government investment body that oversees more than 47 public enterprises and corporate stakes, including the parent Siinqee Group.

Megersa’s Transformative Tenure

Neway Megersa’s roughly four-and-a-half-year leadership was marked by structural change, sharp financial growth and an effort to retain the bank’s social mission.

Before becoming president, he chaired the bank’s board and helped navigate regulatory changes by the National Bank of Ethiopia that allowed Oromia Credit & Saving S.C. to convert into a full commercial bank.

Siinqee secured its banking license in February 2022, becoming the first microfinance institution in Ethiopia to complete that transition.

Under his direction the bank scaled aggressively. Paid-up capital grew from an initial 7 billion birr to 15 billion birr, with subscribed capital reaching 75 billion birr. By the 2025/26 fiscal year, total assets stood at 216.2 billion birr and deposits at 178.1 billion birr, placing Siinqee among the stronger mid-sized commercial banks in the country.

Despite the commercial shift, Megersa maintained a focus on inclusive finance. A significant share of new loans, often more than 38%, continued to target agriculture and micro-entrepreneurs. The bank supported more than 200,000 active microfinance clients while expanding retail and corporate operations.

In the later years of his tenure, Neway Megersa also prepared the groundwork for Siinqee Group, a planned financial conglomerate. Strategic plans called for independent subsidiaries in investment banking, lease financing and insurance.

Deresa’s Background and Mandate

Getachew Deresa brings deep operational experience inside the institution. He has served as vice president of microfinance and banking operations since the bank launched commercial activities in February 2022.

In that role he oversaw the integration of traditional microfinance clients with new corporate and retail banking services, managing credit deployment, customer outreach and branch expansion across Ethiopia.

Earlier in his career he held branch manager and district manager positions at the Cooperative Bank of Oromia, gaining experience in agricultural financing, SME lending and regional market dynamics.

As acting CEO, Getachew Deresa is expected to maintain momentum on the existing balance sheet, 216.2 billion birr in assets and 178.1 billion birr in deposits, while advancing the structural transition toward the multi-subsidiary Siinqee Group, including planned arms for investment banking, digital finance and lease financing.