The Ethiopian Government decided in 1998 to allow companies who would obtain a license from the National Bank of Ethiopia and submit to its regulatory oversight to engage in some forms of equipment leasing. In 2014, the Government announced that foreign investors would be allowed in the sector. In the following years, the National Bank designed a series of directives further clarifying the regulatory framework.
Roha, who has been active in Ethiopia since 2013, started to work on a pre-feasibility study to determine the prospects for a foreign owned Ethiopian equipment leasing business. After completion of the feasibility study Roha decided in January 2018 to start Ethiolease and to commence the application procedure.
African Asset Finance Company Inc (AAFC) was founded in 2018 as the ultimate parent company of Ethiolease,
Since, the group has begun to branch out to other African markets with equipment leasing, vendor lease programs and other asset backed lending offerings, and aims to become a leading provider of leasing, asset backed lending and other non-banking financial services across the African Continent and beyond.