Hayik Estifanos Monastery, one of Ethiopia's most historically important monasteries, was first founded as a church in the 10th century during the reign of Emperor Dil Na'od. It was established by the Egyptian archbishop Aba Selama and later became a monastery in the 13th century. The monastery is home to a museum displaying a collection of priceless antiquities, including items donated by various emperors, holy articles, parchment manuscripts, and carved stone and wooden tablets.

Visitors are also drawn to the monastery's beautiful surroundings. The lake stretches around the peninsula, with birds flocking over the water and fishermen rowing in their boats, creating a serene and attractive landscape. Due to a recent increase in both domestic and foreign tourism, two recreational resorts have been built on the lakeshore. While the monastery is located on a peninsula and can be reached on foot from town, women are not permitted to enter. However, they can visit the nearby Margebeta Giorgis nunnery, which is believed to have been founded around 800 years ago.