Ethiopia is one of Africa’s fast-growing economies. This rising economic power is an interesting place for banks to expand their business. With the vast resources that Ethiopia has been creating , it’s a lucrative market for commercial banks. There are several banks in Ethiopia, each with its unique set of services. In this article, we discuss the most popular banks in Ethiopia
- Awash Bank
Awash Bank started operating in the early nineties. It has grown over the years to become one of Ethiopia’s largest private commercial banks. The bank has over 500 branches across the country, making it one of the most accessible financial institutions in the country. It also has an online banking facility that allows customers to carry out financial transactions without visiting their branches. Awash Bank has a range of saving accounts designed to meet different customers’ needs. It has savings accounts for elders designed to help them manage their money successfully and safely.
- Bank of Abyssinia
Bank of Abyssinia is one of the leading banks in Ethiopia. It has been in business since 1996 and has become a dominant force in the banking industry. The bank offers specialized, international, and domestic banking services to individuals and businesses.
Bank of Abyssinia is constantly looking for ways to improve customer satisfaction through innovation and technology. Therefore, it can provide its clients with a rare experience every time they do business with the bank. Its mobile app allows customers to access their accounts from anywhere at any time through their smartphones or tablets.
This bank has education savings account for those aged 14 to 18 years. You can save money for your child’s education at a young age, which is both convenient and helpful.
It serves millions of clients, meaning plenty of people use Bank of Abyssinia’s services. Besides, the bank employs close to 7000 people, and that’s a lot of jobs.
- Wegagen Bank
Wegagen bank was established in 1997 and has been growing steadily since then. It is one of the few banks that provide mortgage loans to diaspora Ethiopians who wish to buy or construct residential houses or commercial buildings. Apart from diaspora loans, the bank offers consumer, personal, and Admas loans.
The bank has more than 200 branches across the country. Hence, it makes it easy for clients to access their accounts anywhere. It also employs thousands of people who provide excellent customer service. Wegagen Bank features interest-free savings(Wadia Amana). This account is for clients who don’t need to withdraw often but want to save money for a long period.
- Dashen Bank
Dashen Bank started its operations in 1995 with the sole purpose of serving the financial needs of its customers through quality and efficient banking services. The bank began with only 11 branches but has since expanded to over 300 branches across Ethiopia. It has become one of the leading banks in the country with a stable customer base that is still growing every year.
Dashen Bank has a partnership with electronic payment brands like VISA and AMEX. This makes it easy for customers to make payments or withdraw cash from any location in Ethiopia or abroad.
Dashen Bank is known for its great customer service. Its staff is always ready to help its customers whenever they need them. Their customer service agents are available 24/7 via phone, email, or live chat on their website. They respond quickly to all inquiries. You can also visit your nearest branch if you want to speak directly with an agent face-to-face about any matter that concerns you as a customer.
Dashen Bank offers different loans for various purposes, like agricultural or transport loans. Both individuals and businesses can use the loans.
- Enat Bank
Enat Bank currently has over 15000 shareholders, with over 60% being women. This is a good number considering that the percentage of women who own shares in firms in Ethiopia is typically less than 50%. The bank has also been proactive in offering flexible loans to women entrepreneurs who wish to start their businesses or expand their existing ones. One feature that sets this bank apart from others in Ethiopia is its online banking system. It allows customers to check their account balances and transfer money using their smartphones or computers
- Zemen Bank
Zemen bank came into the limelight in 2008 with a vision of being the best in the country. One of the most distinct features of this bank is its secure, fast, and free internet banking service for all clients. This allows you to access your account 24 hours a day, 7 days a week, from any part of the world with an internet connection.
The bank gives financial advisory services to investors by helping them make informed investment choices. This helps them make the most of their money and achieve their financial goals.
Zemen Bank provides doorstep banking. It includes check and cash collection services to specific addresses without affecting the security of your money. This makes it easier for customers who do not have access to a branch near them because of their locale or other reasons.
- Cooperative Bank of Oromia
You can easily apply at the Cooperative Bank of Oromia if you need an advance or loan. They have flexible terms and conditions that suit different situations and needs perfectly. The application process is also very simple. Besides, you only need your identity card or passport and a copy of your recent bank statement as proof of income. It also provides E-Channels where customers can access details about their accounts and make payments through their mobile phones or computers.
The bank has interest-free banking options for customers who want more control over their finances but don’t want to pay interest on their deposits. It also offers detailed diaspora banking options to help members interact with their accounts abroad.
- Commercial Bank of Ethiopia
Commercial Bank of Ethiopia has more than 20 million account holders. It provides a variety of banking services such as mobile and internet banking. The bank has a mobile App available for download in Android and iOS versions. The App allows users to enjoy the full suite of banking services, including cash withdrawals, deposits, payment services, and account statements.
The bank provides various types of loans for different purposes. You can apply for consumer loans if you need money for a vacation, wedding, or a big purchase like a car or house. If you are looking for a mortgage loan, this bank will be able to help you buy property or land with lower interest rates than most other banks in the country.
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