Top List of Banks in Ethiopia
Banks and other financial institutions started in Ethiopia in the early twentieth century. The banking system in Ethiopia is a complex network of commercial banks, microfinance institutions, foreign banks, and credit and savings institutions. The Banking Industry in Ethiopia is under the supervision of the National Bank of Ethiopia. There are various domestic scheduled banks which are owned by Ethiopian shareholders, Government share, Global Systemically Important Banks(Foreign Banks), and one Specialized bank named Commercial Bank of Ethiopia (CBE), which has a sole right to issue currency.
Ethiopian banks have seen strong, broad-based growth in recent years, a trend that is expected to continue. This growth has been primarily attributable to the recent sector-wide reforms and expansion of the private sector. Here are some banks which have contributed to the development.
Dashen Bank
Dashen Bank, headquartered in Addis Ababa, is one of Ethiopia'sEthiopia's biggest private financial institutions measured by assets, loans, deposits, and profits. Established on the eve of the Ethiopian Renaissance in 1995 by a group of visionary entrepreneurs from the Ethiopian Diaspora community, Dashen Bank has been rendering excellent banking services to its diverse clientele and contributing to the country's socio-economic development.
The Bank'sBank's main objective is to build local capital and broad-based shareholder ownership, deliver accessible and affordable banking services, promote professional and modern management, encourage entrepreneurship, develop small-medium enterprises (SMEs), and win customer loyalty through service excellence. Currently, it manages 400 branches with 350 ATMs within the country. Its total assets are ETB 68.262 billion(USD 1.23 billion)
Cooperative Bank of Oromia
The Cooperative Bank of Oromia is one of Ethiopia's first established private banks. Launched with wholly domestic ownership and a core objective of providing the public with efficient, reliable, and modern banking services, it's now one of the leaders in its class. With a vision to become an innovative, world-class financial institution, CBO focuses on delivering a variety of products and services to individuals, SMEs, micro-enterprises, Commercial and Corporate Businesses through its network of 470 branches spread all over the country.
The Cooperative Bank of Oromia commenced its operations in 2006. Services include Current, saving accounts and time/fixed deposits, domestic and international trade financing, underwriting, project financing, and investment banking. Currently, the bank holds assets of ETB 52.92 billion (USD 1.02 billion) as of the 2020 report.
Bank of Abyssinia
The bank was established in 1996 and obtained its banking license from the National Bank of Ethiopia after being incorporated as a limited company. Its goal is to become the leading and most efficient bank by growing steadily and profitably while focusing on the priority sectors; — Micro, Small & Medium Enterprises (MSMEs), Commercial Agriculture, and Agro-Industries Development, Consumer Banking, and Trade Finance.
It is one of the private commercial banks established to provide all types of modern banking services to customers in Ethiopia. The Bank'sBank's headquarter is in Addis Ababa, which offers banking services to large, small, and medium firms.
The bank serves over 6 million customers with their birches of over 610 and ATMs of over 688 spread all over the country. The bank reported an asset of ETB 56.89 billion (USD 1.12 billion)
United Bank – Hibret Bank
United Bank – Hibret, which started as United Bank Limited of Ethiopia, has changed names twice in its sixty-plus years of existence. Founded in the capital city of Addis Ababa in 1998, soon after the province became occupied by British forces and became part of the Empire., it was set up when four local banks came together to form one entity.
It is a private commercial bank with many branches in the country. Hibret Bank is one of the best banks because of its excellent online banking system, which allows you to apply for a loan. It currently manages 339 branches with other 9 sub-branches within the country. Its total assets stand at ETB 35.54 billion (USD 700 million)
Awash Bank
The leader in the private banking sector in Ethiopia, Awash Bank is one of the few banks that provide Internet and Mobile banking services. It also has products catering to its women clients, such as Women'sWomen's Business Savings and Term Deposit and Bills payment services. Awash Bank plc was established as a licensed financial institution in 1994. The bank was initially formed and owned by private individuals and organizations.
Awash Bank manages a network of 535 branches with a series of ATMs around Ethiopia. Its current asset stand at ETB 89.29 billion (USD 1.75 billion)
Zemen Bank
Zemen Bank SC is a private commercial bank in Ethiopia. It was established in 2006 and has since grown to become one of Ethiopia's top 5 private banks. The bank offers a full variety of financial products, including Retail Banking, Corporate Banking, and Investment Banking services to individuals and legal entities.
The Bank'sBank's strategy centers on offering a wide variety of banking services to the large unbanked segment of the population and the large rising middle class while meeting its commitment to the Ethiopian small and medium enterprise market and providing efficient service to corporate clientele throughout Ethiopia. The Bank'sBank's total assets are worth ETB 9.69 billion (USD 190 million)
Wegagen Bank
Wegagen Bank is a private commercial bank in Ethiopia. It was established in 1997 after merging two government banks, the Commercial Bank of Ethiopia and the Cooperative Bank of Oromia. Wegagen Bank focuses on secured lending such as home and car loans and provides transactional services for exports and imports.
Wegagen Bank currently manages 211 branches, with several of them located in Addis Ababa. It currently has 3700 employees under its payroll. The bank reported an asset worth ETB 38.16 billion (USD 760 million)
Commercial Bank of Ethiopia (CBE)
The Commercial Bank of Ethiopia (CBE) was established in 1942 as the Imperial Bank of Ethiopia. Following the revolution in 1974, it became the nation's commercial bank. The government holds 70% ownership, the remainder being publicly owned.
It offers different types of banking services, including mobile money transfers and payment gateways using mobile phones. CBE headquarters are in the capital, Addis Ababa. It currently manages 1666 and over 1500 ATMs across Ethiopia. The current total asset for CBE stand at ETB 573.89 billion (USD 11.25 billion)
NIB International Bank
NIB International Bank SC has been, since its establishment in 1997, one of the most progressive banks in Ethiopia. The bank has come to occupy a unique position in Ethiopian banking history by maintaining its reputation over the years as a pioneer and trailblazer in all of the echelons of banking from the basic financial intermediation to technical innovations followed later on by Ethiopian banks, such as the introduction of ATMs and VISA cards for which it still enjoys an absolute monopoly, to electronic banking through internet and other technological innovations.
It has over 130 located in Ethiopia with more than 4800 employees. His current asset stand at ETB 31.1 billion (USD 610 million)
Development Bank of Ethiopia
Development Bank of Ethiopia (DBE) is a state-owned development and commercial Bank in Ethiopia. It was established in 1942 by imperial decree as the Bank of Ethiopia to finance a major government. It was established with a mission to finance priority sectors of Ethiopia'sEthiopia's economy to promote balanced, inclusive, and sustainable growth for the long-term development of all regions of the country.
DBE head office is located in Addis Ababa, Ethiopia. It manages close to 32 branches and has since reported an asset of ETB 83.40 billion (USD 1.64 Million)
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FAQs
What is the biggest Bank in Ethiopia?
The Commercial Bank of Ethiopia is currently the biggest Bank of Ethiopia, with over 570 billion Birr assets. It is one of the most successful banks in Ethiopia in the current times.
