History of Ethiopian Banks and Ethiopian Currency Bank Notes
Ethiopia's first bank was the Bank of Abyssinia, which was founded in 1905. By 1915, the same bank began issuing the first Ethiopian bank notes.
Paper money was considered something of a revolutionary aspect and was not immediately accepted by the population at large.
Many people of the time claim that as much as twenty five years after the Bank issued the first Ethiopian bank notes, most people outside the capital Addis Ababa were not even using it.
Furthermore, it was noted that even the government's post office and customs offices were not using the paper money.
Nevertheless, traders and others would come to realize that a 500 Thaler note was a lot easier to put in a pocket than its equivalent in coins, which would weigh close to 14 kilograms.
By 1931, following the liquidation of the Bank of Abyssinia, the Bank of Ethiopia would be formed.
They would issue Ethiopian bank notes based largely on the animal motifs used by the now defunct Bank of Abyssinia.
By 1964, the National Bank of Ethiopia or the NBE began its operations. The role of this bank to this day is to act as the Ethiopian central bank which issues banking licenses and supervises other banks in the country.
Other responsibilities of the NBE include regulating the supply, availability, and the price of Ethiopia's credit and money; manage and administer the country's international reserves, and initiate and control foreign exchange rates.
Best Ethiopian Banks and their Profits/Description 2020
By 2017, several banks in Ethiopia were facing challenges from various aspects of the financial economy in the country.
Problems such as foreign exchange associated issues as well as country wide political unrest.
A testament to Ethiopia's fast growing economy can be seen in the fact that despite all these problems, the banks in Ethiopia posted their highest growth rate in 6 years, as well as an acceleration in the expansion of bank branches.
We prepared the following list of the top banks in Ethiopia to help you navigate and choose between the many new banks in Ethiopia that are sprouting all around.
For those looking for a career or a job in Ethiopia, learn more here: Banking Jobs in Ethiopia
1. Awash Bank 2017/2018 Fiscal Year
Awash Bank was created in 1994, and is the first of the private commercial banks that were formed in Ethiopia, this came after Ethiopia's 1991 financial deregulation.
Awash bank manages over 346 branches throughout the country.
For the 2017/2018 budget year, Awash Bank earned 1.96 billion ETB, making it the best private commercial bank in Ethiopia, in terms of profitability.
The gross profit of Awash Bank was said to have increased by a whopping 650,000,000 ETB compared to the previous year.
Their net profit after taxes was 1.49 billion ETB, with their EPS or Earnings per Share as high as 540 ETB compared to last year's 390 ETB.
Awash Bank's total income for the 2017/2018 budget year was 5.4 billion ETB, an increase of a huge 1.7 billion ETB.
Their paid up capital stands at 3.36 billion ETB, while their capital is 6 billion ETB.
Awash Banks budget year of 2016/2017, has the following numbersRevenue: ETB 3.76 billion
Net income: ETB 1.0 billion
Total assets: ETB 42 billion
Main Office Address: Awash Towers, Right Side, Addis Ababa
Telephone/Mobile: +251115570167 / +251-933-007399
Swift Code: AWINETAA
Official Website: https://www.awashbank.com/
2. Dashen Bank 2017/2018 Fiscal Year
Dashen Bank was formed in 1995 by the National Bank of Ethiopia's National Licensing and Supervision of Banking Business Proclamation 84/1994 and the Commercial Code of Ethiopia 1960.
Dashen Bank is considered to be the largest of the private banks in Ethiopia.
With their headquarters in Addis Ababa, the Dashen Bank controls 196 branches, 220 ATMs, nine forex bureaus, and 958 POS terminals spread out all over Ethiopia.
Dashen Bank Share Company is one of the oldest banks in Ethiopia and has a registered gross profit of 1.14 billion ETB for the budget year of 2017/2018.
Ethiopia's Dashen Bank reported their profit after taxes reached 928.9 million ETB and the Earnings per Share or EPS as high as 430 ETB per share.
Dashen Bank was also able to collect 8.1 billion ETB, with their total deposits reaching an amazing 36 billion ETB, a 29% increase to the previous fiscal year.
Dashen Banks budget year of 2016/2017, has the following numbers
Revenue: ETB 2.07 billion
Net income: ETB 756 million
Total assets: ETB 34.62 billion
Telephone/Mobile: +251 115579124 / +251 911 575827 / +251 115579124 / +251 114653037
Swift Code: DASHETAA
Official Website: http://www.dashenbanksc.com
3. Wegagen Bank 2017/2018 Fiscal Year
Wegagen Bank was formed in 1997, and today owns 211 branches, with 83 of them located in the capital Addis Ababa and the remainder 128 Wegagen branches in regional cities and towns across Ethiopia.
Wegagen Bank has about 3,700 employees throughout.
Wegagen Bank's gross profit rose by a nice 1.05 billion ETB or 50% in this past budget year of 2017/2018 compared to the last financial year.
Total income increased these past 3 years to 2.34 billion ETB and a 39.6% increase from the previous year.
Wegagen Bank's paid up capital rose by 11% to 2.3 billion ETB in the budget year of 2017/2018.
The banks total capital also increased by 19% to 3.8 billion ETB, with total asset rising to 27.3 billion ETB, an exceptional increase of 33%.
Wegagen Bank's total deposits rose by 315 to 20.5 billion ETB for the past budget year.
The bank's total loans and advances to customers increased to over 15.1 billion ETB from 10.2 billion in 2016/17, a 50% rise.
Furthermore, Wegagen opened 64 new branches all over Ethiopia, increasing its number of branches to 277.
Recently, Wegagen Bank inaugurated a 33 storey building as its headquarters, costing over 800 million ETB.
Wegagen Banks budget year of 2016/2017, has the following numbers
Revenue: ETB 1.7 billion (2017)
Net income: ETB 532.16 million (2017)
Total assets: ETB 20.95 billion (2017)
Main Office Address: Wegagen Tower, Ras Mekonen St, Addis Ababa, Ethiopia
Telephone/Mobile: +251 118 787921
Official Website: http://www.wegagen.com/
4. Oromia International Bank 2017/2018 Fiscal Year
Oromia International Bank was created about 10 years ago and just recently registered a whopping record of 140% rise in its gross profits, with 938 million ETB in the fiscal year of 2017/18.
OIB's profits exploded by 547 million ETB compared to the previous budget year making it an achievement never witnessed before by Ethiopian banks.
Oromia International Bank's net profit rose by 145% to 728 million ETB, increasing their dividend per share by 54%.
The bank also witnessed high growth rates in its asset and deposit levels reaching 19.9 billion ETB and 23.8 billion ETB.
Official Website: http://www.orointbank.com
5. Bank of Abyssinia 2017/2018 Fiscal Year
Bank of Abyssinia was formed in 1996, and is now one of the biggest banks in Ethiopia, as they have a span of over 233 branches all over Ethiopia with 5,000 employees.
The Bank of Abyssinia also has over 859,000 account holders, 114 ATM machines, and 200 Point of Sale or POS terminals across the country.
They offer international, domestic, and specialized banking services to private, public, NGOs, cooperative, UN agencies, and international organizations in Ethiopia.
The gross profit recorded for the fiscal year of 2017/2018 by the Bank of Abyssinia was 766 million ETB with their net profit being 563 million ETB.
Bank of Abyssinia budget year of 2016/2017, has the following numbers
Revenue: ETB 1.78 billion
Net income: ETB 704.46 million
Total assets: ETB 25.32 billion
Main Office Address: HQ Buildling, The Gambia Road, Legehar, Addis Ababa, Ethiopia
Telephone/Mobile: +251 115 583667 / 6099 (Toll-free Number)
Official Website: https://www.bankofabyssinia.com/
6. United Bank 2017/2018 Fiscal Year
United Bank S.C. is a share company that was formed in 1998 and today operates over 229 branches with about 3,700 employees across Ethiopia.
They offer a wide range of commercial banking operations, including multi channel and conventional products in Ethiopia.
United Bank registered a growth of over 50% in net profit with 573.6 million ETB this past fiscal year and an increase in EPS or earnings per share of 35.39 ETB.
United is one of the first private commercial institutions to report its finances using the International Financial Reporting System.
The Bank's income from interest on loans, advances and investments reached 2.2 billion Br - a 46pc rise. Unlike the previous period, the forex dealing also showed a 9.5pc increase to 141.4 million Br.
Shareholder returns has shown an increase after five years. The current earnings per share increased to 35.39 Br from 24.95 Br.
United Bank registered deposits of about 23.1 billion ETB, showing a 28% rise compared to the previous period.
Furthermore, the bank gave out a huge 15 billion ETB out as loans and advances, showing an increase of 26%.
The bank also reported doubling its spending on advertising reaching about 12.9 million ETB. United Bank's paid up capital rose by 14% to reach 1.8 billion ETB, with a capital adequacy ratio of 17.4%.
The bank showed amazing resilience by upping its market share to 14%, making it one of the best top 6 banks in Ethiopia.
United Bank budget year of 2016/2017, has the following numbers
Revenue: ETB 1.15 billion
Net income: ETB 339 million
Total assets: ETB 21.9 billion
Main Office Address: Kirkos sub-city, Sierra Leone St, Mekor Plaza Building, Addis Ababa, 19963, Ethiopia
Telephone/Mobile: (+251)114655222 (+251)114655240 (+251)114655241 (+251)114655242
Fax: (+251)114655243 (+251)114655244
Official Website: http://www.unitedbank.com.et
7. NIB International Bank 2017/2018 Fiscal Year
NIB International Bank was created in 1999 and today has over 130 branches with 3,600 employees all across Ethiopia.
Furthermore, the bank services over 520,000 customers with a full range on offer, for example, international banking, domestic banking, and electronic banking services and products.
NIB Bank reportedly earned a gross profit of 678.75 million ETB for the financial year of 2017/2018.
Their net profit stood at 514.85 million ETB an increase of about 21.11 million ETB from the previous period.
NIB Bank also was able to collect a total income of 2.5 billion ETB for the past fiscal year, with their total assets reaching a huge 26.7 billion ETB, an increase of 26.4%.
NIB International Bank also recorded their current capital to be 2.2 billion ETB with their paid-up capital showing to be 2.1 billion ETB.
Shareholders also recently agreed to increase the bank's capital to five billion ETB with the shares only being sold to existing shareholders.
NIB Bank budget year of 2016/2017, has the following numbers
Net income: ETB 516.4 million
Total assets: ETB 21.1 billion
Main Office Address: Addis Ababa
Telephone/Mobile: 011 550 3304
Fax: 011 552 7213
Swift address (Code) Nib International Bank: NIBIETAA, ETHIOPIA Official Website: http://www.nibbanksc.com/
8. Cooperative Bank of Oromia 2017/2018 Fiscal Year
The Cooperative Bank of Oromia was formed in 2005, and was primarily focusing on agro based businesses and cooperatives.
Today, the CBO is headquartered in the capital city of Addis Ababa and has over 289 branches with 3,138 employees all over Ethiopia.
Cooperative Bank of Oromia budget year of 2016/2017, has the following numbers
Revenue: ETB 1.08 billion
Net income: ETB 39.12 million
Total assets: ETB 10.69 billion
Main Office Address: Africa Avenue, Flamingo Area, Get House Building, 16936, Finfinne/Addis Ababa, Ethiopia
Telephone/Mobile: +251 11 515 0229
Fax: +251 11 515 0489
Official Website: https://www.coopbankoromia.com
9. Lion/Anbessa International Bank 2017/2018 Fiscal Year
Lion International Bank has 206 branches with over 1,686 employees across Ethiopia, and offers many financial services along with their many ATM machines, Hello Cash stations, and mobile banking operations.
Lion Bank for the financial budget year f 2017/2018 has reportedly made a gross profit of 480.3 million ETB or 393.8 million ETB after taxes.
Anbessa Bank's EPS or earning per share rose to 302 ETB, a jump from last periods 231 ETB.
The bank also reported its total assets to be in the amount of 14.3 billion ETB, a jump of about 31% from the previous budget year.
Lion International Bank's deposits mobilized around 2.8 billion ETB with the total deposit of 11 billion ETB by the end of the financial year.
They also provided their customers with loans worth 2.99 billion ETB, increasing their total loan to 7.56 billion ETB, showing a growth of about 36% from the previous period.
Anbessa Bank also received $117.8 million USD in foreign currency receipts, exhibiting it had the highest share of export earnings with 77% in Ethiopia.
The bank also managed to open up 40 new branches across the country.
The capital and reserves recorded by Lion International Bank have reached 2 billion ETB, with the paid up capital amounting 1.18 billion ETB.
Main Office Address: Haile Gebre Silase Street, Lex Plaza Building, Postal Code 27026/1000, Addis Ababa, Ethiopia
Tel: (+251) 11 662 60 00/60
Fax: (+251) 11 662 59 99
SWIFT Code: LIBSETAA
Official Website: http://www.anbesabank.com
10. Bunna International Bank 2017/2018 Fiscal Year
Bunna International Bank's gross profit was reported as 427.2 million ETB through the collection of 1.39 billion ETB in revenues.
Bunna also registered 311.6 million ETB in profit after taxes, making it a whopping increase compared to the previous budget period showing 236 million ETB in net profit.
Furthermore, the bank made 121 million USD through their international banking operations which showed an increase of 23.3% compared with the previous period.
With Bunna Bank's assets increasing by the year to 13 billion ETB, they are now in the process of building their brand new headquarters in Addis Ababa by having already floated tenders.
Main Office Address: Daber Building, Arat Kilo, Addis Abba, Ethiopia
Official Website: http://www.bunnabanksc.com
11. Abay Bank 2017/2018 Fiscal Year
Abay Bank which was formed a little less than a decade now has 2,689 employees in their many branches across the country.
The bank reported their net profits rose by 66% reaching 317 million ETB over the past budget year.
EPS or earnings per shareholder reached 284.20 ETB, a 19.2% rise, unusual for Abay Bank which had a constant growth rate for the past few years.
Revenues reported also rose rapidly to 51% or 1.3 billion ETB, furthermore, income from interest on advances, loans, and governing bank bills rose by 56.8% to 873.3 million ETB.
While income from commissions and service charges increased by 61% to 370.1 million ETB.
With all this success, Abay Bank however experienced a foreign exchange dealing loss by a fall of 8.6%, having made 59.6 million ETB in the last budget year.
The bank also saw an increase of 40% in deposit mobilization to the tune of 9.5 billion ETB.
During this period, Abay opened 18 new branches and introduced interest-free, multi-channel and diaspora banking services, contributing to its successes.
The 4,080 shareholders currently a part of Abay Bank have lauded its recent positive results.
The total value of the deposits the Abay Bank collected advanced by 61.65%, showing a percentage point decline from the previous fiscal year.
This showed the loan-to-deposit ratio of the bank was less than the industry average of 70%.
Abay Bank now has 2.9 billion ETB in bank and cash balance and the ratio of its liquid assets against the bank's total assets rose by 23%, proving the bank's ratio to be higher by 4 percentage points.
Abay has also increased its assets to 12.3 billion ETB, a growth of 43%, bought 40 ATM machines and 76 POS terminals.
Showing a strong capital base, Abay bank in Ethiopia increased its paid-up capital by 32% to 1.3 billion ETB.
Main Office Address: Zequala Complex, Jomo Kenyatta Avenue, Addis Ababa, Ethiopia
Telephone/Mobile: +251 115 158 961 / +251 115 549 735
Fax: +251 115 528 882
Official Website: https://www.abaybank.com.et/
12. Berhan Bank 2017/2018 Fiscal Year
A relatively new entrant into the Ethiopian financial banking industry, Berhan Bank has been able to hold its own.
They have been continually growing, showing only a slight reduction in profits, but has been able to collect a huge 1.5 billion ETB total income, which is an increase of about 36%.
Berhan Bank's largest provider of income is from interest, and it grew by 60.5% compared to the previous budget year to 1.1 billion ETB.
The bank made 410 million ETB profit before taxes, a slight decrease from the previous period showing 428 million ETB.
Profits after taxes along with other expenses stood at 311 million ETB, which is a decrease from the previous period of 316 million ETB.
EPS or earnings per share of Berhan Bank also took a beating becoming 20.4% per 1,000 ETB share as opposed to 30%.
Berhan's assets rose to 20.5 billion ETB, an increase of 33.5% from 14.1 billion birr ETB.
The bank also reported that their total capital reached 2.2 billion ETB with a paid up capital of about 1.7 billion ETB, a growth of 22.4%.
As far as deposit mobilization is concerned, Berhan was able to collect about 11 billion ETB a growth of about 41.5 percent compared to the previous fiscal year.
Depositors also reached the number of 523 thousand an increase of about 43%.
Berhan Bank's outstanding loan performance was 7.2 billion ETB a growth of 33%, but a 13% decrease was recorded for their international banking reaching 108.5 million USD.
Main Office Address: Addis Ababa, Ethiopia
Telephone/Mobile: +251 11 618 57 32
Official Website: https://berhanbanksc.com/
13. Zemen Bank 2017/2018 Fiscal Year
Zemen Bank considered by many an innovative bank was created in 2006 but began operations in 2008.
They were different from other banks in Ethiopia in that they focused on high net worth, corporate and institutional customers.
Zemen bank is headquartered in the capital city of Addis Ababa and provides corporate banking, personal banking, and international/multi-channel banking services across Ethiopia.
The past fiscal year has proved to be a fairly good one for Zemen Bank.
The bank reportedly made 271 million ETB in profits after taxes, an increase of about 5 million ETB compared with the previous budget year.
Zemen's gross revenue rose to 1.1 billion ETB an increase of about 15% with their assets rising to 27% or 12.4 billion ETB.
Their uniquely operated deposit mobilization grew by 28% or 10.2 billion ETB from the previous fiscal period.
Furthermore, Zemen's lending rate rose by 25% to 5.2 billion ETB, with loans for manufacturing and advances taking the lion share, while exports, imports and domestic trade following.
The banks foreign exchange generation fell to 347 million USD for 360 million USD due to political reasons in the country.
Zemen is also known for providing foreign currency accounts for about 1,338 customers from the Diaspora, investors, and international organizations.
The EPS or earnings per share were 28.6% a fall from the previous period which had 38.6%.
Zemen bank recently celebrated its 10 year anniversary is looking forward to the completion of their 32 storey building, which is slated to be completed by 2020.
Zemen Bank budget year of 2016/2017, has the following numbers
Revenue: ETB 671.55 million
Net income: ETB 264.58 million
Total assets: ETB 9.67 billion
Head Office and Main Branch: Joseph Tito St., P.O. Box 1212, Addis Ababa, Ethiopia
Official Website: https://www.zemenbank.com
14. Enat Bank 2017/2018 Fiscal Year
Enat Bank, a bank with over 13,000 shareholders and the majority being women, is a relatively new banking trend in Ethiopia.
For the past financial year, Enat Bank reported to have earned 216 million ETB gross profit a growth of 47% compared to the previous period of 147 million ETB, making it the highest profit it ever recorded.
Enat Bank's total income rose to 750 million ETB with its assets growing to 6.5 billion ETB and its paid up capital rising to 971 million ETB.
Main Office Address: Kirkos sub-city, woreda 8, in front of Yordanos Hotel, P.O. Box 18401, Addis Ababa, Ethiopia
Telephone/Mobile: +251 115 158278 / 507074
Fax : +251 115 151338 / 504948
SWIFT Code: ENATETAA
Official Website: https://www.enatbanksc.com/
15. Addis International Bank 2017/2018 Fiscal Year
Addis International Bank (AbIB), is another relatively young bank that is making head way while competing with the older banks.
AbIB was created by a group of savings and credit associations, cooperative unions, microfinance institutions, Iddirs and other individuals now has a strong 10,000 shareholders.
Addis International has seen growth for the third consecutive year with revenue of 490.3 million ETB an increase of 29 percent compared to the previous budget year (59% from interest).
The bank also gained a before tax profit of about 148 million ETB showing an increase of 19%, while their after tax profits rose to 113 million ETB or a 19% increase.
Addis Bank's total capital was recorded as 931 million ETB, increasing 27%, with its paid amount being 710 million ETB, increasing 17%.
The banks advances and loans rose by 30% to reach 2.1 billion ETB, with the lion share of loans going to the export sector followed by the domestic trade and services.
Furthermore, Addis International Bank's assets rose by 25% to 4.2 billion ETB from the previous budget years' 3.4 billion ETB, with depositors also rising by 37% to close to 100 thousand.
Even their deposit mobilization which includes margins conducted via a letter of credit expanded by 29% or 700 million ETB and came to the grand total of 3.1 billion ETB.
Addis Bank also through their international banking operations managed foreign currency in the range of 122 million USD, an increase of 32%. This sector of the bank made up a whopping 24% of their total income.
Main Office Address: Jomo Kenyatta St., Zequala Complex Bldg., P.O.Box: 2455, Addis Ababa, Ethiopia
Official Website: https://addisbanksc.com/
16. Debub Global Bank 2017/2018 Fiscal Year
Debub Global Bank reportedly made 142 million ETB gross profits for the 2017/2018 financial year.
Their profit drew by an astounding 252% compared to the previous budget year, making it the highest growth recorded for the budget year in the private Ethiopian banking industry.
Debub Global Bank was finally able to have their profit surpass the 100 million ETB mark for the first time.
Their profit after tax reached 106.6 million ETB while their total assets reached 3.3 billion ETB.
Debub Bank also gave loans to their customers amounting to 1.58 billion ETB, exhibiting a 100% increase when comparing with the past budget year.
Main Office Address: National Tower, Ras Abebe Damtew St., P.O.Box 100743, Addis Ababa, Ethiopia
Official Website: https://debubglobalbank.com/
***Update October 21, 2020
New Banks in Ethiopia
Ethiopia's banking and financial sector is set to expand greatly in the upcoming 12 month period. Some of the exciting new aspects include the following:
*Over 14 new banks under formation.
*Over 3 Micro Financing Institutions or MFI's expected to grow into fully fledged banks.
*Over 10 Fintechs or Financial Technology companies to enter the financial and banking sector under Digital Financial Services.
The following are banks under formation (with one exception):
Ethiopian Banks Under Formation
ZamaZam BankLaunched IFB
Nejashi BankUnder Formation IFB
Hijira BankUnder Formation IFB
Zad BankUnder Formation IFB
Ramis BankUnder Formation IFB
Amhara BankUnder Formation Commercial Bank
Geda BankUnder Formation Commercial Bank
Gohe Housing BankUnder Formation Commercial Bank
Selam BankUnder Formation Commercial Bank
Sheger BankUnder Formation Commercial Bank
Ahadu BankUnder Formation Commercial Bank
Jano BankUnder Formation Commercial Bank
Hosaena BankUnder Formation Commercial Bank