 | |
| Type | Financial institution |
|---|---|
| Founded | 18 September 2008 |
| Headquarters | Addis Ababa, Ethiopia |
Key people |
|
| Products | Financial services |
Number of employees | Over 5,000 |
| Website | oromiabank |
Oromia Bank (OB) is a private bank based in Addis Ababa, Ethiopia. It was established on 18 September 2008. [1]
Oromia Bank S.C began operation on 25 October 2008 with a starting capital of 110 million birr (Br), surpassing the minimum capital requirement by 35 million Br. With its headquarters located in front of Dembel City Centre, near Getu Commercial Center in its own 13 story building on Africa Avenue (Bole Road).
Established with the commercial banking business objectives, OIB is undertaking a universal commercial banking services such as deposit mobilization, lending of money, remittance service, and international banking services and interest free banking. The Bank has now launched Electronic banking systems such as Card banking known as Oro-Card (ATM and POS), Mobile Banking named as Oro-Cash, Agent Banking-Oro Agent and Internet banking namely Oro-Click. The number of OIB branches have now reached 225 throughout Ethiopia all connected by core banking system. The Bank is now one of the most influential and popular private banks in Ethiopia and also known for pioneering Interest free banking services.
Addis Ababa, is the capital and largest city of Ethiopia. It also serves as the seat of the government of Oromia. It is also capital of Oromia. Addis ababa exist within boundaries of Oromia region, this makes Addis Ababa/finfinne/ in the possession of Oromo people. In the 2007 census, the city's population was estimated to be 2,739,551 inhabitants. Addis Ababa is a highly developed and important cultural, artistic, financial and administrative centre of Ethiopia.
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Cooperative Bank of Oromia is a private commercial bank in Ethiopia. The Coopbank now has a total asset value of more than ETB 114.36 billion. The bank has more than 567 branch networks, 9 million account holders, and more than 11,500 employees.. The bank's headquarters is located in Addis Ababa, Africa Avenue Flamingo area. The bank has a broad ownership base and diversified ownership structure.
Wegagen Bank SC is a bank in Ethiopia incorporated on 11 June 1997. It was established as a result of the entrepreneurial wit of sixteen 16 founding members who recognized the critical role that financial institutions would play towards creating a sustained economic development and were able to put in an initial paid-in capital of Birr thirty million.
The banking sector of Ethiopia composed of the central bank, the National Bank of Ethiopia (NBE), which is state owned and sixteen private banks. By 2020, the NBE planned to increase the minimum capital for banks to operate to 2 billion birr and instructed all commercial banks to increase their capital. Foreign banks did not allow to provide service in Ethiopia, instead use medium term as the government of Prime Minister Abiy Ahmed pursues wide economic reforms.
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