Banks in Ethiopia is a bank comparison website for the Ethiopian market.
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Banksethiopia.com is a website to make your bank related decisions easier by comparing currency exchange rates, diaspora related benefits, loan interest, saving interest, in technical depth to choose the best banks in Ethiopia. We have the answer for the question “Which bank is best in Ethiopia?”
The Ethiopian banking system consists of around 1 state-owned development bank, 1 government-owned commercial bank, and 16 private banks. According to www.privacyshield.gov Commercial Bank of Ethiopia (CBE) holds more than 60 percent of total bank deposits, bank loans, and foreign exchange. NBE controls the bank’s minimum deposit rate, which now stands at 7 percent, while loan interest rates are allowed to float. There are many factors customers consider when deciding whether a bank is good or not. Our task is to help you to find the best bank in Ethiopia for your needs.
List of all Banks in Ethiopia
Filter to Answer
Which bank has the highest saving interest rate in Ethiopia ?
Which bank have the lowest loan interest rate in Ethiopia ?
Which bank have best diaspora benefits ?
Which bank have good customer Service ?
Since Ethiopia being one of the world’s fastest-growing economies, various banks in Ethiopia offer multiple banking services and benefits to select. We are a dedicated website where you can find easier access to information on different banks in Ethiopia. We’ll help you find the bank and benefits for your desired purpose.
With around 100,000 shareholders, there are 18 banks operating in Ethiopia. This makes the country an interactive, captivating space for foreign investment as there are options to choose from. Ethiopia’s economy is seeing an unprecedented surge, as World Bank reported that the growth averaging 9.8% a year from 2008/09 to 2018/19.
In this comprehensive guide, we have reviewed, listed, and ranked most of the banks and bonuses that you can find in Ethiopia. We’ve also added a sorting option in order to help you find the best services and best banks in Ethiopia based on your needs.
See the list, compare and read about the various services and click on read review for more details. When you find something you like, simply find the contact information on the review detail page and make a call. We have also a separate comparison page for the diaspora accounts. So if you are a Ethiopian who lives abroad, that might be the section just for you.
How We Rate the Best Banks in Ethiopia
Based on the features below we were able to create a score between 1-10, where 1 is a low score and 10 being the best possible score.
Good customer service
Easily accessible information
Smooth online banking services
Easy to use mobile banking services
Availability of credit and loan services
Low loan interest rate
High saving interest rate
Great diaspora benefits
Why Change Your Current Bank?
There are several reasons why you want to change your current bank depending on your financial circumstances. Changing a bank may allow you to take advantage of higher saving interest rates, lower loan interest rates, and other benefit packages.
Among the several banks out there, changing your current bank may not be an easy decision. Banks Ethiopia has some suggestions you need to consider before changing your bank. Here are some of the key reasons why Ethiopians are considering changing bank.
Things to Consider Before Changing Your Bank
Is Your Bank Using Modern Banking Systems (e-Banking)
Technology has made banking much faster for both customers and banks. Some banks are not growing as the technology era grows fast. Some e-Banking features you might need are
Internet Banking is also known as Online Banking is a banking service that allows you to access all banking services from a computer or a phone with internet access 24/7. Services of Internet Banking include download and print bank statements, fund transfers, online bill payments, and controlling loan progress.
Some Banks do not have these features. If you are the type of person who wants information about your finances from wherever you are it may be a factor to consider changing your bank.
Some features of mobile banking include obtaining account balances and lists of latest transactions, electronic bill payments, remote check deposits, and funds transfers between customers or another’s accounts.
Is Your Bank’s Customer Service Poor?
If your bank had great customer service at the time you opened your account but dropped over the years. Or if you don’t like the branch atmosphere you may consider checking out other banks with great customer experience.
Great customer service includes services such as
Long customer service open hours
Lack of ATMs and Branches
Great in-person interaction with bank staff
Instantaneous resolution of issues such as (canceling your card when you lose it)
If You Want Higher Saving Interest Rate
On the off chance that you’re getting near-zero rates in your investment funds account, it’s worth assessing options. But high-interest rates alone might not be cause for changing a bank.
Changing your account will make sense if you will essentially gain more somewhere else, so run a few numbers and decide on the off chance that it makes sense to require action.
Do you want loans without collateral?
Most Banks as a rule require a few kinds of ensuring mechanisms in case you can’t pay back your credit. This by and large comes within the shape of collateral—tangible or intangible resources that the bank can offer to induce its cash back on the off chance that you halt paying the credit.
Collateral can be a physical asset—a vehicle, hardware or building—or other things such as accounts receivable, stock, mental property or the commerce owner’s individual assets.
Banks as a rule require a few kind of ensure in case you can’t pay back your credit. This by and large comes within the shape of collateral—tangible or intangible resources that the bank can offer to induce its cash back on the off chance that you halt paying the credit.
Collateral can be a physical asset—a vehicle, hardware or building or other things such as accounts receivable, stock, mental property, or the commerce owner’s individual assets.
Changing your bank looks like a difficult task to do, but when it comes to your money, your comfort and fulfillment ought to be the best need. With so numerous alternatives, there’s truly no reason to stay with an unsatisfactory bank. Either attempt to make the relationship right, or make a decision – but do what’s best for you.