Abay Bank Review

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Abay Bank Exchange Rate

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Abay Bank

Abay Bank, a prominent Ethiopian financial institution, was officially established on July 14, 2010, and began operations on November 4, 2010. It launched with 823 founding members, a subscribed capital of Birr 174.5 million, and a paid-up capital of Birr 125.8 million. The bank has since experienced substantial growth. As of June 30, 2025, its paid-up capital has significantly increased to Birr 7.013 billion, and its number of shareholders has risen to 4,651.

Services Provided by Abay Bank

Multichannel Banking

Agent Banking

With Agent Banking, Abay Bank offers its banking services to cover unbanked customers, in alliance with the National Bank of Ethiopia’s directive

An agent is someone who is involved in a commercial/business activity and is contracted by a financial institution to issue the services of the financial institution on its behalf.

An agent banker is someone who takes care of the banking business on behalf of a financial institution via an agent. The agent uses various service delivery channels to conduct banking services

Abay Agent Banking service allows banking services via

• Supermarket
• Pharmacy
• Kiosk, and
• other outlets

Abay Agent banking is known as “Abay Bedeje”, which means that the banking service is closer to home. Abay Bank’s Agent Banking services have the following:

• Saving & Mobile Opening,
• Deposit & Withdrawal on mobile account
• Payment, etc.

Savings Accounts

Abay Bank offers a diverse range of savings and checking accounts beyond the standard options. They provide specialized saving accounts catering to particular demographics: Enbut Kids (children), youth, Nigist (women), and Tirit Senior (senior citizens). Furthermore, the bank supports goal-oriented and community-focused financial planning through accounts like GOJJO (for couples), TIBEB (for education), IQQUB, and IDDIR. Recognizing the needs of non-resident Ethiopians and foreign nationals of Ethiopian origin, Abay Bank also includes Diaspora Banking products, offering both savings and checking accounts.

Special Saving Account

Enbut Kids Saving Account

The Enbut Kids Saving Account by Abay Bank is designed for children under 18 to foster a savings habit, managed by their parents or guardians.

Summary of Key Features:

• High Interest: Offers a competitive Annual Percentage Yield (APY) of up to 7.5%.
• Zero Fees/Minimum Balance: The account is fee-free and requires no minimum balance, though the minimum opening deposit is 100 ETB.
• Teen ATM Card: A Trendy Teen ATM Card can be issued for the child at age 13 to promote responsible money management.
• Conversion to Adult Account: It automatically converts to a regular savings or current account when the child turns 18.
• Convenience: Supports scheduled allowances, regular deposits, and allows for multiple accounts for different goals.

To open an account, a parent/guardian needs to submit the required form along with the child’s birth certificate (or a guardian’s court order) and two passport-size photos for both the child and the parent/guardian.

Nigist Women Saving Account

The Nigist Women Saving Account is specifically designed to empower women (“queens”) to manage their finances, build wealth, and secure their future.

Here is a summary of the account’s features and application details:

• Purpose: Banking designed for women, offering exclusive benefits, personalized services, and tailored financial solutions.
• Attractive Interest Rate: Account holders receive a higher interest rate of 7.215% per annum.
• Minimum Deposit: The minimum opening/account balance is 100 ETB (One Hundred Birr).
• How to Apply: You can apply by downloading the required form, filling it out, and emailing a copy to [email protected] or submitting it in person at any Abay Bank branch.

Required Documents: A valid and renewed ID is required for account opening.

Youth’s Saving Account

The Youth’s Saving Account is specifically designed for individuals aged between 18 and 24 who are seen as the future economic actors.

Here is a summary of the account’s key features:

• Eligibility: Individuals aged 18 to 24. It can be opened individually or jointly, as long as all members are within the specified age group.
• Attractive Interest Rate: Account holders receive a higher interest rate of 7.215% per annum.
• Initial Balance: The initial balance can be zero as long as a deposit is made within one month of opening the account.
• Withdrawals: Cash withdrawal is allowed at any time and in any amount.
• How to Apply: You can apply by downloading the required form, filling it out, and emailing a copy toor submitting it in person at any Abay Bank branch
• Required Documents: A valid and renewed ID is required for account opening.

Tirit Senior Saving Account

The Tirit Senior Saving Account by Abay Bank is designed to help Ethiopian senior citizens secure their financial future by offering preferential interest rates.
Here is a summary of the account’s key features and application details:

• Eligibility: Ethiopian senior citizens aged 40 and above.
• Key Benefit: Offers preferential premium interest rates to provide peace of mind and financial security.
• Minimum Deposit: The minimum opening/account balance is 100 ETB (One Hundred Birr).
• How to Apply: You can apply by downloading the required form, filling it out, and emailing a copy to or submitting it in person at any Abay Bank branch.

• Required Documents: A Valid and renewed ID is required for account opening. For organizations, a letter of account opening request is needed, signed and sealed by the concerned organization.

Saving Deposit Account

This is an interest-bearing deposit, which is allowed to have an initial deposit of 25 Birr as a minimum.

Demand/ Current Account

Operated by a cheque, a demand/current account is a non-interest-bearing account with an initial deposit for individuals/individual trade operators of 250 Birr, and PLCs/others of 500 Birr.

Fixed – Time Deposit Account

The time deposit account receives a deposit for a certain time frame, as Abay Bank provides a higher interest rate for such account holders. The minimum balance for a deposit is 100,000 Birr.

Special Saving Account (SSA) | Negotiable Order of Withdrawal (NOW) Account

NOW has a minimum deposit of 1,000 Birr. If an account has less than 50,000 Birr, it is not to bear any interest.

Abay Bank allows those interested to have an interest in their SSA/NOW accounts to have a frequency of withdrawals of 3 times per month.

No passbook is required to operate an SSA/ NOW account. As an alternative, Abay Bank is to issue a checkbook.

Provident Fund Account

This is tailored to serve the adminis­tration of provident fund accounts.

Zero Balance Account

By transferring funds from a savings account, Abay Bank offers a Zero Balance Account type for its customers, which sustains a contributing account at zero.

Foreign – Currency Accounts

If the source of the fund is from abroad, a customer can open a foreign currency account with Abay Bank, where the source of the fund is to be maintained in either hard currency or in Birr. Abay Bank offers many types of Foreign Currency Accounts:

• Diaspora Accounts
• Non-Resident Transferable
• Non-Resident Transferable Foreign-Currency
• Non-Resident Non-transferable

Credit (Loan Facility)

Abay Bank S.C. is providing Loans and Advances to the following Economic Sectors in the form of Term Loan, Overdraft Facility, and Revolving Facilities.

Abay Banks offers loans and advances as term loans, overdraft facilities, and revolving facilities for these sectors:

• International Trade:
  • Export
  • Import
• Domestic Trade and Service
• Mines, Power & Water Resources
• Building & Construction
• Agriculture
• Hotels & Tourism
• Manufacturing & Industry
• Transport & Communication

Abay Bank launched its special facilities, such as:

• Diaspora Investment Loan
• Private Employment Agencies & Overseas Workers Loans

Additionally, Abay Bank has credit Products that include:

• Long Term Project Financing: Either independently or via Long Term Project
• Financing independently or via a syndicate arrangement
• Import Letter of Credit & Credit Settlement Loan
• Merchandise Loan
• Overdraft, Overdrawal, and Temporary Overdraft Facilities
• Pre-shipment, Revolving, and Advance on Export Bills Credit Facility

Abay Bank also has credit facilities to:

• Entrepreneurs
• Consulting Firms
• Municipalities, City & Towns
• Micro-Finance Institutions, and
• Other banks.

Guarantee Facilities

Upon the request of its customers, Abay Bank can issue several types of forms of local guarantees, such as:

• Advance Payment Guarantee
• Performance Bond Guarantee
• Bid Bond Guarantee
• Suppliers’ Credit Guarantee, etc.

International Banking

Many varieties of inter­national banking services that are offered by Abay Bank, for example:

For Export

• Documentary Collections
• Advance Payment
• Consignment Basis
• Letter of Credit

For Import

• Imports on Advance Payment ‘TT’
• Documentary Collection, known as ‘Import CAD.’
• Documentary Credit, known as ‘Import L/C’

Foreign Bank Guarantee

• Bid and/or Performance Bond
• Advance Payment & others

Correspondent Bank

For a long time, Abay Bank has been working with prestigious and international correspondent banks

Diaspora Banking

With Abay Bank’s Diaspora Banking, customers are promised to have access to:

Credit Facilities:

• Diaspora Mortgage Loan,
• Diaspora Investment Loan.
• Abay Bank’s overseas agents
• Insurance Service, as Abay Bank will act as a facilitator

Diaspora Mortgage Loan

As Abay Bank is in the role of the facilitator for its Diaspora customers, they can now own their house by just saving 40% of the cost in foreign currency, as the bank offers and arranges mortgage loan scheme

Interest-Free Banking (IFB)

IFB banking service offered by Abay Bank can be utilized by governmental/non-governmental organizations (NGOs) and individuals. As it follows the principles of Sharia law in all of its branches, Abay Bank is committed to offering the support of modern technology, which includes these services:

• Mudarabah Term Deposit | Investment Account
• Mudarabah Saving Account.
• Wadiah Current as well as the Savings Account

Interest-Free Financing Services

• Free
  • Cost Loans | Qard Al-Hasan
• Istisna
• Ijarah
• Mudarabah
• Murabaha
• Musharakah
• Salam

Others

• Foreign Exchange Services
• Hawala
• Letter of Guarantee Facility | Kafala,

Under the Interest-Free Banking Services, businesses related to usury/ interest, alcohol, pork, gambling, casino, pornography, dead meat, and dead animal trading are prohibited.

Other Services

Apart from all those services, Abay Bank prides itself in bringing other services as well, such as:

“Muday” Saving Account Service

Muday account allows customers to save money at home in boxes and deposit that saved amount on a timely basis into their savings account at any branch.

Gift Card Saving Account Service

Customers who want to present gifts to their family, friends, and relatives can now do that at special events, such as holidays, Birthdays, Weddings, Graduations, etc.

The gift card account can be converted into instant cash or be used to buy goods & services from stores that have Abay Bank as their partners.

Club Saving Account Service

This account type allows its account holders to have a better and higher interest rate to save money for specific purposes, such as vacations and/or trips, like holidays, birthdays, weddings, etc

Education Saving Account Service

This authorizes Abay Bank’s customers to cover expenses for their children regarding educational fees at all levels

• Primary Cycle Education
• Tertiary or postgraduate levels

Van Banking Service

Abay Bank has its services via Van Banking Services, to reach places and locations where banks aren’t available and cover less populated areas.

Senior Citizens’ Saving Account Service

Senior Citizens by Abay Bank has higher interest rates for its account holders who are 50 years old and more, as those interested people can have their accounts opened easily and start saving their money.

Charity Saving Account

This is a premium interest-bearing saving account that is targeted to raise funds from money deposited by individuals or Governmental & Non-Governmental Organizations (NGOs)

Those who are interested in supporting a charity institution can now do that by having their interest earned on their deposited money to go to such charities.

The calculated interest rate will be transferred to a charity organization that is to be used for charitable purposes

Digital Banking

Abay Online Banking

Abay E-Banking has customers in control of their own financial operations. Access to the Abay Bank account online has become much easier. You can basically conduct any financial operation wherever you are, whenever you want. Abay Online Banking includes Balance & Loan inquiry, Card information inquiry, Loan request, Fund transfer, Ordering & opposing checkbook, Short statement, Daily & previous day’s foreign exchange rate, Salary & Bills payment, Activation, deactivation, request of cards, replacement of cards, and more

Abay Card Banking

You can access your banking services at any time via Abay ATMs, as it provides the following: >Fund transfer, Statement request, Order a Checkbook, Cardless transaction to send and receive money, Check to stop payment order, Balance inquiry, Cash withdrawal, Short statements, and Other services.

Abay Bank Mobile Banking

Abay Mobile Banking services are found on all mobile platforms, using the application on both Android and IOS or USSD. Not only does it serve its customers, but also every mobile subscriber. It provides the following two sub-services:

Informational Services:

• Balance Request: This shows you the available balance currently in your account.
• Short Statement Request: A Short Statement informs you about your latest 5 transactions you have done on your account.
• Cheque book request: Abay Bank’s customers are able to execute a request for cheque books if their account possesses a cheque facility.

Financial and Banking News

• Geolocations: Abay Bank’s Geolocation service within Abay Mobile Banking lets you know about the nearby locations of ATM, Branch, Agent Locations, and how distant you are from those locations
  • Forex Rates
  • Contacts

• Transactional Services:
  • Money Send / Transfer
  • This is a money transfer where one executes transactions to another’s account, or to a phone number if the recipient is a walk-in customer. He/she is to see our agents and then be able to fetch the sent money.
  • Utility Payments
    • Using Abay Bank’s Agents, the customers can do payments to merchants, such as retail businesses, restaurants, and pay bills by a mobile phone; and that all can be done once an agent of Abay Bank is found.
• Cash Deposit
  • You must be a customer of Abay Bank to do deposits and credit an account. Walk-in customers don’t have the permission to deposit money into an account.
• Cash Withdrawal
  • Customers can debit their account if it has been credited either in:<
    • Person to Person credit
    • Account to Person credit
    • Cash-out transfer
      • In this case, the customer has to have both a withdrawal and reference number, as the customer is expected to have them.
• Customers can conduct cash withdrawals in any of these channels:
  • ATM
  • Agents
    • In Agents Cash Withdrawal, there is no ATM card needed to execute such a service.
• Bill Payments

• Customers can pay recurring payments and do transactions and send transactions with companies that have pre-agreed to work with Abay Bank
• E-Top up

• Customers of Abay Bank can also fetch airtime to recharge their number from the application.

Abay Bank  Credit Scores, Worthiness, and Credit History

Here’s an updated credit score worthiness and credit history profile for Abay Bank using the latest 2024/25 fiscal year data available:

Credit Score Worthiness (2024/25)

Overall credit worthiness:
Abay Bank continues to be regarded as creditworthy with a solid financial standing based on key capital, asset growth, and balance-sheet indicators for the 2024/25 fiscal year. While there is no formal public numeric credit score from a global ratings agency, domestic regulatory indicators and financial performance metrics point to strength in risk management and ability to meet obligations.

Supporting indicators:

• Record pre-tax profit of 4.2 billion Birr (117 % YoY increase), reflecting strong earnings capacity and operational resilience. 
• Total assets of ~91.3 billion Birr and equity at ~12.2 billion Birr demonstrate expansion in capital base and asset growth. 
• The growing deposit base of ~71.9 billion Birr supports liquidity and funding stability.

Profit growth, asset expansion, and deposit mobilization indicate above-average creditworthiness in the Ethiopian banking sector.

Credit History (2024/25)

Credit performance record:

• Abay Bank’s credit history remains predominantly clean and stable, with no substantial public record of defaults or major credit events affecting its ability to service obligations.
• Historical data indicate low non-performing loan (NPL) levels, typical of prudent lending practices. Earlier studies and data place the NPL ratio around ~4.15 %-4.1 % in recent periods. 

Key Updated Credit-Related Metrics (2024/25)

Notes:

• There are no publicly disclosed formal credit rating scores (e.g., from S&P, Moody’s, Fitch) specific to Abay Bank as of late 2025. The above assessment relies on audited financial performance and general regulatory treatment.
• The bank’s performance metrics align with prudent credit risk management, with steady NPL control relative to portfolio growth
  

  
  Summary 

• Credit Worthiness: Solid and stable based on earnings growth, capital base expansion, and controlled risk profile.
• Credit History: Clean; continues to demonstrate reliable repayment and asset quality metrics.
• Risk Metrics: Low NPL ratio; prudent lending relative to deposits; adequate liquidity indicated by deposit coverage and earnings.

Abay Bank Official Fees (as of 2026)

Account & Passbook Fees

• Passbook Issuance: Free
• Passbook Replacement: ETB 18 
• Lost or Damaged Passbook Replacement: ETB 50 
• Saving Account Closure (before 6 months): ETB 30 
  

Statement Fees

• Saving Account Statement: ETB 9 per sheet 
• Monthly Statement: ETB 5 
• Statement Back Periods: ETB 20 

Clearing & Cheque Fees

• Special Check Clearance: ETB 25 
• Unpaid Check (returned through other bank clearance): ETB 25 

Deposit & Transfer Fees

• Cash Deposit (Branch): Free
• Account-to-Account Transfers (all variants): Free

Card Fees:

• Debit Card issuance fee: ETB 100-200 
• Credit Card issuance fee: ETB 500-1,000 
• Annual Card maintenance fee: ETB 500-1,000 

Other Fees:

• Cheque book issuance fee: ETB 50-100 
• Cheque book replacement fee: ETB 20-50
• Stop Payment fee: ETB 20-50 

Important Note: The offers and terms listed above are subject to change without notice and may vary depending on your specific account type, account status, and other factors also note that the exchange rates provided are approximate and may vary depending on the current exchange rate at the time of the transaction

Abay Bank Financial Performance Report  2024/25

Overview

Abay Bank recorded strong financial performance in the 2024/25 fiscal year, reflecting continued expansion in its balance sheet, revenue generation capacity, and customer transaction volume.

The bank’s results demonstrate improved operational efficiency supported by interest income growth, foreign exchange valuation gains, and the rapid adoption of digital banking channels.

Profitability Performance

• Pre-tax Profit: Approximately 4.2 billion Birr, representing a remarkable year-over-year increase of about 117%.
• Net Profit: Estimated at around 3 billion Birr, driven by expanded lending operations and non-interest income growth.
• Revenue expansion was supported by both core banking activities and supplementary service income.

Asset and Balance Sheet Growth

• Total Assets: Reached approximately 91.3 billion Birr by the end of the fiscal year.
• The asset growth was mainly fueled by increased loan deployment and deposit mobilization.
• The bank continued strengthening its capital position to align with regulatory expectations of the National Bank of Ethiopia.

Deposit and Lending Performance

• Customer deposits grew significantly, forming the primary funding source for asset expansion.
• The loan portfolio also expanded, supporting business and retail customers across multiple sectors.

Key portfolio characteristics include prudent risk management and controlled non-performing loan exposure.

Revenue Structure

• Interest income remained the dominant revenue contributor.
  
• Non-interest income sources, including service charges and foreign exchange operations, also supported overall profitability.

Digital transaction processing contributed an increasing share of operational activity, reflecting the bank’s ongoing modernization strategy.

Operational Highlights

• Customer base expansion across branches nationwide.
• Increased utilization of electronic and mobile banking platforms.
• Continued investment in financial service accessibility and infrastructure.

Performance Outlook

The 2024/25 results position Abay Bank as one of the fast-growing commercial banks in Ethiopia’s private banking sector. The bank is expected to maintain growth momentum through digital transformation, customer acquisition, and portfolio diversification.

Contact Information

Toll-free Number: 8834

Mobile Banking Code: *812#

Abay Bank phone number: +251 115 571 043

Abay Bank email address: [email protected]

SWIFT: ABAYETAA, Addis Ababa, Ethiopia

P.O. Box: 5887

Fax: +251 115 528 882

Abay Bank Head Office: Zequala Complex, Jomo Kenyatta Avenue, Addis Ababa, Ethiopia