Bank of Abyssinia Review

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Abyssinia Bank of Ethiopia Exchange Rate

About Bank of Abyssinia

The present-day Bank of Abyssinia(BOA) was established on February 1996 (90 years to the day after the first but defunct private bank was established in 1906 during Emperor Menelik II).

BOA started its operation with an authorized and paid-up capital of Birr 50 million, and Birr 17.8 million respectively, and with only 131 shareholders and 32 staff.

In two decades since its establishment Bank of Abyssinia has registered significant growth in paid-up capital and total asset. It also attracted many professional staff members, valuable shareholders, and large customers from all walks of life. This performance indicates public confidence in the Bank and reliability and satisfaction in its services.

Currently, employing state-of-art banking technology, the Bank provides excellent domestic, international, and special banking services to its esteemed and valuable customers. It also strives to serve all economic and services sectors via its ever-increasing branch networks throughout the country.

Abyssinia Bank Services

Savings Accounts

Adey Women’s Saving:

This is a type of saving Account from Abyssinia account with a high amount of interest rate. Discounts and ease are also available when shopping with this account shopping card.

Bank of Abyssinia values the role of women in a day to day life. As such to simplify and facilitate personal business, endeavors, and efforts, the bank has designated a special account. The bank offers increased saving rates to encourage women’s Saving with Adey account that will create empowerment and drive to succeed.

Benefits and Features :

• Adey saving account holders can get a discount on safe deposit box rent
• ATM debit card shall be issued freely which would be linked to their Adey Saving Account
• Discounted purchases at different goods and services providers that BoA has made an agreement with.
• An increased daily ATM cash withdrawal limit of ETB 15,000 can be arranged
• Women who maintained an outstanding balance of ETB 25,000 at the time of birth will receive gift certificate
• Account can be operated by ATM cash withdrawal, mobile banking, internet banking and special debit card
• Access to priority banking service for depositors with amount above 500 thousand and special identification card will be issued

Alfa Youth Saving :

Bank of Abyssinia has this type of account for the youth, in particular, to encourage the culture of saving among the youth as majority of the population is dominated by the youth.

By saving with the Afla account, one can concentrate on building own success from an early age and plant better future years ahead.

Benefits and Features:

• Relatively higher and attractive deposit interest rate on top of minimum saving deposit rate.
• Total cost of debit card shall be covered by the Bank for students with student ID
• Half cost of debit card shall be covered by the Bank for those without student ID card.
• Minimal loan interest rate.
• Purchase discounts at agreed retail shops for purchases with debit cards .
• Access to priority banking service for depositors with amount above ETB 500,000.
• Account must be converted to normal/ordinary saving account when the account holder reaches the age of 29.
• It can be operated by cash withdrawal slip, debit card, mobile and internet banking.

Education Saving:

This education saving account attests to the belief that the bank believes that education to be a fundamental tool in achieving success. This account can be opened by individuals classified as teen-youth, whose age is between 14 and 18.

Benefits and Features 

• It is designed for saving money for higher education up to undergraduate programs
• It provides a higher interest rate than an ordinary saving account
• It grants scholarship funds for annual draw winning account holders who saved for at least one year and whose account balance reached birr 5,000.
• Withdrawal from the Education Savings Account is allowed anytime. However, in order to be eligible for the scholarship or seed money award for a particular year, the customer shall deposit the minimum amount set by her/his preference for 12 months of the calendar year, and no withdrawal is allowed in this period.

Ordinary Saving:

Saving prepares a person or a business to achieve a secure future. Saving with BoA. BoA appreciates your effort to change and be the better version of yourself and it gives you the opportunity to make your efforts count by providing a savings account that starts with as little as ETB25.

Benefits and Features 

• It is an interest-bearing account which is compounded monthly;
• It can be opened individually, jointly, and by corporate entities;
• It can be opened with zero balance, however, the account should show at least amount Birr 25 within a month;
• It can be operated by cash withdrawal slip, debit card, mobile and internet banking; and
• A minimum amount of Birr 25 has to be maintained to qualify for interest calculation.

Bank of Abyssinia  Diaspora Account

Bank of Abyssinia provides multiple options for Ethiopian Diasporas. Ethiopians living abroad can open:

1. A Checking Account: It is a non-interest bearing account.
2. A Savings Account: Deposits and withdrawals are made using the Bank’s form. It is an interest-bearing account.
3. A Special Saving Account:It can be operated using a special check. It is an interest-bearing account.
4. A Non-Interest Bearing Account: In Foreign Currency will, in the future, be allowed for Ethiopians living abroad.

Foreign Currency Accounts

Ethiopians living abroad can open:

1. A Checking Account: It is a non-interest bearing account.
2. A Savings Account: Deposits and withdrawals are made using the Bank’s form. It is an interest-bearing account.
3. A Special Saving Account: It can be operated using a special check. It is an interest-bearing account.
4. A Non-Interest Bearing Account in Foreign Currency will, in the future, be allowed for Ethiopians living abroad.

Steps for the opening of Special Savings Account at Bank of Abyssinia

1. Fill the forms
2.  Account Opening Form
3.  Specimen Signature Form in two copies
4.  Check Requisition form
5.  List of Correspondent Banks with Bank of Abyssinia
6.  Sign as per terms and conditions
7.  Send the documents to the address Bank of Abyssinia P.O. Box 12947 Addis Ababa, Ethiopia

Abyssinia Bank of Ethiopia Exchange Rate

The latest Abyssinia Bank exchange rate can be found here.

Electronic Banking

E-Commerce

Bank of Abyssinia provides a user-friendly e-commerce system, the bank delivers payment services that can serve as a payment gateway for customers.

Virtual Banking

Bank of Abyssinia (BOA) has launched five virtual machines that enable customers to open accounts, deposit and withdraw cash, and perform local money transfers. Dubbed Interactive Teller Machine (ITM) aka “branch in a box,” the terminals use touch screens and video technology to offer virtual banking services.

BoA 2FA Mobile App

Bank of Abyssinia has a Mobile App called BoA 2FA Two Factor Authentication is used for authentication, transaction authorization, and a digital signature that allows customers to safely log in to their account and perform secure Online Banking transactions.