Bank of Abyssinia Review

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Quick Overview

About Bank of Abyssinia (BoA)

Bank of Abyssinia (BoA) — A Choice for All — is Ethiopia’s second-largest private commercial bank by assets and one of the most technologically advanced financial institutions in the country. The name “Abyssinia” carries deep historical and cultural resonance, referring to the ancient name of Ethiopia and embodying the values of bravery, determination, and pride that define the bank’s identity.

BoA’s roots trace back to 1905, when the first Bank of Abyssinia was founded under Emperor Menelik II — making it the oldest banking name in Ethiopia. The modern Bank of Abyssinia was re-established in February 1996 as a private share company, commencing operations with just 32 staff and a paid-up capital of Birr 17.8 million. From those modest beginnings, it has grown into a banking powerhouse with Birr 286.2 billion in total assets, over 12 million customers, and a branch network spanning the entire country.

BoA’s logo, the Adey Abeba (Ethiopia’s national flower), symbolizes the promise of new beginnings — a fitting emblem for a bank that has consistently reinvented itself while staying true to its founding mission of providing comprehensive commercial banking services to all Ethiopians. In FY 2024/25, BoA delivered its strongest financial performance on record, with pre-tax profit surging 91.4% to Birr 10.1 billion, positioning itself firmly as a top-tier player in Ethiopia’s rapidly evolving banking landscape.

Strategic Highlights (2025–2026)

FY 2024/25 and early 2026 saw several landmark strategic developments for BoA:

• ESX Rights Offer & Listing: On January 29, 2026, BoA filed its Rights Offer Prospectus with the Ethiopian Securities Exchange (ECMA), offering Birr 5 billion in new ordinary shares at ETB 1,600 per share to existing shareholders (one-third of current holdings). The Rights Offer period ran from January 30 to March 3, 2026. This marks one of the most significant corporate finance events in Ethiopian banking history and positions BoA for listing on the ESX main board.
• Investment Banking Registration: In October 2025, BoA formally registered with the Ethiopian Capital Market Authority (ECMA), making it one of only two private banks (alongside Awash Bank) preparing to enter investment banking. The CEO noted a cautious approach: “If all 32 banks enter the space, there won’t be enough market to sustain them.” BoA will only enter once feasibility is proven.
• Capital Increase: The 29th Annual General Assembly (September 30, 2025) approved raising paid-up capital from Birr 15 billion to Birr 20 billion.
• Digital-First Strategy: BoA is intentionally reducing branches and keeping employee numbers stable while expanding digital capabilities — transitioning to a paperless, digital-first institution to improve operational efficiency and reduce costs.
• Mastercard Partnership Award: BoA was recognized as the 2025 Key Acquiring Partner by Mastercard Foundation, affirming its leadership in digital payment infrastructure.
• Visa FIFA World Cup 2026 Promotion: BoA partnered with Visa to offer Ethiopian customers a chance to win tickets to attend the 2026 FIFA World Cup in person.
• FrankRemit: BoA partnered with SantimPay to launch FrankRemit — a digital remittance service offering instant, zero-fee international transfers into Ethiopia.

Deposit Products

Bank of Abyssinia offers a comprehensive range of savings, current, and fixed deposit products designed to serve every segment of the Ethiopian population — from children to senior citizens, from individual savers to large corporations, and from conventional to Sharia-compliant banking preferences.

Savings Accounts

• Regular Savings Account: A standard interest-bearing savings account available to all individuals and organizations. Accessible via any BoA branch, ATMs, POS terminals, and digital channels. Minimum balance requirements apply.
• Adey Account — Women’s Savings: A specially designed savings account for women, branded after Ethiopia’s national flower. Key benefits include: 0.5% additional interest above the standard savings rate, a 20% discount on safe deposit boxes, a Birr 500 gift for newborns when a minimum balance of Birr 25,000 is maintained, and ATM/POS access at supermarkets and retail locations with dedicated windows. This account reflects BoA’s role as the first Ethiopian private bank to partner with UN Women Ethiopia.
• Youth / Student Savings Account: Savings products for children and young people designed to instil financial literacy and the savings habit from an early age.
• ECX Trading Account: A current account specifically for business owners who conduct trading activities on the Ethiopian Commodity Exchange (ECX), facilitating seamless ECX transactions.
• AbyssiniAmeen IFB Savings Accounts: A full range of Sharia-compliant savings products under the AbyssiniAmeen brand (see IFB section for full details).

Current (Demand) Deposit Accounts

BoA offers demand deposit accounts for individuals, businesses, government entities, and NGOs requiring unlimited, high-frequency transaction access. The accounts are operated by cheque and provide 24/7 access through ATMs and digital channels.

Fixed Time Deposit

BoA’s Fixed Time Deposit product earns higher interest by locking in funds for an agreed period, with interest and principal paid at maturity. A Certificate of Time Deposit (CTD) is issued. Terms range from short to long periods, with higher rates for longer commitments.

Loan & Credit Services

Bank of Abyssinia provides short, medium, and long-term financing to individuals, SMEs, and large corporations across all major sectors of the Ethiopian economy. BoA’s loan portfolio as of June 30, 2025, stood at Birr 193.4 billion (excluding IFB loans), reflecting a Birr 30.5 billion increase compared to the prior year.

Corporate & Business Loans

• Working Capital Finance: Short-term revolving credit for businesses to fund day-to-day operational expenses, trade inventory, and accounts receivable. Typical interest rate: approximately 15.5% for corporate loans.
• Term Loans: Medium and long-term fixed-period loans for capital investment, asset acquisition, business expansion, and project development.
• Import & Export Finance: Trade finance credit including pre-shipment and post-shipment export financing, import LC settlement loans, and advance against import bills. In FY 2023/24, 64.57% of BoA’s total loan portfolio was allocated to import-export trade, industry, and domestic commerce.
• Investment Financing: Long-term project finance for large-scale investments in manufacturing, construction, agriculture, and services.
• Overdraft Facilities: Revolving credit lines on current accounts for short-term business liquidity management.

Personal Loans

• Automobile Loans: Vehicle purchase financing for individuals at approximately 15% interest rate.
• Housing / Mortgage Loans: Long-term residential property purchase, construction, or renovation loans.
• Consumer Loans: Personal loans for household goods, education, medical needs, and other consumer purposes.
• Salary Advance: Short-term loans against expected salary for salaried employees.

Loan Eligibility & Collateral

BoA accepts a range of collateral types for its conventional loan products:

• Real estate (building) mortgage
• Vehicle pledge
• Export Credit Guarantees
• Personal, corporate, or cross-guarantee
• Valid Import/Export documents
• Letter of Comfort from reputable institutions
• Memorandum and articles of association (for PLCs and share companies)

AbyssiniAmeen — Interest-Free Banking (IFB)

Bank of Abyssinia is a pioneer of Interest-Free Banking in Ethiopia, having launched window-based IFB services in December 2017 — among the first private commercial banks to do so following the NBE’s IFB directive. Over the past seven years, BoA’s IFB operations have grown into one of the largest Sharia-compliant banking platforms in the country, operating under the brand name “AbyssiniAmeen.”

As of October 31, 2025, AbyssiniAmeen has mobilized Birr 40.03 billion in deposits from over 2 million IFB customers — making it one of the leading IFB services by deposit volume among all Ethiopian banks offering window-based IFB.

IFB Network

BoA’s Sharia Advisory Board is composed of scholars with deep expertise in commercial jurisprudence (fiqeh muamelat) who are widely recognized in the public sphere. The board ensures that all IFB activities comply fully with Sharia principles. An important point of accessibility: BoA’s IFB services are available to all customers regardless of religion — any individual or business whose source of funds is Sharia-compliant is eligible to use AbyssiniAmeen services.

AbyssiniAmeen Deposit Products

• Wadi‘ah Current Account: A non-interest-bearing demand deposit account based on the safekeeping (Wadi‘ah) principle. The bank holds funds as a trustee and guarantees their full return on demand. Operated by cheque for high-frequency transaction users.
• Wadi‘ah Savings Account: A safekeeping savings account where the bank may voluntarily offer a gift (Hibah) at its discretion, but is not obligated to pay any return on the deposit.
• Mudarabah Savings Account: A profit-sharing savings account where the depositor provides capital and BoA acts as the fund manager (Mudarib). Profits generated from permissible investments are distributed between the bank and the depositor according to a pre-agreed ratio.
• Mudarabah Fixed Time Deposit: A fixed-term profit-sharing investment account for customers seeking higher returns on committed deposits.
• IFB Foreign Currency Accounts: Sharia-compliant foreign currency savings accounts for eligible customers.

AbyssiniAmeen Financing Products

• Murabahah Financing: Cost-plus-profit financing for the purchase of goods, assets, vehicles, agricultural inputs, and trade commodities. BoA buys the item and resells it to the customer at a disclosed mark-up, repayable in installments. This is the most widely used IFB financing product.
• Ijarah Financing: Lease-based financing for assets such as vehicles, equipment, and real estate. BoA purchases and leases the asset to the customer, with optional ownership transfer at the end of the lease.
• Salam Financing: Advance payment for the future delivery of commodities, primarily used for agricultural financing.
• Istisna‘ Financing: Manufacturing and construction financing for assets built to specific customer requirements.
• Mudarabah Business Financing: Investment financing where BoA provides capital for a customer-managed business, with profit sharing on pre-agreed terms.
• Qard Al-Hassan: An interest-free, benevolent loan for social and welfare purposes, repayable only in principal.

AbyssiniAmeen IFB Debit Card

BoA issues the Habesha Ameen debit card exclusively for IFB customers. The card features Arabic and English branding, provides ATM access and POS purchase capabilities of up to ETB 200,000 per day, and functions across all EthSwitch-integrated ATMs and POS terminals in Ethiopia.

IFB CSR Activities

AbyssiniAmeen has run several notable CSR programs:

• Ameen School Award: Recognized 387 top-performing students and 45 teachers from nominated schools across Addis Ababa and surrounding districts
• Ameen Entrepreneurship Competition: Received 142 submissions, with 12 finalists competing for over Birr 2 million in prizes
• Eid al-Adha Water Well: Inaugurated a clean water well in Kokosa Woreda in partnership with Nejashi Charity Organization
• Ramadan Iftar Programs: Organized extensive meal-sharing programs across all districts outside Addis Ababa
• Charitable Donations: Donated nearly Birr 1 million to Bab-al Keyir Charity Organization and Ymeleketegnal Charity Organization

Digital Banking

Bank of Abyssinia is recognized as one of Ethiopia’s most digitally advanced banks, consistently investing in technology to deliver a seamless, paperless, and customer-first banking experience. BoA’s digital ecosystem spans mobile banking, internet banking, Interactive Teller Machines (ITMs), e-commerce, and card banking — all integrated through the T-24 core banking platform.

Apollo — Digital Account Opening App

Apollo is BoA’s flagship digital innovation — a mobile application that enables customers to open a bank account entirely online without visiting a branch. Apollo uses Face ID technology for secure biometric identity verification, making BoA one of the first Ethiopian banks to offer fully paperless, branch-free account opening. Apollo provides:

• Account opening using protected Face ID — no branch visit required
• Full account management from any location at any time
• Fund transfers, bill payments, and balance inquiries
• Flexible, user-friendly platform accessible 24/7
• Secure onboarding aligned with NBE’s Fayda digital ID requirements

BoA Mobile Banking

BoA’s traditional mobile banking application provides comprehensive 24/7 account management for registered customers. As of June 30, 2025, the platform had 5.384 million registered users — up 26% from 4.272 million a year earlier — with mobile transaction value reaching ETB 1.105 trillion in FY 2024/25, a 184% increase from ETB 389.7 billion the prior year.

Mobile banking features include:

• Account balance inquiries and full transaction history
• Fund transfers between BoA accounts and to other Ethiopian banks
• Bill payments, utility payments, and merchant payments
• Loan application and repayment tracking
• AbyssiniAmeen IFB mobile financing (integrated IFB digital access)
• Push notifications and real-time transaction alerts
• Habesha Card management (block, unblock, limits)

Internet Banking

BoA’s internet banking platform provides full browser-based account management for individuals and corporate clients, including bulk payment processing, payroll management, fund transfers, and account statement downloads.

Virtual Banking Centres — Interactive Teller Machines (ITMs)

BoA has introduced 73–80 Virtual Banking Centres — branded as “Branch in a Box” — across Ethiopia. These ITMs allow customers to access full branch-level banking services through a video link with a live virtual teller, without the need to visit a physical branch. Services available through ITMs include:

• Cash deposits and withdrawals via automated machinery
• Account opening and KYC completion via video interaction
• Card issuance and management
• Loan applications and service requests
• 24/7 availability — including evenings, weekends, and holidays

ITMs are specifically designed to extend BoA’s reach to communities where opening a full branch is not cost-effective, and to reduce pressure on existing branches. As BoA intentionally reduces its physical branch footprint in FY 2024/25 (net reduction of 3 branches), ITMs are playing a critical role in maintaining service coverage.

Habesha Cards — BoA Debit & Prepaid Cards

BoA offers three tiers of debit cards under the Habesha Card family, along with the IFB-specific Ameen card:

• Habesha Classic Debit Card: BoA’s standard debit card offering up to ETB 200,000 in daily purchases. Provides ATM access, POS terminal payments, balance inquiries, fund transfers, and mini-statement printing across all EthSwitch-integrated machines. Issued upon account opening.
• Habesha Gold Debit Card: BoA’s premium debit card with higher withdrawal and purchase limits than the Classic card, designed for high-net-worth customers. The Gold card “powers your status” with unmatched purchasing power at a single stop.
• Habesha Prepaid Card: A prepaid debit card that is not linked to an account but loaded with funds up to Birr 25,000 at a time. Can be applied for at any BoA branch with a simple account-linked registration. Useful for managing spending limits and for customers who prefer not to use a bank-linked card.
• Habesha Ameen Card (IFB): A dedicated debit card for AbyssiniAmeen IFB customers, labeled in both Arabic and English, providing the same ETB 200,000 daily purchase capacity and full ATM/POS access as the Classic card within the IFB framework.

All BoA cards have a minimum withdrawal of Birr 50. Local ATM withdrawal fee: 0.5% (minimum Birr 50, maximum Birr 500). International ATM withdrawal fee: 2.5%.

E-Commerce & Payment Gateway

BoA provides a secure e-commerce payment gateway for merchants, enabling online payment processing for businesses and individuals. The bank supports both Visa and Mastercard for e-commerce transactions, allowing customers to execute cross-border online purchases. This is complemented by BoA’s Mastercard and Visa card capabilities, which enable international online transactions.

FrankRemit — Zero-Fee International Remittance

In partnership with SantimPay, BoA has launched FrankRemit — a digital remittance service offering instant, zero-fee international money transfers into Ethiopia. Recipients can receive funds directly into their BoA account or collect cash at any BoA branch.

International Banking

Bank of Abyssinia has a strong and growing international banking presence, with FY 2024/25 marking a record performance in foreign currency mobilization.

Foreign Currency Earnings

Trade Finance Services

• Import Letters of Credit (LC): BoA opens import LCs for Ethiopian importers, providing payment guarantees to international suppliers. Both revolving and one-time facilities available.
• Export Letters of Credit: LC advising, confirmation, and negotiation services for Ethiopian exporters.
• Pre- & Post-Shipment Finance: Credit facilities for exporters covering production and delivery periods.
• Cash Against Documents (CAD): Documentary collection for import and export transactions.
• Bank Guarantees: Bid bonds, performance bonds, advance payment guarantees, and other instruments for contractors and businesses.
• IFB Trade Finance: All trade finance products are available in Sharia-compliant formats through AbyssiniAmeen.

Remittance Services

BoA partners with multiple international money transfer operators for inbound remittances. The bank also provides FrankRemit (zero-fee digital transfers via SantimPay) and supports EthioDirect and other digital remittance channels for the Ethiopian diaspora.

Foreign Exchange Services

BoA provides competitive foreign exchange buying and selling services for individuals and businesses at all branches. The bank offers daily FX rate updates, dedicated service windows for diaspora customers, and personalized advisory support for international transactions.

Diaspora Banking

Bank of Abyssinia serves Ethiopian nationals living and working abroad and Ethiopians by origin with foreign nationality through a dedicated range of diaspora banking products, available in both conventional and AbyssiniAmeen IFB formats.

Diaspora Deposit Accounts

• Diaspora Savings Account: An interest-bearing savings account in Ethiopian Birr, offering a preferential rate above the standard local savings rate.
• Foreign Currency (FCY) Accounts: Foreign currency savings and current accounts in USD, GBP, EUR, and other major currencies.
• Non-Resident Account: For non-resident Ethiopians and Ethiopians by origin with foreign nationality (resident abroad for more than one year).
• IFB Diaspora Accounts: All deposit products available in Sharia-compliant formats through AbyssiniAmeen.

Diaspora Loan Products

• Diaspora Mortgage / Housing Loan: Long-term financing for purchasing, building, or renovating residential property in Ethiopia.
• Diaspora Automobile Loan: Vehicle purchase financing for diaspora customers.
• Diaspora Consumer Loan: Personal financing for household needs and consumer purchases.
• Diaspora Business / Investment Loan: Financing for diaspora-owned businesses and investment projects in Ethiopia.

Value-Added Diaspora Services

• Daily foreign exchange rate updates via mobile app and website
• Dedicated diaspora service windows at key branches
• Personalized advisory support for diaspora banking and investment needs
• IFB diaspora products available through AbyssiniAmeen for Islamic finance preferences
• FrankRemit: zero-fee digital transfer service for family remittances

Bank of Abyssinia — Credit Score, Worthiness & Credit History

Credit Score

Bank of Abyssinia carries a creditworthiness rating described as “stable” at 3.5 (out of 5.0) according to 2024 Ethiopian financial stability reports. Key credit indicators include:

• Second Largest Private Bank: BoA’s position as Ethiopia’s second-largest private bank by assets (Birr 286.2 billion as of June 30, 2025) and its 28+ years of uninterrupted operation provide a strong institutional credit foundation.
• NPL Management: BoA maintains a diversified loan portfolio across import-export, industry, and domestic commerce sectors, with active monitoring and provisioning against non-performing loans. The bank’s FCY loan exposure has contributed to NPL risk in prior periods, though recent FCY earnings surged to USD 663 million in FY 2024/25.
• Capital Adequacy: With paid-up capital raised to Birr 15 billion in FY 2024/25 and a further approved increase to Birr 20 billion, BoA substantially exceeds the NBE’s Birr 5 billion minimum capital requirement.
• ESX Prospectus Compliance: BoA’s filing of a Rights Offer Prospectus with the Ethiopian Securities Exchange in January 2026 — in compliance with IFRS, ECMA regulations, and NBE Corporate Governance Directive No. SBB/91/2024 — demonstrates the highest level of financial disclosure and governance standards.
• Mastercard Foundation Award: Recognition as the 2025 Key Acquiring Partner by Mastercard Foundation confirms BoA’s standing with international financial institutions.
• Dividend Tax Dispute: An ongoing dispute with the Ministry of Revenues over dividend withholding tax treatment represents a contingent liability that, if resolved against BoA, could have material adverse financial effects. This is disclosed in the bank’s January 2026 prospectus and is currently before the Tax Appellate Assembly and regular courts.

Credit Worthiness

BoA’s creditworthiness is supported by its strong financial growth, improving profitability, and improving operational metrics. Key indicators across the two most recent fiscal years:

Credit History

• 28+ Years of Uninterrupted Operation: BoA has operated since February 1996 without regulatory license issues, systemic failures, or major compliance violations.
• The name “Abyssinia” carries banking heritage dating to 1905, when the first Bank of Abyssinia was founded under Emperor Menelik II, representing over 90 years of financial institution history in Ethiopia.
• Consistent asset growth from Birr 17.8 million in paid-up capital at inception to Birr 286.2 billion in total assets in FY 2024/25 — representing extraordinary long-term value creation.
• FY 2024/25 delivered BoA’s strongest-ever performance: Birr 10.1 billion in pre-tax profit (+91.4%), Birr 39.1 billion in total revenue (+41.1%), USD 663 million in FCY earnings (+56%), and 50% EPS growth.
• BoA was the first Ethiopian private bank to partner with UN Women Ethiopia, and was recognized as the 2025 Key Acquiring Partner by Mastercard Foundation.
• The bank’s IFRS-compliant, audited financial statements, ESX prospectus filing, and NBE corporate governance compliance represent the highest standard of financial transparency and accountability among Ethiopian private banks.
• Ongoing Contingent Risk: The dividend withholding tax dispute with the Ministry of Revenues is disclosed in BoA’s prospectus as a potential material risk and is being monitored by investors and analysts.

Financial Report

The following data covers BoA’s officially reported financial results for FY 2023/24 and FY 2024/25, sourced from the bank’s Annual General Meeting reports, official announcements, and the January 2026 Rights Offer Prospectus filed with the Ethiopian Securities Exchange.

FY 2024/25 Full-Year Results — Announced September 30, 2025 (29th AGM)

FY 2023/24 Full-Year Results — 15th AGM (November 2024)

Historical Growth Trajectory

2026 ESX Rights Offer

Bank of Abyssinia filed its Rights Offer Prospectus on January 29, 2026 — a landmark event in Ethiopian corporate finance history:

Corporate Social Responsibility (CSR)

Bank of Abyssinia has a strong and long-standing CSR culture, rooted in its belief that the well-being of communities benefits everyone:

• UN Women Partnership: BoA was the first Ethiopian private bank to formally partner with UN Women Ethiopia — a partnership that underpins the Adey Account and the bank’s broader women’s financial empowerment agenda.
• AbyssiniAmeen IFB CSR: Including the Ameen School Award (387 top students and 45 teachers recognized), the Ameen Entrepreneurship Competition (Birr 2 million+ in prizes for youth entrepreneurs), Ramadan Iftar programs, and clean water well projects in Kokosa Woreda.
• Mastercard Foundation Partnership: BoA’s recognition as the 2025 Key Acquiring Partner confirms its commitment to expanding Ethiopia’s digital payment ecosystem and financial inclusion.
• Visa FIFA World Cup 2026 Promotion: Enabling Ethiopian customers to win tickets to the 2026 FIFA World Cup, boosting customer engagement and brand visibility.
• Ethiopian Employers’ Federation Membership: BoA is an active member of the federation, contributing to employment standards and workforce development across Ethiopia.
• Donation to Charitable Organizations: BoA regularly supports humanitarian organizations, contributing to food security, disaster relief, and community development initiatives across Ethiopia.
• Sports Investment: BoA is a supporter of Ethiopian athletics and sports development.
• FrankRemit Zero-Fee Remittance: By eliminating transfer fees for international remittances, BoA directly maximizes the value received by Ethiopian families receiving money from abroad.

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