Commercial Bank of Ethiopia (CBE) Review

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About Commercial Bank of Ethiopia (CBE)

The Commercial Bank of Ethiopia (CBE) is not merely the largest in Ethiopia — it is the financial backbone of the entire nation. A state-owned institution whose history is inseparable from the history of modern Ethiopia itself, CBE has been the dominant force in Ethiopian banking for over six decades. Today, operating under the umbrella of Ethiopian Investment Holdings (EIH), Ethiopia’s sovereign wealth fund, CBE enjoys greater operational autonomy than at any point in its history. Under the leadership of President Abe Sano, CBE is executing a bold Five-Year Business Strategic Plan targeting digital-first service delivery, expanded financial inclusion, and sustained profit growth — while preparing to compete with incoming foreign banks.

CBE’s headquarters is located in its own iconic skyscraper at Ras Desta Damtew Street, Kirkos, Addis Ababa — a 4-basement, ground-plus-48-floor tower that is the tallest building in East Africa. This building is not just a corporate symbol; it is a statement of the bank’s ambition and its centrality to Ethiopia’s economic identity.

Historic Firsts & Achievements

CBE’s legacy is defined by a series of historic firsts in Ethiopian and East African banking:

• Has been serving Ethiopia since 1942, the oldest banking institution in the country
• First Ethiopian bank to pioneer ATM services
• First to introduce Western Union Money Transfer Services in Ethiopia
• First Ethiopian bank to offer full-fledged Interest-Free Banking (CBE NOOR)
• First to reach Birr 1 trillion in assets, then Birr 2 trillion in deposits
• First to launch the Mastercard payment system in Ethiopia (March 27, 2025)
• Operates the tallest building in East Africa as its headquarters
• Handles 75% of Ethiopia’s digital transaction value
• First to introduce CBE Liqif (Prize-Linked Savings) in Ethiopia

Personal Banking — Retail Products

Savings Accounts

CBE’s local savings products are among the most popular and widely used in Ethiopia, designed to build a savings culture across all segments of society:

• Ordinary Savings Account: The standard interest-bearing savings account available to individuals, associations, and organizations. Interest is calculated and credited periodically. Minimum opening deposit: Birr 50–100. Comes with ATM card, mobile banking, and internet banking access.
• Youth Savings Account: Designed for young Ethiopians below a specified age, with competitive interest rates and youth-friendly features to build financial habits early.
• Teen Savings Account: A savings product for teenage customers with age-appropriate features and attractive returns.
• Education Savings Account: A goal-oriented savings product for families saving toward educational expenses for their children.
• Women’s Savings Account (Sinqe): A dedicated savings account for women offering preferential interest rates and terms, aligned with CBE’s commitment to women’s financial inclusion.
• CBE Liqif — Prize-Linked Savings: One of CBE’s most innovative and popular products. Liqif is a prize-linked savings account where depositors participate in regular prize draws, combining the incentive of winning cash prizes with the discipline of saving. This product has attracted millions of Ethiopians into the formal savings system.
• Premium Savings Account: A tiered savings product offering higher interest rates for customers who maintain larger balances, rewarding high-value depositors.

Demand Deposit Accounts (Current Accounts)

CBE offers three types of current accounts for individuals, businesses, and institutions:

• Ordinary Demand Deposit Account: A standard non-interest-bearing current account operated by cheque, providing unlimited transaction access.
• Special Demand Deposit Account: An enhanced current account for institutional and high-volume transaction customers, with additional service features.
• ECX-Related Demand Deposit Account: A specialized current account linked to the Ethiopian Commodity Exchange (ECX), serving traders who transact on the ECX platform.

Fixed Time Deposit

CBE’s Fixed Time Deposit allows customers to earn higher interest by locking in funds for a specified period. A Certificate of Time Deposit (CTD) is issued as evidence of the deposit. Both principal and accrued interest are paid at maturity. Higher interest rates are offered for longer deposit periods.

Other Retail Services

• Muday Bank Service: A specialized outreach service to unbanked communities.
• Safe Deposit Box: Secure storage facility for valuables and important documents.
• Cash Pick-Up Service: Cash collection at customer premises for business clients.
• Cashier Implant Service: On-site banking staff deployed at high-traffic organizations.
• Off-the-Counter Cash Payment: Out-of-office payment services for institutional clients.
• GERD Bond: The Grand Ethiopian Renaissance Dam Bond — a patriotic investment instrument enabling Ethiopians to contribute to and invest in the national flagship hydroelectric project.

Loan Services

Personal Loans

• Housing Loans: Long-term mortgage-style loans for purchasing, constructing, or renovating residential property. CBE offers a competitive 7.5% interest rate for housing loans.
• Vehicle Purchase Loans: Term loans for the purchase of new or second-hand motor vehicles.
• Consumer Loans: Loans for household goods, durable items, and personal needs.
• Education Loans: Loans to support educational costs for the borrower or their dependents.
• CBE Beje — Digital Salary-Based Loan: Launched November 2025, CBE Beje provides collateral-free digital loans from Birr 500 to Birr 150,000 through the CBE Birr Plus app. Loans are based on the borrower’s monthly salary, which must be paid through a CBE account. Within two months of launch, Birr 1.6 billion had been disbursed across 83 participating institutions out of 478 that signed agreements. Government employees are a priority target.

Business Loans

• Corporate Loans: Term and revolving credit for large enterprises. Standard interest rate: 9% (post-2023 adjustment for most corporate loans).
• SME Loans: Tailored credit facilities for small and medium enterprises.
• Working Capital Finance: Short-term revolving credit covering day-to-day operational expenses, inventory, and receivables.
• Project Finance: Long-term structured financing for infrastructure, manufacturing, agriculture, and service sector projects.
• Agricultural Finance: Credit for farmers, cooperatives, and agri-businesses, including input finance, equipment loans, and post-harvest finance.
• Fertilizer Import Finance: In FY 2023/24, CBE earmarked Birr 77.4 billion specifically for fertilizer import financing — a direct contribution to Ethiopia’s food security program.
• Overdraft Facilities: Revolving credit lines on current accounts for managing short-term liquidity needs.

CBE NOOR — Interest-Free Banking (IFB)

CBE NOOR is the Commercial Bank of Ethiopia’s full-fledged Interest-Free Banking window, offering a comprehensive range of Sharia-compliant products and services. CBE was the first Ethiopian bank to offer IFB services, making CBE NOOR one of the most established Islamic banking platforms in the country. All CBE NOOR products are supervised by an independent Sharia Advisory Committee (SAC) and comply with both IFRS and AAOIFI standards.

As of FY 2023/24, CBE NOOR had 7.3 million account holders (adding 1.3 million new accounts during the year), mobilized Birr 116.56 billion in deposits, and earned a profit before tax of Birr 1.972 billion. Dedicated CBE NOOR branches numbered 152, with 1,851 additional branches providing NOOR window services.

In the first half of FY 2025/26, CBE NOOR disbursed Birr 51.3 billion in financing — representing 16% of CBE’s total loans during the period — with 5,559 active borrowing customers.

CBE NOOR Deposit Products

• Wadi‘ah Demand Deposit: A safekeeping current account where CBE holds funds as a trustee, guaranteeing full return on demand.
• Mudarabah Savings Account: A profit-sharing savings account where CBE manages deposited funds and distributes profits according to a pre-agreed ratio.
• Mudarabah Investment (Time Deposit) Account: A fixed-term profit-sharing deposit offering higher returns for committed investment periods.
• CBE NOOR Diaspora FCY Account: Foreign currency account for diaspora customers seeking Sharia-compliant foreign currency banking.

CBE NOOR Financing Products

• Murabahah Financing: Cost-plus-profit sale financing for goods, assets, vehicles, agricultural inputs, and trade transactions.
• Bai‘ Salam: Advance payment financing for future commodity delivery — primarily used for agricultural financing.
• Istisna‘: Manufacturing and construction financing for assets built to specification.
• Musharakah Financing: Partnership-based joint investment financing.
• Kafalah: Sharia-compliant letter of guarantee for contractors and business obligations.

CBE NOOR also provides full trade finance services, including Murabahah-structured Import LC financing, export financing, and IFB-compliant guarantees.

Diaspora Banking

CBE provides a dedicated suite of products for Ethiopian nationals abroad and Ethiopians by origin with foreign nationality who have lived outside Ethiopia for more than one year.

Diaspora Deposit Accounts

• Diaspora Savings Account: Birr-denominated savings with a preferential interest rate set at double the standard local savings rate.
• Diaspora Fixed Time Account: Foreign currency fixed-term deposit for higher returns over a set period.
• Diaspora Current Account: Foreign currency current account for flexible day-to-day access.
• Non-Resident Account: Available to non-resident Ethiopians and Ethiopians by origin with foreign nationality. Required: proof of residency abroad, valid passport or Yellow Card, evidence of income.
• CBE NOOR Diaspora Account: Sharia-compliant diaspora banking for customers preferring interest-free financial arrangements.

Diaspora Loan Products

• Diaspora Automobile Loan: Vehicle purchase financing for diaspora customers in Ethiopia.
• Diaspora Mortgage / Housing Loan: Long-term residential property financing at 7.5% interest rate.
• Diaspora Working Capital Loan: Business financing for diaspora-owned enterprises.
• Diaspora Consumer Loan: Personal financing for urgent consumer needs.

International Remittance

CBE is Ethiopia’s largest remittance handler, partnering with more than 20 international money transfer operators. In FY 2023/24, CBE earned USD 2.0 billion from foreign remittances alone — the largest share of any Ethiopian bank.

• Western Union (first introduced to Ethiopia by CBE)
• MoneyGram, Xpress Money, Atlantic International
• Dahabshiil, Ria, and 15+ additional partner operators

EthioDirect is CBE’s dedicated digital remittance app, allowing diaspora Ethiopians to send money to Ethiopia using Visa or Mastercard, with funds delivered directly to CBE accounts.

International Banking

CBE is Ethiopia’s gateway to international trade and finance. Its correspondent banking network encompasses approximately 38 renowned foreign banks and over 750 SWIFT bilateral arrangements worldwide, including Commerzbank A.G., Royal Bank of Canada, Citibank, and HSBC.

In FY 2023/24, CBE earned a total of USD 3.2 billion in foreign currency: USD 2.0 billion from remittances, USD 0.9 billion from exports, and USD 0.3 billion from foreign currency purchases.

Trade Finance Services

• Import Letters of Credit: Revolving and one-time LC facilities for importers, with Murabahah-based CBE NOOR options.
• Export Letters of Credit: LC advising, confirming, and negotiating for Ethiopian exporters.
• Cash Against Documents (CAD): Documentary collection for imports and exports.
• Advance Payments (TT/SWIFT): International wire transfers for trade-related transactions.
• Pre- and Post-Shipment Finance: Export credit facilities for producers and exporters.
• Bank Guarantees: Bid bonds, performance bonds, advance payment guarantees, and other instruments.
• Import Bills Collection (IBC): Collection and processing of import documents.

Digital Banking

CBE is the dominant force in Ethiopia’s digital banking landscape. In FY 2023/24, over 1.6 billion transactions worth Birr 31.6 trillion were processed, with 76.2% (over 1.1 billion transactions worth Birr 6.7 trillion) conducted digitally. By the first half of FY 2025/26, digital transactions surpassed Birr 9 trillion, accounting for 87.9% of all CBE transactions and representing 75% of Ethiopia’s total digital transaction value.

CBE Birr — Mobile Wallet (17+ Million Users)

CBE Birr is Ethiopia’s largest mobile wallet, accessible by dialing *847# on any mobile network — no smartphone required. In FY 2022/23, the platform had 43,622 agents and 56,831 merchant partners nationwide. Key features include:

• Send and receive money instantly to any CBE Birr user
• Pay bills, utilities, school fees, and merchants
• Cash-in and cash-out at tens of thousands of agents
• Receive international remittances directly
• Buy airtime, data packages, and pay taxes
• Access CBE Beje digital loans (via CBE Birr Plus app)

CBE Birr Plus App

An upgraded smartphone application (iOS and Android) offering all CBE Birr services plus the full CBE Beje digital lending experience and enhanced account management.

Mobile Banking (951/889#)

CBE’s mobile banking platform serves millions of customers through a USSD and app-based interface. As of FY 2022/23, 8.6 million customers used CBE’s mobile banking services. Features include full account management, fund transfers, bill payments, loan applications, FX rate checks, and statement access.

CBE Beje — Digital Salary-Based Loan

Launched in November 2025, CBE Beje is a collateral-free digital loan service delivered through the CBE Birr Plus app:

• Loan amounts: Birr 500 to Birr 150,000 (based on monthly salary)
• No collateral required; creditworthiness assessed via salary data
• Available to employees of institutions with CBE salary-transfer agreements
• Birr 1.6 billion disbursed in first two months; 478 institutions signed up, 83 active
• Initial priority: civil servants and government institution employees

Internet Banking

Available at cbeib.cbe.com.et, CBE’s internet banking platform offers comprehensive account management, fund transfers, bulk payroll processing, and corporate treasury management for individual and corporate clients.

Card Banking

• CBE Debit Card: 24/7 access to 3,100+ ATM locations. Withdrawals using CBE cards at CBE ATMs are free. Supports balance inquiries, cash withdrawals, PIN changes, and POS purchases. As of FY 2022/23, CBE had 10.7 million debit card holders.
• CBE Mastercard (Prepaid): Launched March 27, 2025 — CBE’s first Mastercard product, enabling international payments, online purchases, and e-commerce transactions worldwide.
• Visa Card: CBE Visa card for international payments and online transactions.

Smart Branches

CBE has introduced Smart Branches — technology-enhanced branch formats designed to reduce wait times and improve the service experience through self-service kiosks, digital assistance, and streamlined teller processes.

Selam — AI Customer Service Chatbot

Selam is CBE’s AI-powered virtual assistant, available 24/7 on Telegram, Facebook, and Instagram. It handles balance inquiries, service information, branch location searches, and general banking guidance at scale and at no cost to the customer.

EthioDirect — International Digital Remittance App

A dedicated smartphone application (iOS and Android) enabling Ethiopians abroad to send money to Ethiopia using Visa or Mastercard. Transfers are free, secure, and deposited directly into the recipient’s CBE account.

CBE — Credit Score, Worthiness & Credit History

Credit Score

CBE carries an institutional credit profile consistent with an “AA-” rating based on its state ownership, extraordinary scale, and improving financial discipline. Key indicators include:

• State Ownership under EIH: As a 100% government-owned institution under Ethiopian Investment Holdings, CBE carries the implicit backing of the Ethiopian state and sovereign wealth fund — the strongest possible credit support in the Ethiopian context.
• Market Dominance: CBE’s 50.4% share of total banking assets and 49.3% of deposits as of January 2025 make it systemically critical to Ethiopia’s entire financial architecture. Its stability is a national economic priority.
• NPL Ratio at 2.3% (FY 2023/24): CBE brought its non-performing loan ratio down to 2.3% at the end of FY 2023/24 — one of the lowest in recent history and well within NBE’s 5% threshold. President Abe Sano attributed this to deliberate cost-saving and reform strategies.
• Capital Adequacy: Capital and reserves reached Birr 87.9 billion in FY 2023/24 (capital adequacy ratio: 25.9% in FY 2022/23), substantially above NBE requirements.
• International Correspondent Standards: Relationships with Commerzbank, HSBC, Citibank, and the Royal Bank of Canada confirm CBE meets the stringent KYC, AML, and governance standards required by world-class financial institutions.

Credit Worthiness

CBE’s creditworthiness is backed by financial metrics of extraordinary scale across two fiscal years:

Credit History

CBE’s six-decade track record is unmatched by any Ethiopian bank:

• Over 80 years of continuous service since 1942, and over 60 years as CBE — without interruption or systemic failure.
• Consistent long-term asset growth: from Birr 991.4 billion (June 2021) to Birr 1.17 trillion (June 2022) to Birr 1.4 trillion (June 2024) to Birr 2.073 trillion (February 2025).
• NPL ratio improved from a period of concern to 2.3% by FY 2023/24 — reflecting disciplined credit risk management and active portfolio remediation.
• March 2024 System Incident: On March 16, 2024, a system glitch allowed unauthorized withdrawals involving 25,761 customers. CBE acted promptly and recovered Birr 796.6 million — 99.4% of the Birr 801.4 million total — by June 30, 2024. This recovery rate outperforms most internationally known similar incidents.
• International institutional credibility confirmed by correspondent relationships with Commerzbank, HSBC, Citibank, and RBC.
• Full compliance with NBE regulations has been maintained throughout its history. CBE serves as the primary conduit for government monetary policy implementation.

Financial Report

The data below is drawn from CBE’s official Annual Report for FY 2023/24 (the most recently published full-year audited report), supplemented by the 8-month performance update for FY 2024/25 (presented to the House of Representatives in April 2025) and the full-year FY 2024/25 deposit milestone announced in July 2025. The FY 2024/25 full-year audited annual report is expected to be published in late 2025.

FY 2023/24 Full-Year Results — Official Audited Annual Report

FY 2024/25 Mid-Year Update (First 8 Months — July 2024 to February 2025)

President Abe Sano presented this performance data to the House of Representatives’ Standing Committee on Government Enterprises Affairs on April 3, 2025:

FY 2024/25 Full-Year Deposit Milestone (June 30, 2025)

Announced by CBE in July 2025:

Historical Asset Growth Trajectory

Year-on-Year Profit Growth

Corporate Social Responsibility (CSR)

CBE’s CSR activities are among the largest and most impactful of any institution in Ethiopia:

• National Development Finance: In FY 2023/24 alone, CBE disbursed Birr 218 billion in loans, with 91% directed to the private sector, and allocated Birr 77.4 billion specifically for fertilizer imports to support national food security.
• Clean Ethiopia Project: CBE contributed Birr 23 million to the government’s “Clean Ethiopia” environmental initiative in FY 2023/24.
• Green Legacy Campaign: Birr 17.2 million allocated to Ethiopia’s Green Legacy tree-planting program, supporting the national environmental goal of planting billions of trees.
• CBE Football Association: CBE established a professional football team that won the Ethiopian Premier League title in its first year, revitalizing the league and bringing national pride.
• Financial Inclusion at Scale: With 45 million+ account holders and 7.3 million CBE NOOR customers, CBE has brought more Ethiopians into the formal financial system than any other institution.
• Women’s Banking: The Sinqe Women’s Savings Account and dedicated women’s banking initiatives serve millions of female customers.
• Youth Banking: Youth and Teen savings products actively bring young Ethiopians into the formal savings system.
• Human Capital Development: In FY 2023/24, CBE organized training for 93,079 participants across technical, developmental, and ethics programs.
• GERD Bond: CBE facilitates investment in the Grand Ethiopian Renaissance Dam, enabling ordinary Ethiopians to contribute to and share in Ethiopia’s most significant national development project.

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