Hibret Bank Review

Hibret/United Bank Ethiopia

United Bank S.C. also known as Hibret Bank began its operation in 1998 in accordance with the Commercial Code of Ethiopia of 1960. Over the years United Bank of Ethiopia built itself into an escalating and modern banking institution, growing with a strong financial structure and strong management, as well as a large and ever-increasing customer and correspondent base.

Today, United Bank of Ethiopia is a full-service bank that offers its customers a wide range of commercial banking services with a network of more than 339 branches and 9 sub-branches.

United Bank’s priority is to strengthen its capital base, maximizing its return on equity and benefiting from the latest technology in order to keep alongside with the latest developments in the local and international financial services industry.

Services Provided by United Bank

Diaspora Banking

 Hibir Diaspora service was recently introduced, a service designed to suit the needs of the Diaspora community. It includes service package, among others, deposit and loan services, for those Ethiopian Nationals or Foreign Nationals of Ethiopia Origin, who are living and working abroad for more than one year.

Please see the list of our selected banks with the best benefits for the diaspora community here Best Ethiopian diaspora accounts and benefits.

Foreign Currency Accounts

The bank provides a foreign currency account that enables Ethiopians residing abroad, foreigners of Ethiopian origin, and other foreign nationals to benefit from depositing their money in foreign currency.

Interest-Free Banking

The Bank is currently providing Shariah-compliant deposit and financing products.

IFB deposit products include

• Wadi’ah Saving Account
• Wadi’ah Current Account
• Mudarabah Investment Saving Account
• Mudarabah Investment Term Deposit

Among other things, the interest-free banking business majorly concentrates on the following major Shariah principles.

• Prohibition of Riba/Interest/usury
• Transactions should be free from Excessive uncertainty and Gambling /Gharar and Mysir/
• Avoiding trading in unlawful/Haram goods- Alcohol, tobacco, pork…etc
• Risk-sharing/profit-loss sharing and Justice and equity-based transactions

The Bank has more services to provide under IFB,  click here to find out more information.

Hibret /United Bank Exchange Rate

The bank provides foreign currency exchange services at its branches and forex bureaus. The bank handles Foreign Exchange deal with legal sellers or buyers within the NBE directives and in compliance with Anti Money Laundering rules.

Electronic Banking

This is a pioneer Bank in the country to provide SMS and Internet Banking services to customers(Hibret bank mobile banking ussd code). Hibir Mobile and Hibir Online Banking services(Hibret bank app) are a 24 hours link to account information with a view of all banking transactions that enables customers to access details on dealings regarding current, saving and overdraft accounts, loan particulars, Letter of Credit, Checkbook status, exchange rate value of foreign currencies and many other relevant details to keep of all customer’s financial demands, 24/7.

Hibret is among the few banks that provide Card Banking Services through ATM & POS. Hibret Bank provides money to send/receive service on ATM. The Bank has also has started rendering MASTERCARD Card and VISA services and has also finalized arrangements to start offering  China Union Pay card service soon.