Siinqee Bank Review
Deiaspor Banking and loan
Interest free Banking
Micro-Finanace institution's loan
Pros and Cons
pursiuts on women empowerment
Several dispora service choices
undeveloped Internet Banking
Siinqee Bank Information
- SWIFT SINQETAA
- Resident Foreign Currency Accounts (RFCY)
- Non-Resident Transferable Birr (ETB) Account (NRT)
- Non-Resident Non-Transferable Birr Account (NRNT)
- Retention Accounts
- Foreign Currency A/Cs for Ethiopians in Diaspora
- Can Check Balance
- Can Transfer Money
- View Account Statement
- Can Control Progress
- Can Pay Bills Online
- Mobile Application
- Balance Inquery
- USSD Application
- Mobile Top Up
- Money Transfer
- Term Loan 2
- Motor Vehicle Loan 1
- MFI loan 1
- Loans for International and domesticTrade 2
- Partial Financing 2
- Personal Saving 2%
- Women Saving 2%
- Youth Saving 1%
- Diaspora Fixed Time 3%
coustomers may find siinqee bank exchange rate today here.
About Siinqee Bank
Siinqee Bank, the Formal Oromia Credit & Saving, is among the first microfinance institutions (MFIs) to grow it self to banking institution after the central bank of Ethiopia allowed MFIs to evolve into full-fledged banks.
Siinqee had its transformation on May 2021 with 22 shareholders and a paid-up capital of 4.4 billion birr. Which the shareholders manages to rise in to 7.45 billion birr. The bank pursuits values like integrated, inclusive, and innovative banking and microfinance services so that women possess it in the society.
siinqee bank branches has reached over 400 branches across the country, 2 million customers, and has manage to mobilize 6.1 billion in deposits. with a total capital of 8.09 billion Br. Siinqee Bank made its official debut in the banking industry with a capital base that puts it on a footing with veterans a few months ago.
Service Provided by Siinqee Bank
Ordinary Savings Account
Ordinary saving account is an interest bearing deposit account which is provided for all customers who full fill the banks requirement. Customers get there interest every month with their calculated minimum balance.
Siinqee Bank provides many loan services classified to different types based on the term duration.
Short-Term Loan :- is a loan extended to finance the working capital needs and to address other short-term financial constraints of the borrower. The time duration for the short term loan is a maximum of two years.
A Medium-Term Loan :- is a loan that has an extended longer period than two years, not exceeding a maximum period of five years.
A Long-Term Loan:- on the other hand, is a loan, which has a maturity period than of the rest
Agriculture Term Loan
It is a short to long-term loan granted for agricultural investment , agricultural machinery and for production input .
Applicants for the loan has to be a direct worker on the agriculture sector or involved on related agriculture influential sector (MSME) and purchasers , ago-processing machine manufacturers and animal production (production of dairy and poultry and livestock fattening activities)
Motor Vehicle Loan
This Loan type is a term loan granted for the purchase of new motor vehicles. Meanwhile the loan doesn’t include the cost of spare parts or luxury items. The loan is provided for customers who full fill the General Eligibility Criteria, and the specific requirements for this service.
Domestic Trade and Services (DTS) Loan
Credit assistance in the form of working capital is crucial for smooth flow of goods from producers to end users or consumers through local traders.
This service encourages domestic goods and services , goods like imported or locally produced encouraged through bank financing and rendering of services like trainings,legal advisory ,investment advisory and many more
Tourism and Hospitality
Tourism and hospitality industry presumes a lot of huge sectors than it seems , industries like ; hotels and resorts , cultural exposures, food and beverage ,Siinqee Bank understands that supporting the tourism sector would be a hit of many birds with one stone . loan request for this sector is most of the time medium and long-term since it requires some amount of time for recovery.
Loans for International Trade
This loan category comprises both export and import related business activities. The Bank grants loans for export of agricultural products ,raw minerals or semi-processed minerals, industrially manufactured or semi-processed products. The loan is provided in the form of revolving credit facilities and advances against sales contract and letter of credit in addition to financing in the form of term loans, and overdraft facilities.
Partial Financing for Acquired and Foreclosed Collateral
Partial Financing is a financing scheme whereby the Bank holds customer owned properties as a collateral which has an equivalent price with half of the loan . properties like buildings, vehicles, machinery, and business establishments . this service have special eligibility criteria in addition to the general requirements ,Even under those full filaments Such loans are not allowed to a customer for more than two times a year.
Syndicate Loan :- this is a type of loan where Siinqee Bank and other financers shares in agreement of the term length, the purpose of this loan is to finance longer term investments which requires a large amount of funding. The funding may be used to acquire fixed assets and may incorporate a working capital for the project under consideration.
Micro-Finance Institutions’ Loans
Micro-Finance Institutions’ Loan is a loan availed to institutions which works on providing credit for Micro-entrepreneurs mainly in the form of term loans that are repayable within short to medium terms.
Channel financing is a loan provided for customers in accordance to another customers recommendation of them. It is provided for short term of time The loan is granted after the supplier or manufacturer signs personal guarantee and/or offers other acceptable collateral. The guarantor shall present the recorded business relationship including payment record of accomplishment and level of purchases/sales.
Loans to Public Enterprises and Urban Utilities
Loans to Public Enterprises are loans to public companies established as legal entity and which have a mandate to borrow funds from commercial banks. Public enterprise loans are granted in the form of short-to-medium-term loan.
Consulting Firm Financing
Consulting Firm Financing is a form of short-term loan extended for the purpose of working capital financing to business professionals engaged in rendering professional services such as Engineering, ICT, Law, Accountancy, Management, Architecture, Art, etc
The Bank may borrow from or lend funds to other banks/financial institutions. These inter-bank money market transactions shall be executed in accordance with the NBE directives. An Inter-Bank Lending is a short-term loan extended by one bank to another to alleviate liquidity shortage of the applicant bank.
Equipment/Machinery Lease Financing
The Bank may avail the Equipment/Machinery Lease Financing for either of the parties to the lease agreement
Idea financing is a term loan that is extended to individuals/groups for implementing scientific studies, which has recognition in invention and innovation by the concerned government organ;
The loan can also be granted for promotion and advertisement of artistic and intrinsic societal cultures, commercial/mass production and marketing of creative ideas that have obtained recognition from the Intellectual Property Right Protection Office.
Loan Buyout is a type of arrangement wherein the Bank buys loans from other Banks. This is done when it is believed that buying of the loan is beneficial to the bank.
The main objectives of Loan buyout can be to:
- Regain ex-customer of Siinqee Bank;
- Attract new customers from other banks;
Increase quality of loan whereby the bank held the collateral as a second degree for loans lent by other banks;
1.Import Trade Service
Siinqee Bank provides import and export services to its customers who are involved in international business SIB provides expertise advice and quick customer services with the aim of laying the platform to smooth trade activities and transactions between sellers and buyers.the services is to be provided in accordance to its protocols and requirement for example a customer in need of import trade service needs to be aware of the payment methods (Letters of Credit (L/C), Cash Against Documents (CAD), (A/P) Cash in advance, Consignment) each having there own unique requirement and agreements .
2.Export Trade Service
Helps customers to get their products to the world wide market through different payment methods(Letters of Credit (L/C), Cash Against Documents (CAD), Cash in advance and Consignment) following a similar process with their specific requirements .
Siinquee bank have its forex license from NBE(National bank of Ethiopia) in order to provide currency services to its customers.
customers can get access to this services at there nearest siinqee bank branches.
Diaspora & Foreign Currency Accounts
Siinqee Bank has provided many choices for the wide diaspora community in accordance to there illegibility ,customers (citizens , not citizens ) who are not working or resident at Ethiopia have the following account types .
1-Resident Foreign Currency Accounts (NRFCY)
These account is open for international customers (international institutions, embassies, foreign individuals who makes there living in Ethiopia )who have an authorized letter from which expresses basic information about the person NBE together with their request .
2, Non-Resident Transferable Birr (ETB) Account (NRT)
It is non-interest-bearing accounts with a specific found sources like NR transferable Birr accounts from abroad or from payments from other NR accounts and NR foreign currency accounts.
3, Non-Resident Non-Transferable Birr Account (NRNT)
Non-interest-bearing accounts which are denominated in Birr.
According to NBE’s Directive, eligible exporters of goods and services and recipients of inward remittances can open foreign exchange retention accounts, namely:
Foreign Exchange Retention Account for 20 % of a single transfer
The remaining amount, 80% will be credited to local currency Account of a single transfer.
The balance held in retention account may be kept for an indefinite period of time and shall be sold fully or partly by the request of the account holder.
5,Foreign Currency A/Cs for Ethiopians in Diaspora
All Ethiopian nationals who lives and works abroad for more than one year or business organizations which are owned by non-resident Ethiopians,located outside Ethiopian territory for more than one year are illegible to yous this service .
Types of Diaspora Accounts
Fixed (time) Deposit Account: is a type of account where customers get interest with agreed maturity date.
Current Account: It operated by per-arranged procedure and by using cheque book (based on preferable choice of the customer ).
Non-Repatriable Birr Account: this account is served for customers who would wish to have a saving deposit that they can only use for local payments. And the good thing about this service is that the National Bank of Ethiopia double the minimum saving deposit Interest rate on such accounts.
International Money Transfer
The Bank provieds many types of international transactions trouggh all of siinqee bank branches.
1.1. Inward Transfers
Is a service provided for customers to receive their incoming transfers through all of siinqee Bank brunches through remittance Service Providers (Western Union, Money Gram) or from Bank to Bank transfers(SWIFT)
1.2. Outward Foreign Payments (Transfers)
Since Siinqee Bank has established similar bank account relation ships with many banks worldwide , individual or organizational customers can request for payments to be proceed across boards including , medical bills, membership fees , hotel booking, insurance, and imports (≤ USD 5,000.00) .
service is provided by building relation with prominent banks worldwide. Interest Free Deposits products: Two categories of deposits
1,Non-Mudaraba Deposit type,
- Amana – Current Account;
- Wadia – Saving Account;
- Hajji/Umra – Saving Account
- New accounts I.e. For women, Children, Education and Retirees
2,Wadia – Saving Account;
“Wadia” means custody or safekeeping. In a Wadia arrangement, an account holder deposits funds in a bank and the bank guarantees the safety and refund of the entire amount of the deposit, or any part of the outstanding amount, when the depositor demands it.
3, M Birr
Siinqee Bank provides M birr as one of its service for a day to day transaction , payments , telecom activities and the good future in its customers can use there phone only with no need of internet connection. for furtuer information you may visit the nearst siinqee bank branches
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