Oromia International Bank Wins the Quality Choice Award of 2022
Oromia International Bank S.C. (OIB), established in Ethiopia on September 18, 2008, has been the beneficiary of the Quality Choice Award of 2022 given out by the European Society for Quality Research (ESQR). According to the Business Standard, some 43 award-winning companies from 35 countries attended the program there along with the international business community.
The award ceremony was held in Barcelona at the Marriott Hotel on July 3 and 4, 2022 with the attendance of representatives from various nationalities and industry sectors. Teferi Mekonnen, President of Oromia International Bank, received the award on behalf of the financial firm.
For Oromia Bank, this international quality award is unique as it is the first international quality award to be recorded in the history of the bank. However, the bank has been recognized by several other institutions, both national and continental, prior to receiving the Quality Choice Award in 2022. Among those listed on Oromia Bank’s website, included are:
- African Interest-free Banking & Finance Awards of 2019
- 2020 Outstanding Performance in ATM transaction from ETSWITCH
- 2020 Platinum Tax Payer Award
- 2021 Gold-level Tax Payer Award
Around the same time as the international award, Oromia Bank released an article regarding the opening of a total of 26 branches in only eight months’ time. Of these branches, 80% were opened outside the capital city, Addis Ababa. As a result, the number of OIB branches in Ethiopia reached 270.
According to its website, Oromia International Bank has been able to break even within its first year of operation and has been reaching the unbanked society, regardless of the fact that it is a relative newcomer among the other banks operating in Ethiopia. The international recognition it received from ESQR may just be a testament to the prosperous future ahead of it.
The European Society for Quality Research (ESQR), as per its website, recognizes and highlights outstanding business results, best practices, quality awareness, and achievements by companies in regional and global markets. It does so without regard to its sector, size, and location.
The institution awards recognize and encourage organizations to share their best practices, experience, and knowledge with other organizations by recognizing their distinctive performance improvement, organizational excellence, and customer focus.
The recognition provides independent assurance to the organization’s stakeholders and customers, and it motivates employees to strive for long-term excellence.
ESQR has been giving such an award to internationally renowned organizations, universities, banks, and others among which is the African biggest airline, Ethiopian Airlines.