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Cooperative Bank of Oromia (CBO), who currently is celebrating its Tenth year anniversary, announced it is carrying out final minute’s preparation to launch interest free banking.
The bank’s proposal got an acceptance by the National Bank of Ethiopia. The bank said the service is launched after some technical adjustments are made.
Wondimagegnehu Negera, President of CBO said at a March 10 press conference, the service will offered on separate windows. The interest free bank service targets individual customers, government institutions and non-governmental organizations (NGOs). Services offered under the interest-free banking include deposits, foreign exchange and money transfer services and will be available for customers who are engaged in trade, agriculture, freight forwarding, construction, manufacturing, and import-export trade.
Interest-free banking mainly targets individuals and institutional customers that do not want interest on their deposits because of reasons such as religion and it is becoming a competitive factor for local banks. The bank is also getting ready to build a 35-storey headquarter building around National Theater and another facility in Debrezeit.
“We went through a lot of ups downs but thanks to the banks’ shareholders and our committed workers the paid up capital is increased from 156 million birr to 856 million in 10 years time.’’
“Boosting our service, we will focus on helping farmers to produce more by supporting them to invest in value added assets, and by lending more money.” The president further added that the bank will begin ATM and Point of Sale services in a short time.
CBO gave out a loan of 1.2 billion birr to its customers in the first six months of this fiscal year.
Last year, CBO made a net profit of 475.85 million birr. CBO currently has 133 branches across the country and it has 1,705 employees.