Awash Opens Three Full-fledged IFB Branches

Jan 18 , 2020

Awash Bank has opened three new full-fledged interest-free banking branches, pushing the total number to four. Bole Michael, Sebategna and Berbere Tera are the new branches that will offer exclusively interest-free banking services. The Bank opened its first full-fledged interest-free banking service in Bethel, Addis Abeba in November 2019. Awash named the interest-free banking service 'Ikhlas', which is roughly translated as "sincerity, purity or isolation." The Bank, which has about 180,000 IFB customers, has mobilised 3.3 billion Br in deposits through the service. The Bank has been providing interest-free banking services through a separate window at all of its 430 branches. Plans have also been mapped out to open more branches in Nekemt, Jimma, Shashemene, Bale Robe, JiJiga, Adama, Dire Dawa, Harar, Halaba and Deli.