Coop Bank Opens Full-fledged IFB Branches

Cooperative Bank of Oromia inaugurated two full-fledged interest-free banking (IFB) branches in the capital at Ayer Tena and Bole Michael on December 18, 2019.


Coop Bank Opens Full-fledged IFB Branches

Cooperative Bank of Oromia inaugurated two full-fledged interest-free banking (IFB) branches in the capital at Ayer Tena and Bole Michael on December 18, 2019. The Bank, which has 389 branches, becomes the third to open a full-fledged interest-free branch next to Commercial Bank of Ethiopia (CBE) and Awash Bank. CBE inaugurated the first full-fledged IFB branch around Bole Michael on September 7, 2019. It also opened four more full-fledged IFB branches in September and October. Awash Bank started IFB services with its new branch dubbed "Ikhlas" in Bethel area. In 2013 the National Bank of Ethiopia issued the directive that limited IFB to a window service. Following that, 11 of the 17 private and state-owned banks had been providing the service. However, last June, the National Bank of Ethiopia issued the directive for the establishment of full-fledged interest-free banking (IFB), on June 18, 2019. Cooperative Bank generated 3.7 billion Br in income last year and disbursed a total of 24.4 billion Br in loans and advances.


Radar

FAINT & FADING

A shoe cobbler in the Cherqos area clenches tightly at the needle, keeping the dying trade afloat. The ragged tent protecting the vendor from the scorching sun above will soon be a relic if the City administration's beautification campaign is fully realised. Addis Abeba has represented a centre of commerce and culture for the multitude that flock every year from all corners of Ethiopia in its 137-year history. With the informal sector accounting for nearly half of the capital's employed and cons...


Radar

PICTURESQUE LONGINGS

A street vendor around the Stadium area sells high-quality images depicting Ethiopia's diverse tourist attractions. Ethiopia is lauded as a land of man-made and natural wonders with tourist attractions all over the region. However, the constant conflict has rendered too much of its vast heritage inaccessible over the past few years. While many expected a rebound from the two billion dollars lost in tourism revenues in 2022 after the November peace deal, the dawn of another conflict has cast an u...


Radar

ECONOMY CLASS

A cow around the Qera area is transported to a nearby dairy farm as the demand rises during the holiday season. While Ethiopia has the largest cattle population in the continent at over 50 million, animal products appear to be a rare delicacy in the everyday diet of citizens. A recent report by the United Nations indicated that over 80pc of Ethiopians do not eat a healthy diet. High costs compounded by expensive undersupplied animal feed, contraband and hefty taxation play a major factor with a...


Back
WhatsApp
Telegram
Email