Wegagen, Oromia Banks Open IFB Branches

Mar 14 , 2020

Wegagen and Oromia banks opened branches dedicated to interest-free banking (IFB) service at the end of last week. Named Bilal, Oromia's branch was inaugurated on March 12, 2020. The branch is located at the Bank's headquarters located on African Avenue. Oromia has been providing window interest-free banking services since 2013. Wegagen Bank inaugurated its interest-free banking branch named Alnejash at Bole Michael area on March 13, 2020. The two banks join Bank of Abyssina, Awash Bank, Commercial Bank of Ethiopia, Cooperative Bank of Oromia and several other banks that have already opened interest-free branches. The National Bank of Ethiopia (NBE), which used to limit the interest-free banking service to a window service for years, issued a directive that allowed the establishment of full-fledged IFB branches in June.