Established in 1963, the National Bank of Ethiopia (NBE) started its operations in 1964. The Ethiopian central bank issues banking licenses and supervises banks in Ethiopia; regulates the availability, supply, and cost of the country’s money and credit; oversees and administers its international reserves; sets and controls its foreign exchange rates.
In 2020, Moody’s Investors Service (“Moody’s”) confirmed the B2 issuer and senior unsecured rating of the Government of Ethiopia, with the outlook changed to negative. The review for downgrade reflected Moody’s assessment that the country’s participation in the G20 Debt Service Suspension Initiative (DSSI) raised the risk that private-sector creditors would incur losses.
For anyone considering a banking career in Ethiopia, this list of banks in Ethiopia is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Ethiopia Include:
Dashen Bank was established in 1995 under the NBE’s National Licensing and Supervision of Banking Business Proclamation 84/1994 and the Commercial Code of Ethiopia 1960. It is the largest private bank in Ethiopia.
Headquartered in Addis Ababa, the bank operates through a network of more than 400+ branches, ten dedicated Forex Bureaus, 350+ ATMs, and 850 plus Point-of-Sale (POS) terminals spread across the country.
Net income: ETB 1.54 billion (6/2020)
Total assets: ETB 68.62 billion (6/2020)
Cooperative Bank of Oromia
Cooperative Bank of Oromia commenced banking operations in 2005, focusing on cooperatives and agro-based businesses in Ethiopia. Headquartered in Addis Ababa, the bank operates more than 470 branches and employs around 9,500 employees across the country.
Net income: ETB 1.18 billion (6/2020)
Total assets: ETB 52.92 billion (6/2020)
Bank of Abyssinia
Established in 1996, Bank of Abyssinia offers domestic, international, and specialized banking services to public, private, cooperative, NGOs, UN agencies, and international organizations across Ethiopia. As one of the biggest banks in Ethiopia, it employs about 6,910 individuals and serves 5 million customers. Based in Addis Ababa, the bank operates a network of 610 branches and sub-branches and 633 ATMs.
Net income: ETB 853.64 million (2020)
Total assets: ETB 56.89 billion (2020)
United Bank – Hibret Bank
Incorporated as a share company in 1998, United Bank provides a full range of commercial banking services, including conventional and multi-channel products, to customers in Ethiopia. The bank operates a network of 339 branches and 9 sub-branches.
Net income: ETB 979.9 million (6/2019)
Total assets: ETB 35.54 billion (6/2019)
Established in 1994, Awash Bank was the first private commercial bank in Ethiopia, created after the country’s post-1991 financial deregulation. The bank manages more than 535 branches throughout the country.
Net income: ETB 913 billion (6/2020)
Total assets: ETB 89.29 billion (6/2020)
Established in 2006, Zemen Bank commenced its operations in 2008, with a focus on corporate, high net worth individuals, and institutional clients. Headquartered in Addis Ababa, the bank provides personal banking, corporate banking, international, and multi-channel banking services across the country.
Net income: ETB 264.58 million (2017)
Total assets: ETB 9.67 billion (2017)
Founded in 1997, Wegagen Bank is one of the banks in Ethiopia that offers a wide range of banking products and services, including deposit-taking, loan facilities, international banking services, local and international money transfer services, and specialized payment services.
The bank oversees 211 branches, with 83 located in Addis Ababa and the remaining 128 found in regional cities and towns across the country. It employs around 3,700 individuals.
Net income: ETB 831.9 million (6/2020)
Total assets: ETB 38.16 billion (6/2020)
Commercial Bank of Ethiopia (CBE)
Founded in 1942, Commercial Bank of Ethiopia (CBE) is one of the leading banks in Ethiopia. The bank pioneered modern banking services and launched the first ATM service for local users. It operates a network of 1,666 branches and 1,501 ATMs across Ethiopia.
Net income: ETB 5.18 billion (6/2018)
Total assets: ETB 573.89 billion (6/2018)
NIB International Bank
Founded in 1999, NIB International Bank offers a full range of domestic banking, international banking, and electronic banking products and services. The bank currently employs over 4,800 individuals and serves more than 812,000 customers. It manages 130 branches, out of which 71 are located in Addis Ababa and the remaining 59 are found in regional towns.
Net income: ETB 673.1 million (6/2019)
Total assets: ETB 31.1 billion (6/2019)
Development Bank of Ethiopia
Development Bank of Ethiopia, formerly known as the Agricultural and Industrial Development Bank, operates as a specialized state-owned development financial institution in the country. Headquartered in Addis Ababa and established in 1909, the bank aims to promote Ethiopia’s economic development by financing agriculture, commerce, industry, and manufacturing activities. It oversees around 32 branches throughout the country.