Overview of Banks in Ethiopia
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; and sets and controls its foreign exchange rates.
In 2017, banks in Ethiopia faced several challenges, including foreign exchange-related issues and local political unrest. Despite the problems, the domestic banking sector posted its highest growth rate in six years, along with accelerated branch expansions.
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 of the private banks in Ethiopia. Headquartered in Addis Ababa, the bank oversees 196 branches, 220 ATMs, nine forex bureaus, and 958 POS terminals located throughout the country.
Revenue: ETB 2.07 billion (2017)
Net income: ETB 756 million (2017)
Total assets: ETB 34.62 billion (2017)
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 289 branches and employs 3,138 agents across the country.
Revenue: ETB 1.08 billion (2016)
Net income: ETB 39.12 million (2016)
Total assets: ETB 10.69 billion (2016)
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 5,000 individuals and serves 859,000 account holders. Based in Addis Ababa, the bank operates a network of 233 branches and sub-branches, 114 ATMs, and 200 POS terminals.
Revenue: ETB 1.78 billion (2017)
Net income: ETB 704.46 million (2017)
Total assets: ETB 25.32 billion (2017)
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 202 branches and 19 sub-branches.
Revenue: ETB 1.15 billion (2017)
Net income: ETB 339 million (2017)
Total assets: ETB 21.9 billion (2017)
Established in 1994, Awash Bank is the first of private commercial banks in Ethiopia, created after the country’s post-1991 financial deregulation. The bank manages more than 346 branches throughout the country.
Revenue: ETB 3.76 billion (2017)
Net income: ETB 1.0 billion (2017)
Total assets: ETB 42 billion (2017)
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.
Revenue: ETB 671.55 million (2017)
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 are located in Addis Ababa and the remaining 128 found in regional cities and towns across the country. It employs around 3,700 individuals.
Revenue: ETB 1.7 billion (2017)
Net income: ETB 532.16 million (2017)
Total assets: ETB 20.95 billion (2017)
Commercial Bank of Ethiopia (CBE)
Incorporated in 1963, 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 1,250 branches and 1,501 ATMs across Ethiopia.
Revenue: ETB 32 billion (2017)
Net income: —
Total assets: ETB 485.7 billion (2017)
NIB International Bank
Founded in 199, NIB International Bank offers a full range of domestic banking, international banking, and electronic banking products and services. The bank currently employs over 3,600 individuals and serves more than 520,000 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 516.4 million (2017)
Total assets: ETB 21.1 billion (2017)
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, 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.
Revenue: ETB 1.04 billion (2017)
Net income: ETB 356.68 million (2017)
Total assets: ETB 52.17 billion (2017)
Careers in investment banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map…. For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been a guide to the top banks in Ethiopia. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: