COOPBANK Diaspora Banking

The Bank has undergone massive transformation in recent years by adopting culture of quality customer services that aligns with contemporary banking services. Currently, COOPBANK is the leading bank in terms of both customer base with more than 6 million customers and 416 branches network across the country and has more than 44 billion assets. Recently, diasporas are coming back to their homeland and have interests to engage in different investment opportunities. Keeping that in mind, COOPBANK wishes to entrust diasporas with a number of products designed for their needs while ensuring a smooth partnership no matter where they are in the world.

Our array of diaspora banking products and services on both Conventional and Interest Free Banking Windows among others, include:

1. Diaspora deposit account

v  Current deposit FCY account 

v  Non-repatriable saving deposit birr account 

v  Fixed or time deposit FCY account

v  Ethiopian Citizen or Origin living in Foreign Land (ECOLFL) Savings birr Account

  1. 2.Diaspora consumer loans 
  • Mortgage loan
  • Car/Vehicle loan
  • Personal loan
  1. 3.Diaspora Business loans
  • Investment financing
  • Working capital loans
  1. eBanking
  • Internet banking 
  • Mobile banking
  1. 1.DIASPORA DEPOSIT ACCOUNTS

  1. This is designed to make your money more productive back home. It is deposit account with attractive interest rates (double of the prevailing saving deposit rate set by the NBE).

    Features and Benefits

ü  It is an interest-bearing account with agreed maturity date,

ü  The amount needed to open the account shall at least be USD 5,000 or its equivalent of the eligible currency,

ü  The fixed time deposit certificate can be used as collateral,

ü  Interest on such accounts shall be payable only if they are maintained at    least for the minimum period,

ü  Interest income on such accounts is tax-free.

    1. Local currency account opened by non-resident Ethiopians or non-resident foreign nationals of Ethiopian origin,
    2. An applicant(s) can open in person or through an agent at any COOPBANK branches,
    3. All deposits to the account shall be made in foreign currency,
    4. Withdrawals from this account are permissible only in local currency.
    5. This account will bear annual interest rate equivalent to the prevailing savings deposit interest rate set by NBE,
    6. The applicant shall continue the monthly deposit
    7. Couples can open Joint ECOLFL Savings Account;
  1. 2.DIASPORA CONSUMER LOANS

     LAND (ECOLFL) SAVINGS ACCOUNT


It is Diaspora mortgage savings account or Diaspora Car savings ac- count or Diaspora business and/or investment savings account.
Features and Benefits

v  Construction of new residential and/or commercial house,

v  Construction of additional house within an existing compound such as service quarters or the main house.

v  Purchase/acquisition of residential and/or commercial house.

v  Purchase of House Under construction
Features and Benefits

  • Attractive and competitive pricing
  • Loan duration is up to 20 years,
  • Equity contribution is from 15% of the house to be purchased or constructed.
  • Loan interest rate is from 7.5% per annum.
  • The bank shall give grace period of one year.
  • Designated personal banker.
  • Facilitation with advisory services regarding development opportunities in Ethiopia.
  • Option of repayment both in local currency and FCY and available at conventional and Interest free Banking
  • Option of equity contribution in LCY and FCY.
  • It Is a term loan granted for the purpose of covering the applicant’s travel, medical treatment of self or family member, education fee, or any kind of personal expenses against acceptable collateral.
  • The loan period shall be up to five years

B. CAR/VEHICLE LOAN

Diaspora Automobile Loan is a term loan granted to the Diaspora for the purpose of purchase of automobile /commercial vehicles
Features and Benefits

• Purchase of brand-new car for non-commercial purpose or
• Purchase of brand-new car/vehicle for commercial purpose.
• The loan repayment period is up to 10 years.
• Purchase of used car for non-commercial purpose.
• Attractive pricing.
C. PERSONAL LOAN

  1. DIASPORA BUSINESS LOANS;
    Features and Benefits
  • The bank provides business and investment loan along with expertise free consultancy services on different opportunities.
  • Equity contribution (down payment) made to the project shall be transferred via COOPBANK.
  • The Bank finances up to 70% of the feasible projects promoted by the diaspora investor.
  • The bank shall give grace period of one year.
  • Designated personal banker.
  • Facilitation with advisory services regarding development opportunities in Ethiopia.
  • Option of repayment both in local currency and FCY and available at conventional and Interest free Banking
  • Option of equity contribution in LCY and FCY.
  • Any diaspora who is running business in Ethiopia can borrow working capital,
  • Documents required for business loan include business license, TIN, tax clearance, Financial Statements or Financial Plan, Documents related to collateral to be offered
  • Designated personal banker.
  • Facilitation with advisory services regarding development opportunities in Ethiopia.
  • Option of repayment both in local currency and FCY and available at conventional and Interest free Banking
  • Option of equity contribution in LCY and FCY.
    How to open your account with us
  • At all branches of COOPBANK, through COOPBANK-agents assigned at your locality, through Ethiopian Embassies, through remittance agents, through our correspondent banks or;
  • Download Account opening form and other related forms from our website  and fill all required information thereof and then send us back electronically through our

email  This email address is being protected from spambots. You need JavaScript enabled to view it..

  • Accompanying Documents:

ü  Residence and/or work permit.

ü  Valid proof of Identification, Renewed passport for non-resident

ü  Ethiopians or renewed passport and yellow card for foreigners of Ethiopian Origin

ü  One latest passport size photograph;

ü  If applicable, power of attorney, copy of ID and one latest passport size photograph of the agent(s).

ü  Application form properly filled and signed by the applicant,

ü  In case of investments: Investment license, feasibility study and/or project proposal, TIN, LHC, Memorandum and article of association.

REMIT/ DEPOSIT WITH COOPBANK

  • Direct credit to your account using SWIFT Code of the bank CBORETAA
    1. WESTERN UNION
    2. Money Gram
    3. AMAL EXPRESS
    4. IRMAAN EXCHANGE
    5. Amana Express
    6. BAKAAL
    7. TARAN EXPRESS

At COOPBANK
We have a dedicated team and customers relationship manager who ensures that your day to day banking needs are met.
We also offer advisory services you may require from time to time.
Tel: +251 11 515 0229
Whatsapp: +251 904 049 948
Email: 
This email address is being protected from spambots. You need JavaScript enabled to view it.


Embassy's Address


 Embassy Address:

1501-275 Slater Street, Ottawa Ontario
K1P 5H9 Canada 

Tel (613) 565 6637 / Fax (613) 565 9175

 Email: info@ethioembassycanada.org  

For consular services

Email: consular@ethioembassycanada.org


 

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