Saturday, 07 July 2018 08:40

Guarantee (Foreign)

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A letter of guarantee issued by an issuing bank/guarantor is a written undertaking by the bank to compensate (pay sum of money) to the beneficiary (local or foreign) in the event that the obligator/principal fails to fulfill his/her /its obligations in accordance with the terms and conditions of the guarantee.

Types of guarantee:

  • Bid bond
  • Performance bond
  • Advance payment guarantee
  • Loan guarantee, retention guarantee
  • Customs duty guarantee
Saturday, 07 July 2018 08:38

Money Transfer

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INCOMING TRANSFER THROUGH AGENTS

Incoming Transfers, Handling incoming money transfers from abroad through CBO’s International Money transfer Organizations for further credit to our customer account or payment in cash to the customer. i.e. Western Union, MoneyGram, Dahabshiil, X-press, RIA, Trans Fast etc. Inward Transfers could be sent through Swift, Personal or Bank Checks and Remittance Service Providers.

OUTGOING TRANSFER (TELELEGRAPHICTRANSFERS)

Outgoing Transfer Payment processed to individuals or organizations aboard upon the request of the Bank’s customers. Such transfers are used to effect payment for imports, tuition fees, membership fees, consultancy fees, medical bills, hotel booking, etc. Transfers can be made either through Swift or through Foreign Bank Draft. Foreign exchange permit is required to make outgoing transfers.

Saturday, 07 July 2018 08:33

Export

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EXPORT BY LETTER OF CREDIT
/Documentary Credit/

An export documentary letter of credit is a document whereby CBO Exporter buyer instructs their bank to pay our customers, assuming that the agreed conditions specified in the original documentary credit, are met. It is an internationally accepted method of settling trade payments. Rules and guidelines are governed by the International Chamber of Commerce (ICC).
Export-payment available by sight/negotiation/acceptance of bills
*If approved by the National Bank of Ethiopia

EXPORT BY CASH AGAINST DOCUMENT
/Documentary Collection/

A payment arrangement in which an exporter instructs CBO to hand over shipping and title documents to the importer when the importer fully pays the accompanying bill of exchange or draft.

EXPORT BY ADVANCE PAYMENT
/Advance Payment/

Advance payment: is a method through which CBO customer /seller/ receives payment from a buyer prior to shipment or the agreed upon goods or rendering the agreed upon service. Export-Payment through bank transfers, traveler cheques, cash (as long as it is declared).

EXPORT ON CONSIGNMENT

Consignment basis payment It is a method of payment in which the title to the goods remains with the CBO customer /seller/ until an agent (distributor) in foreign country sells them. Payment is made to the seller if and when the agent (distributor) sells the goods.
Export is applicable to perishable items: fruits, flowers, meat, molasses, etc as approved by the National Bank of Ethiopia

Saturday, 07 July 2018 08:28

Import

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  • IMPORT BY LETTER OF CREDIT
    /Documentary Credit/

An import Letter of Credit is an unconditional undertaking, given by CBO at the request of our customer (the Applicant or Importer) to pay the Beneficiary (or Supplier) against stipulated documents, provided all the terms and conditions in the Letter of Credit are complied with.
Import-available by sight payment/negotiation payment/deferred payment*/acceptance payment*

  • IMPORT BY CASH AGAINST DOCUMENT
    /Documentary Collection/

Documentary collection is a method through which banks handle a seller's commercial documents with or without financial documents in accordance with instructions received from the seller in order to deliver the documents to buyer (importer) against payment and/or acceptance or against other terms and conditions.

  • IMPORT BY ADVANCE PAYMENT

Advance payment: is a method through which a seller receives payment from a buyer prior to shipment or the agreed upon goods or rendering the agreed upon service.
Import-Payment though bank transfers

Saturday, 07 July 2018 07:04

FCY Retention Account

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CBO forex accounts shall be maintained in either of the below three currencies:-

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

Forex retention account shall mean FCY account maintained by eligible exporters of goods and services and recipients of inward remittances from abroad. It can be opened to exporters and frequent SWIFT remittance receivers.

TYPES OF RETENTION ACCOUNTS

Account “A”

  • Thirty percent (30%) of his/her account balance for an indefinite period of time.

Account “B”

  •  Seventy percent (70%) of his/her account balance for up to 28 days after which period any balance shall automatically be converted in the next working day into local currency by the bank using the prevailing buying rate.
Saturday, 07 July 2018 06:56

Diaspora Accounts

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About CBO Diaspora Banking

Cooperative Bank of Oromia (CBO) has undergone massive transformation in recent years by adopting culture of quality customer services that aligns with contemporary banking services. Currently, CBO is the leading bank in terms of both customer base with more than 4.8 million customers and 416 branches network across the country and has more than 30 billion assets.

Following the favorable political environment prevailing in Ethiopia, Diasporas are coming back to their home land and have interests to engage in different investment opportunities. Keeping that in mind, CBO wishes to entrust you with a number of products designed for your needs while ensuring a smooth partnership no matter where you are in the world.

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

Diaspora deposit account

» Current account

» Savings account

» Fixed time account

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

 

Diaspora consumer loans

» Mortgage/home loan

» Automobile loan

» Personal loan

 

Diaspora Business loans

» Investment financing

» Working capital loans

 

eBanking

» Internet banking

» Mobile banking

 

1. DIASPORA DEPOSIT ACCOUNT

A. CURRENT ACCOUNT

Features and Benefits

  • Available in local and foreign currency (GBP,USD, and EURO)
  • Personalized Cheque Books
  • Debit Card on request
  • Free withdrawals fee for foreign currency transactions
  • Free transactions across all CBO branches
  • Access to all our e-channels
  • E-mail alerts and statements
  • Option of Joint Signatory (e.g. spouse, sibling or parent in Ethiopia)
  • Designated Personal Banker
  • Financial advisory services
  • Facilitation of third party payments
  • Access to credit facilities
B. SAVINGS ACCOUNT

This is designed to make your money more productive back home. It is deposit account with attractive interest rates and is available in both Ethiopian ETB and foreign currency (USD, GBP & EURO).

Features and Benefits

  • Attractive interest rates for all applicable currencies
  • Funds are non-repatriatable
  • Standing orders for transaction
  • Safe and secure investment option
  • Deposit can serve as collateral for personal loans and advances
  • Designated personal Banker
C. FIXED TIME ACCOUNT

Features and Benefits

  • It is an interest bearing account with agreed maturity date,
  • The amount needed to open the account shall at least be USD 100 or its equivalent of the eligible currency,
  • The minimum maturity period is three months that could be opened with an initial deposit of USD 5,000
  • Interest on such accounts shall be payable only if they are maintained at least for the minimum period,
  • Interest income on such accounts is tax-free.
D. ETHIOPIAN CITIZEN OR ORIGIN LIVING IN FOREIGN LAND (ECOLFL) SAVINGS ACCOUNT

Features and Benefts

  • Local currency savings account opened by non-resident Ethiopians or non-resident foreign nationals of Ethiopian origin
  • An applicant(s) can open in person or through his/her/their agent at a nearby branch of Cooperative Bank of Oromia
  • All deposits to the account shall be made in foreign currency
  • This account will bear annual interest equivalent to the prevailing NBE set savings interest rate
  • Couples can open Joint ECOLFL Savings Account

2. DIASPORA CONSUMER LOANS

A. MORTGAGE/HOME LOAN
  • Construction of new residential house,
  • Construction of additional house within an existing compound such as service quarters or the main house
  • Purchase/acquisition of residential house

Features and Benefits

  • Attractive and competitive pricing
  • Loan duration is up to 20 years for local and foreign currency lending
  • Equity Contribution: - from 20% of the house to be purchased or constructed
  • Loan Interest Rate: - from 8.5% per annum
  • The bank shall give grace period of one year
  • Designated personal banker
  • Facilitation with advisory services regarding development opportunities in Ethiopia
B. AUTOMOBILE LOAN
  • Diaspora Automobile Loan is a term loan granted to the Diaspora for the purpose of purchase/acquisition of Automobile.

Features and Benefits

  • A term loan granted for financing the acquisition of a brand-new automobile
  • The bank shall grant loan for the acquisition of used Automobile whose year of make is 7 years or less
  • The loan repayment period shall be upto 10 years
  • The bank shall give grace period of six-months
C. PERSONAL LOAN

Features and Benefits

  • Is a term loan granted for the purpose of covering the applicant’s urgent financial requirements, like expenses for domestic or foreign travel, medical treatment of self or family member, education fee, or any kind of personal expenses.
  • The loan period shall be up to five years

3. DIASPORA BUSINESS LOANS;

A. INVESTMENT FINANCING

Features and Benefits

  • The bank can finance up to 80% of the feasible project promoted by diaspora,
  • 20% of the project shall be financed by the promoter from own equity,
  • The equity contribution made to the project shall be transferred via our bank.
  • Documents required to borrow for projects include legal documents (investment license, TIN, land holding certificate/lease agreement, approved construction plan, memorandum and article of association if any) and project proposal
B.WORKING CAPITAL FOR ALL BUSINESSES

Features and Benefits

  • 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,
eBANKING
  • Access to your bank account via;
  • Online / internet Banking
  • Mobile Banking

Features and Benefts

 

  • Notifcation via Email / SMS (where roaming allows)
  • Ability to provide banking
  • instructions (Standing Instructions) remotely
  • Safe and secure platform
  • Ability to make tax payments
  • Facilitates remittances
  • Account inquires anytime, anywhere
  • Access to bank statements
  • Single as well as bulk payments
  • Funds transfer between own accounts
  • Funds transfer to other accounts in CBO or other Ethiopian banks (third party transfers)
  • Local and International remittance
  • Utility and bill Payment
  • Top-up
  • Traffic penalty payment
  • Bank to bank transfer
  • Request for new loan or existing loan status/payment/rescheduling
  • Request for new banking services such as account, Loan, LC
How to open your account with us
  • Download Account opening and other related forms from our website.
  • Duly completed Account Opening form and accompanying documents
Accompanying Documents
  • Residence and/or work permit.
  • Valid proof of Identification, Renewed passport for non-resident Ethiopians or renewed passport and yellow card for foreigners of Ethiopian Origin
  • One latest passport size photograph;
  • If applicable, power of attorney, copy of ID and one latest passport size photograph of the agent(s).
REMIT WITH CBO
  • Make Remittance Via CBO using its SWIFT Code CBORETAA
  • Or using any of the following Remittance Agents Specially for direct to your CBO account deposit and Cash Pickup
At CBO

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

Saturday, 07 July 2018 06:44

Non Resident Accounts

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CBO forex accounts shall be maintained in either of the below three currencies:-

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

TYPES OF NON RESIDENT ACCOUNTS

  1. Non Resident Foreign Currency accounts
  2. Non Resident Transferable Birr account
  3. Non Resident Non Transferable Birr accounts

ELLIGIBILITY

  • Diplomatic mission offices
  • Diplomatic mission staffs (with the exception of Ethiopian nationals)
  • Members of International Community
  • International organizations and their organs
Monday, 18 September 2017 11:30

Mobile and SMS Banking

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Mobile and SMS banking allow you to conduct financial transaction using a mobile device like mobile phone or tablet via mobile banking Apps.

Perform online banking using your smart phone or other mobile devices.

Services available:-

 

  • Checking balance
  • Bill payment
  • Fund transfer
  • Mobile text and alert …

 

Bank anywhere at any time.

Monday, 18 September 2017 11:30

Mobile Banking

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The Mobile Banking services that will come soon will enable you to access your bank accounts,make fund transfers,payments and balance inquiries as well as get instant notifications on all your accounts linked with MB.

Monday, 18 September 2017 11:29

Online Banking /Internet Banking/

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Using electronic payment system conducts a range of financial transactions through our website.

Execute a bunch of financial transactions at CBO on line via the internet.

CBO online services:-

 

  • Search for balance
  • transaction history
  • Acquire e-statements
  • Order new statements
  • Transfer funds
  • Pay bills
  • Receive bills online

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