Month: February 2021
Coopbank Introduces Farmers’ Savings Account
Ethiopia’s population is believed to be about 108 Million based on some estimates. Around 80-85 percent of its inhabitants live in rural areas and are engaged in agriculture. Frequent drought, lack of training and equipment for farmers, and poor access to markets make it difficult for them to earn a living. Beyond all, most of the problem occur due to the extravagant nature and low-level saving habit of the farmers.
During the harvest time, the farmers gain the yield and hence they are on the peak period. As a result, in this peak period, the farmer’s consumption and other expenditures reach the highest level although most of them are extravagant purchases. However, the harvesting period is not a peak in the price of their products as well as their savings, but a peak in the consumption, and hence they face difficulty during the lean period (post-harvesting time) and next year planting times.
Cooperative Bank of Oromia has become the first bank to provide Farmers' Savings Account with better interest and attractive rewards as well as interest free banking services to the community. As it is clearly stipulated on its mission of rooting in a larger community, the bank is able to develop a new product that for the first time, said to help people engaged in agricultural activities such as farming, fishing and animal husbandry etc. The product is believed to revolutionize the saving culture and bring a difference in the livelihoods of the farmers.
Farmer’s Saving Account is a saving account that is uniquely designed for farmer’s bearing attractive interest rate paid monthly and offers various rewards on a lottery system mainly farming tools such as Tractors. The product is designed to encourage the unbanked and underbanked farmers save and leverage the enormous untouched potential, and ultimately transform their living.
Coopbank and Ethiopian Airlines has Signed a Memorandum of Understanding
Cooperative Bank of Oromia, Ethiopian Airlines Group, and Ethiopian Airlines Group Primary Basic Trade Union has signed a Memorandum of Understanding today at Ethiopian Skylight Hotel. The agreement was signed by Obbo Deribie Asfaw, the President of Cooperative Bank of Oromia, Ato Tewelde GebreMariam, the CEO of Ethiopian Airlines Group , and Engineer Telila Dheresa, the President of EAG Primary Basic Trade Union. It’s noted on the event that the bank has already established a working relationship with EAG in areas of digital banking, strengthening of cooperatives in providing vegetables, milk and other agricultural produces to ET, and provision of financing to the employees of the company. The MoU is said to strengthen the already established business relationship between the signing organs in order to further enhance the growth of both companies.
5th Round Forex Award Program Winners
Cooperative Bank of Oromia handed over prizes of The 5th Round Forex Award Program to the winners. The management and employees of the bank and other stakeholders have attended the event that took place at the bank’s headquarters building.
Obbo Deribie congratulated the winners and spoke of the bank’s achievements and challenges. Speaking of the bank’s semi-annual performance, the bank’s president confirmed that the bank was able to collect forex amounted to USD142 million. Its branch networks reached 433 across the country with 7 million total numbers of customers, and its total asset reached ETB 65 Billion. He also conveyed his message to the community to receive remittances through formal channels in order to protect themselves from fraud and use Coopbank’s vast network of branches as well as more than 13 active money transfer operators throughout the country for ease of access.
ISUZU NPR truck with 40 quintals was handed over to Adde Tayba from Ogolcha, Arsi. In addition, three three-wheelers and ten LED televisions were handed over to the winners at the ceremony.
OCFU’s “One-Koo”Modern Coffee Factory Inaugurated
Oromia Coffee Farmers Cooperative Union inaugurated One-Koo coffee processing plant in Galan town whose construction cost 48 Million ETB financed by Cooperative Bank of Oromia. The inauguration ceremony was attended by the president of Cooperative Bank of Oromia, Obbo Deribie Asfaw, several other officials, and the interested stakeholders.
This coffee roasting, grinding & packaging factory produces 420Kgs of coffee per hour for local and international markets. Oromia Coffee Farmers Cooperative Union can now export value-added products & earn more proceeds than raw coffee exports. It will also create an additional 200 jobs.
Oromia Coffee Farmers Cooperative Union, one of the highest exporters of coffee in Ethiopia, has more than 400 cooperatives and more than 557,000 farmers as a member. The Cooperative Union is one of the major shareholders of the bank.