Coopbank Partners with InFTF to Launch Ethiopia’s First Blockchain-Powered Remittance Service
Coopbank has announced a groundbreaking partnership with InFTF, a global leader in inclusive finance, to launch Ethiopia’s first blockchain-powered remittance service. This innovative solution revolutionizes cross-border money transfers, offering faster, more secure, and affordable transactions.
As a bank committed to financial solutions, Coopbank aims to bridge financial gaps within the community through innovation and customer-centric approaches. This announcement marks a significant step toward transforming remittance services in Ethiopia.
The new service enables the Ethiopian diaspora to transfer funds quickly and securely, with transactions completed in under three seconds. It eliminates high fees traditionally associated with remittances, ensuring that more money reaches families and businesses back home.
Designed to serve underserved communities, this blockchain solution will significantly impact financial inclusion, particularly for those in remote areas, empowering families, entrepreneurs, and small businesses across Ethiopia.
At the launch event, Mr. Deribie Asfaw, CEO of Coopbank, remarked, “This partnership with InFTF represents a major step toward modernizing financial services in Ethiopia. Our goal is to provide the Ethiopian diaspora with faster, more affordable remittance solutions.”
Mr. Harath Chari, a Management Board Member of InFTF, stated, “The technology we’re advancing enables incredibly fast transaction settlements at a fraction of traditional costs, building a sustainable digital financial ecosystem accessible to everyone, especially in underserved regions.”
Mr. Aman Semir, VP of Technologies and Digital Banking at Coopbank, added, “This partnership harnesses the power of blockchain,
delivering digital banking services with unmatched efficiency and enhancing the customer experience with secure, rapid, and cost-effective remittance solutions.”
Cooperative Bank of Oromia Unveils Cash Recycler Machine and Digital Incubation Center Dx-Valley 2.0
Addis Ababa, June 14, 2024 – The Cooperative Bank of Oromia has taken a significant step forward in enhancing its service delivery with the launch of the Cash Recycler Machine (CRM) and the digital innovation incubation center, Dx-Valley 2.0. These advancements mark a new era in the bank's commitment to digital solutions and customer service excellence.
During the launch event, Coopbank CEO Deribie Asfaw emphasized the bank’s 'Digital First' approach. He highlighted the innovative solutions designed to address financial challenges and set new industry standards. The new CRM ensures seamless cash withdrawals and deposits, operating continuously regardless of working hours or power outages. Equipped with its own battery and solar panels, the machine guarantees uninterrupted service, enhancing accessibility compared to traditional ATMs.
Vice President Awelu Abdi of the Oromia Regional Government praised the bank for its support of economic activities and preservation of community heritage and values. He addressed the bank's digital innovations as exemplary, setting a benchmark for others to follow.
The newly launched Dx-Valley 2.0 aims to nurture start-ups and drive innovation, contributing to economic growth through advanced digital solutions. This incubation center is designed to foster a culture of innovation, providing the necessary resources and support for budding entrepreneurs.
Frizer Ayalew, Director of Bank Supervision at the National Bank of Ethiopia, commended Coopbank’s commitment to technological innovation and digital financial services. He recognized the bank's efforts in ensuring comprehensive and modern financial services through these strategic initiatives.
These initiatives underscore the Coopbank’s of Oromia’s strategic focus on digital transformation. By leveraging cutting-edge technology and fostering innovation, the bank aims to provide comprehensive and modern financial services, ensuring enhanced customer satisfaction and service delivery.
Coopbank inked strategic partnership with Visa
Addis Ababa, March 19, 2024 - As a pioneer in digital financial solutions, Coopbank's alliance with Visa, a global leader in digital payments technology, signals a transformative shift in Ethiopia's financial services landscape.
Deribie Asfaw, CEO of Coopbank, emphasized the significance of this collaboration, stating that this partnership propels Coopbank's digital transformation journey, empowering the bank to deliver seamless and secure digital payment experiences to its extensive customer base, solidifying its position as a leader in the Ethiopian banking industry. He further highlighted that it marks a significant milestone in advancing the National ID Project, thus enhancing financial inclusion in Ethiopia.
Chad Pollock, Vice President for East Africa at Visa, expressed excitement about the agreement, affirming Visa's commitment to leveraging its cutting-edge digital payment technology to provide secure and convenient payment solutions to Coopbank's customers. He underscored that this collaboration represents a monumental step towards achieving a fully digitized economy in Ethiopia, promoting financial inclusion and aligning with global standards.
Visa Ethiopia Country Manager, Yared Endale, also expressed enthusiasm about the partnership and Visa's dedication to digital inclusion and secure payment solutions globally. He emphasized that this partnership enables Visa to further leverage its technology to benefit Coopbank's customers, enhancing their digital payment experiences.
Additionally, this collaboration will actively support the Ethiopian government's National ID Project, streamlining the process of account creation through digital IDs and significantly simplifying banking procedures for Ethiopian citizens, thus fostering financial inclusion on a monumental scale.
This collaboration represents a major step towards a fully digitized economy in Ethiopia, promising citizens a seamless and secure digital payment experience while reaffirming the commitment of Coopbank and Visa to transforming the country's financial landscape.
Coopbank unveils ground breaking CoopApp & CoopApp Alhuda Omni-channel platform
In a momentous celebration marking its 19th anniversary on March 8, Coopbank proudly unveiled the groundbreaking CoopApp and CoopApp Alhuda Omni-Channel platform. This cutting-edge solution signifies a pivotal moment in banking technology, underscoring Coopbank's unwavering commitment to innovation, digital transformation, and customer satisfaction through a seamless user experience.
Designed to provide customers with an integrated experience across web portals and mobile applications, these innovations ensure enhanced accessibility, convenience, and security in managing finances. With a clear focus on customer-centric excellence, Coopbank aims to elevate the digital banking journey, setting new industry standards with transformative solutions.
During the official launch, Mr. Deribie Asfaw, Coopbank's CEO, passionately emphasized Coopbank’s commitment to providing seamless, accessible, and user-friendly banking experiences for all customers. This strategic move aligns perfectly with their digital-first approach, ensuring a consistent and unified banking experience across various channels.
The president highlighted the bank's dedication to customization, enabling tailored financial products and services based on customer needs. This commitment is supported by the utilization of data analytics, providing a comprehensive 360-degree view of the customer journey, exemplifying Coopbank's unwavering dedication to delivering a consistent and unified banking experience across all touchpoints.
Developed in collaboration with globally renowned banking technology solution providers Temenos T24 and Xpert Digital, the Coop App and Coop App Alhuda Omni-channel platforms showcase Coopbank's commitment to innovation and user-friendly banking experiences.
The official launching event, held at the bank's Dx-Valley, attracted a distinguished audience including government officials, dignitaries, stakeholders, business partners, and members 
of the media. This unveiling serves as a testament to Coopbank's determination to reshape the banking experience for esteemed customers with innovative, unified, and user-friendly solutions.
Adding to the excitement of the celebration, a 24-hour financial tech innovation competition, the Hackathon, engaged 70 brilliant digital product developers. The event culminated in the recognition and awarding of the top three winners, highlighting the spirit of innovation and collaboration. The participation of various stakeholders, government officials, technology experts, partners, and other invited guests added to the vibrancy of the occasion. Coopbank's forward-thinking approach continues to set the stage for a dynamic and customer-centric future in the banking industry.
Coopbank Launches Diaspora Banking Services Website
(January 30, 2024) - Coopbank, known for its commitment to customer-centric services, convenience, and accessibility, has unveiled an AI-supported website platform tailored to provide banking services to the diaspora.
This innovative website empowers citizens living abroad to effortlessly access essential banking services from their computers or mobile phones. From opening and managing accounts to seeking consultancy services, the diaspora can now navigate banking processes with ease and convenience. By eliminating the need for in-person visits or reliance on intermediaries, this fully digital platform revolutionizes the banking experience for the diaspora community.
What sets this website apart is its AI-driven chatbot, supported by cutting-edge technology, facilitating seamless communication between customers and the bank. From submitting loan requests to obtaining information on loan repayment and cancellation, transactions are streamlined, enabling quick and efficient banking solutions. Moreover, the website caters to diaspora engaged in international trade, facilitating export and import transactions.
Speaking at the website launch, Coopbank President, Obbo Daribie Afawu, highlighted the bank's commitment to research-driven services and innovative technology. He emphasized the bank's achievements in meeting customer needs and its dedication to modernizing banking services for citizens living abroad.
With the launch of the diaspora banking website, Coopbank reaffirms its commitment to accessibility and modernization, marking another significant milestone in its journey to empower customers and foster financial inclusion.
Coopbank Unveils State-of-the-Art Transitional Headquarters
Coopbank has inaugurated its modern and feature-packed Transitional Headquarters, strategically positioned on the main road to Bole International Airport.
The G+15+4B floor building, spanning 13,300 sq.m, seamlessly merges cutting-edge design with functionality, featuring a fully automated mechanical parking system across four underground floors. This avant-garde system, integrated with robotic precision, can accommodate up to 66 cars simultaneously.
The inaugural ceremony, graced by the esteemed presence of Addis Ababa City Mayor Adanech Abiebie and other dignitaries, marked a pivotal moment in the architectural landscape. City Mayor Adanech Abiebie acknowledged Coopbank's unwavering dedication to progress, stating, "This building symbolizes Coopbank's commitment to shaping our collective future—an embodiment of innovation and dedication to the community."
President Obbo Deribie Asfaw expressed pride in the accomplishment, highlighting the uniqueness of the Transitional Headquarters as the city's first asset of its kind. He emphasized the bank's ambitious vision for future mega construction projects, setting the stage for continued growth and development.
As of the fiscal year ending in June 2023, the Cooperative Bank of Oromia boasts fixed assets totaling Birr 140.3 billion and a customer base exceeding 12 million. With a total capital of 14.8 billion Birr, Coopbank stands as a financial powerhouse, poised to shape the future of banking in the region. The unveiling of the Transitional Headquarters marks not only a milestone but a promising chapter in Coopbank's commitment to innovation and community prosperity.