News
Cooperative Bank of Oromia Launches Digital Fuel Payment System
Coopbank has launched a digital fuel payment system that enables customers to fuel up using its mobile banking platform, Coopay E-birr.
The bank announced that this new service provides a hassle-free and secure way to make fuel payments without the need for cash transactions.
With the bank’s digital payment system, customers can now enjoy the convenience of making fuel payments through their mobile devices. This feature also reduces the risks associated with carrying cash, making transactions safer for customers.
Coopbank is among the forefronts of digital banking innovation in the country, and the introduction of fuel payment through Coopay E-birr is a testament to the bank's commitment to providing its customers with the best banking experience.
The bank has surpassed 10.6 million customers and 4.5 million Coopay E-birr subscribers in the fiscal year, with a transaction volume of ETB 245 billion exclusively through the mobile banking platform.
Coopbank of Oromia launches a new Zakat Savings Account product
Coopbank Alhuda, the segment of Cooperative Bank of Oromia has launched a new savings account entitled ‘Zakat’ Savings Account. Complying with the Islamic Sharia regulations and laws, the account is designed to help customers make their Zakat payments in a timely and convenient manner.
Zakat is a religious obligation in Islam that requires followers to make payments from their wealth to the poor community when their wealth exceeds a certain amount. Recognizing the importance of this procedure, Coopbank Alhuda has introduced the Zakat Savings Account to enable its customers to make their Zakat payments easily.
The account is offered in two versions, one for individuals or small companies and the other for various organisations. Customers can save by identifying the amount of Zakat that must be paid from their assets, and the accounts will be operated exclusively through the books of accounts prepared for this purpose. Zakat payments from various organizations will be collected by the bank annually and distributed to charitable organizations based on the needs of the customers.
This new savings account reflects Coopbank Alhuda's commitment to meeting the financial needs of the community while adhering to its cultural, traditional, and religious values. The bank will provide Zakat payment calculations at all of its branches to accommodate customers who wish to save their Zakat and make their Zakat payments through the bank.
Coopbank celebrates 18th anniversary, marks another milestone in fixed asset formation
Cooperative Bank of Oromia, a leading private bank in Ethiopia, celebrated its 18th anniversary on March 8th, 2023. The bank has marked an exceptional growth record since its establishment in 2005, with a customer base of 10.4 million accounts and total assets worth ETB 137 billion.
As part of the bank's continued growth and sustainability, Cooperative Bank of Oromia has made significant progress in the formation of fixed assets, including the construction of buildings in selected towns. The bank has finalized its Transitional Headquarters building, due to commence service soon, and has engaged in pre-construction activities for the construction of the financial district tower to be built around the National Theatre. On its anniversary, the bank signed a consultancy agreement with Engineering Consultants Group (ECG) for consultancy services on its biggest-ever construction project, which will serve as the bank's main headquarters. Engineering Consultants Group (ECG) is a global company and a multi-disciplined firm with extensive experience in the sector and in consulting engineering. The bank also signed an agreement with Yirgalem Construction PLC for building the multipurpose building in Harar town.
Cooperative Bank of Oromia is committed to transforming the livelihoods of farmers and strengthening its value proposition for them and cooperatives. To achieve this, the bank engaged with Rabobank, the world's leading financial services provider for the food and agribusiness sectors, and signed a strategic agreement with Rabo Partnerships to position itself as the leading food and agribusiness bank in Ethiopia.
The bank's CEO expressed his gratitude to the bank's esteemed stakeholders and guests who attended the event and reaffirmed the bank's commitment to leveraging networking opportunities, the best technology, and human capital to deliver what is expected of the bank by its stakeholders. The bank's continuous growth and sustainability initiatives are a testament to its commitment to providing excellent financial services and impacting the lives of millions of people.
Coopbank inaugrates its Waliso Multipurpose Building
Coopbank inaugrates its Waliso Multipurpose Building
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Cooperative Bank of Oromia (Coopbank) inaugurated a multipurpose building in Waliso town in the presence of senior bank officials, the government, and several stakeholders on February 04,2023. The building, which covers 1500 square meters in area and intended for a variety of functions, is thought to open the town's large population up to new perspectives. The facility, which included a restaurant, gym, and coffee shop, was designed to be utilized as a place of recreation with the intention of bringing people from various socioeconomic strata together to promote economic and social ties. Additionally, the bank plans to open its 15-story temporary headquarters building in Bole Rwanda, the country's capital. In addition, Coopbank has focused on acquiring more tangible assets and plans to build a G+40 financial centre next to the National Theater. The bank also intends to construct its largest headquarters on 11,000 m2 of land close to "Filwuha" in the capital city.
The multipurpose Waliso building symbolizes the bank's focus on acquiring new assets. The building's construction started in 2019 and cost more than ETB 120 million to complete.
Coopbank becomes the first private bank in the country to reach 10 million account holders
The Coopbank is proud to announce that it has become the first private bank in the country to have 10 million account holders. This accomplishment is a testimony to our customer’s trust and confidence in us, and we are grateful for their ongoing support. With over ETB 121 billion in assets, 610 branch locations, and over 11,500 employees, we are dedicated to providing the best service to our clients. We would like to thank everyone who has helped us along the way, including our clients, team, stakeholders, and everyone who has contributed to our success. We are excited to build on this success and continue to serve our customers in the future.
#Coopbank #Bank #Ethiopia
Cooperative Bank of Oromia hosted its first-ever Cooperatives’ Expo
The cooperative bank of Oromia hosted its first-ever cooperatives’ expo at Adama, Galma Abba Gada intending to enhance the capabilities of exemplary unions and cooperatives.
At the event, 14 cooperative unions, showcased their diverse products on the expo. Besides, business-to-business (B2B) ties were developed by cooperatives and unions. The bank commemorated Cooperatives’ Day with a theme "Cooperatives for Building a Better World”.
Value-added and exportable goods like coffee, cracked corn, wheat, corn, barley, and corn flour were on show at the expo. Various products and technologies, like machinery for washing and grinding coffee, were also amongst that were showcased by the cooperatives. The product and technology vendors acknowledged the event advertised their goods and forge B2B connections. A documentary has been produced and presented in such a way that it explores the success of three primary cooperatives from the time of their founding to the current day so that other cooperatives can learn from their experience.
In his opening remarks, the Cooperative Bank of Oromia's president, Mr.Deribie Asfaw, said the bank has supported the work of farmers in different aspects. Mr. Deribie added that currently, the bank has a portfolio of more than 9.7 billion in outstanding loans for cooperatives and farmers. It is mentioned that this is the first bank in Ethiopia to provide such an amount of money. It is explained that the bank has dedicated one percent of its annual profit to training primary cooperatives and unions. For this, the bank has spent more than ETB 25 million in the last three years.
Mrs. Meseret Assefa, the head of the Oromia Cooperative Promotion Agency (OCPA), stated that the government has prioritized cooperatives and unions since the agency's inception. Mrs. Meseret responded that the government has provided primary cooperatives and unions with the necessary support, and they have been fulfilling their social responsibilities, and observing visible changes in the sector. Finally, she extended her appreciation and acknowledgment to the Cooperative Bank of Oromia for the financial and technical support it has provided to the primary cooperatives and the unions.
During the event, the Coopbank rewarded various awards to primary cooperatives and unions that have shown outstanding achievement during the 2021/22 FY. The bank awarded PCs and unions engaged in export activities and generated FCY, deposits, capitalized shares, loan status, and special category consideration. The bank has donated ETB 10 million to be spent on the capacity-building activity of the Oromia Cooperative Promotion Agency (OCPA) employees and management so that they can better support the cooperative sector. In addition to that, the best-performing zonal offices of the agency have been awarded. The award items at the event included a wide range of items such as office equipment; from desktops and printers to motorbikes.
Coopbank commences a free call center for customer service
Coopbank is excited to announce the launching of one of its large ongoing initiatives, a cutting-edge Customer Contact Center, as part of its dedication to providing superior customer service.
The center would serve as a single point of contact for the bank's prestigious customers to receive live, on-site customer help for any banking-related difficulties, offer feedback, and learn more about the bank's goods and services.
Please keep in touch with us if you have any comments or complaints, and call our toll-free number at 609, seven days a week.
For any complaint:
Mobile +251994446070, Namie Torban
Line No.+251116162711
Address: Bole road around Japan Embassy Rang real estate 10th floor
Cooperative Bank of Oromia held the 1st round of the PLS Lottery Drawing program
The PLS program, which was running from December 1, 2014, up to June 30, 2014 E.C., with the Coopbank, was completed today at the Grand Eliana Hotel by identifying lucky customers who have been saving on their saving account starting from ETB 350 during the stated period.
The lottery drawing was held in collaboration with the National Lottery Administration and 99 winners were identified during the event. Accordingly, the first lottery winner won a two-bedroom apartment in Addis Ababa city. The second lottery winner was able to secure a Suzuki Dzire 2021 model automobile, followed by third, fourth, and fifth winners who got two three-wheeled vehicles, thirty 32-inch Samsung televisions, and sixty-five Samsung smart mobiles, respectively. The bank will continue to make similar efforts in the near future See More
2021/22 Budget Year: Another Year of Success!
Cooperative Bank of Oromia’s registers gross profit of ETB 3.95 billion.
Cooperative of Bank of Oromia has made tremendous effort in all aspects to realize its vision of becoming the leading private bank in Ethiopia by 2025.
At the grassroots level, the bank, which aims to achieve social economic growth through banking services, reaches out to the marginalized and underserved communities and promotes a culture of saving based on small and large deposits from the wider community.
The 2021/22 fiscal year has yet been another fruitful year for the bank. During the fiscal year the bank’s number of customers reached 9 million, an astonishing number that puts the bank in a leading position from the private banks. Following the agressive move of the bank, the total asset of the bank reached ETB 96.77 billion showing a 36.06% increase from the previous year’s position. The bank earned USD 437.95 million in foreign exchange during the fiscal year. It has also expanded its reach by adding 124 new branches through out the country totaling the number to 593. The bank has an outstandign loan of ETB 84.26 billion and its total asset grew to ETB 114.36 billion. The total capital of the bank as well surpassed ETB 12.28 billion with a paid-up capital ETB 7.73 billion exhibiting that the bank is on a better footing than ever. Moreover, the bank registered an astounding gross profit before depreciation and provision of ETB 3.95 billion during the budget year.
Cooperative Bank of Oromia is agressively working not only on financial aspects but also on non-financial ones, enabling the implementation of modern banking technology and provision of competitive human capital to realize its long-sought vision.
Coopbank donates Br 70 M to drought response efforts
The Cooperative Bank of Oromia, a community-oriented bank has donated humanitarian aid worth Br 70 M to drought-Stricken areas of Oromia Regional State.
The Supplies include food items such as 8,400 quintals of Corn Flour, 2,000 quintals of Corn Soya Blend, 168,000 liters of edible oil, and 56,000 rolls of animal feed (hay).
The distribution started on the 3rd of March, to the lowland areas currently affected by the drought, East Bale, Borena, Guji, East & West Hararge zones.
Adhering to its value ‘Concern for Community, Cooperative Bank Of Oromia is committed to upholding the victims.