News
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.
Coopbank Launches Michu 2.0: Transforming Digital Lending
Finfinne, September 14, 2023- Cooperative Bank of Oromia proudly announces the launch of Michu an advanced digital lending platform introducing innovative products, Michu Guyyaa and Michu Wabii.
Michu is poised to revolutionize the loan application process, catering to individuals, micro, small, and medium-sized enterprises with flexible lending options, including daily, weekly, and monthly choices.
Coopbank's President, Obbo Deribie Asfawu, underscores the potential of Michu to enhance loan accessibility and foster small business growth. This reaffirms the bank's enduring commitment to making loans more accessible and supporting businesses nationwide.
The president emphasizes that Michu marks a significant step towards realizing the dreams of millions, aligning perfectly with Coopbank's mission to bridge the $6 billion global funding gap for small businesses. This enhanced platform simplifies the loan application process, using specific criteria to assess customers and expedite access to working capital.
The original Michu platform has already transformed the lives of countless entrepreneurs who previously struggled to secure traditional loans. It has empowered businesses like Bethlehem Daniel's, Henok Hadi's, and Yohannes Afework's, enabling them to expand and create employment opportunities.
During its testing phase, Michu disbursed over 1.3 billion Birr in loans, benefiting more than 113,000 individuals and contributing to the creation or enhancement of 137,175 jobs.
Vice Governor Solomon Desta of the National Bank of Ethiopia commends Coopbank's steadfast dedication to advancing financial technology initiatives that significantly boost financial inclusion across the nation. He highlights the pivotal role of these efforts in reducing poverty and encourages Coopbank to continue its mission.
The CEO of Kifiya Technologies, Mr. Munir Duri, also stated during the launch that this digital platform aims to revolutionize the banking experience, offering customers seamless access to financial services and cutting-edge technology.
HE Nigusu Tilahun, State Minister of Labor and Social Affairs, applauds Coopbank's initiatives aimed at reducing unemployment and providing essential capital support to job seekers. He views these efforts as a model for banks nationwide and urges their expansion and replication.
Coopbank expresses its heartfelt gratitude to partners such as the National Bank, the Mastercard Foundation, and Kifiya Technologies. They extend invitations to organizations like the National Bank of Ethiopia, World Bank, UNICEF, and the African Development Bank to join their mission.
The event, hosted at the bank's Digital Valley, attracted government officials, dignitaries, stakeholders, business partners, and members of the media.
Download Michu 2.0 mobile app here: https://play.google.com/store/apps/details?id=com.kifiya.digital.lending
Coopbank Introduces Coop-Chapagram: A New Digital Financial Service
August 15, 2023
Coopbank, a pioneer in digital financial solutions, proudly announces the launch of its latest innovation, Coop-Chapagram, in partnership with Chapa, a leading financial technology provider.
During the official launch event of the Coop-Chapagram digital financial technology program held at the Hayatt Regency, President Darbie Asfawu stated that the initiative establishes a robust digital financial infrastructure, enhances accessibility for convenient financial services, and strengthens their commitment to enhancing financial inclusivity.
Moreover, the Coop-Chapagram technology, an integrated banking system, allows customers to seamlessly access numerous financial services through their Telegram number “Chatbot”, as emphasized by Obbo Daribe. This further solidifies the bank's reputation for pioneering user-friendly financial solutions.
Coop-Chapagram empowers businesses of all sizes to seamlessly embrace digital payments. Customers can make purchases, money transfers, bill payments, and more via Telegram, eliminating complex bank integrations. Initially, the platform focuses on services like money transfers, payment processing, QR receipts, and airtime top-ups. It expands to include international transfers, micro-loans, insurance, and a suite of financial services.
Beyond convenience, Coop-Chapagram offers a secure path for small businesses and entrepreneurs to join the digital economy, streamlining accounting processes. Through a strategic partnership with Chapa, Coopbank taps into Telegram's vast user base of over 12 million Ethiopians, which is ideal for delivering seamless financial services via the Coop-Chapagram interface.
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.