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 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.


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.

The bank expands IFB service from window-based to branches

Coopbank is currently increasing its number of Interest Free Banking branches to more than 13.

Since the country is home to a large number of Muslims, they are not are not interested in using common banking services for it’s not in line with the rules of their faith. With this in mind, the bank is opening Interest-Free Banking branches in various cities of the country.
Acquiring an adequate experience from different parts of the world, public and private banks in the country are providing this service to meet the needs of their customers. Likewise, Coopbank is also increasing its number of branches which was only available through one window previously.
The expansion of the branches will help to provide affordable service and satisfaction to its customers.
In addition, to meet the needs of its customers, it has facilitated the provision of digital banking services based on Sharia law by providing Halal ATM card and Coopay E-birr.
The bank is working hard to achieve its goals and be the pride of its customers.

Cooperative Bank of Oromia’s profit rose by 85.47pc to ETB 1.42 billion

Cooperative Bank of Oromia made a record operating profit of ETB 1.42 billion in the 2019/20 fiscal year, a rise of 85.47pc from the last fiscal year. It is the highest in the previous 15 years journey of the bank, making it the third most profitable private bank in the country. The earnings per share for the year became 47pc, up from the last fiscal year’s 36pc.

The bank attributed the impressing operating profit performance of during the period mainly to our e­ffective revenue and expense management practices.

During the fiscal year, the bank was able to generate a revenue volume of ETB 5.74 billion, which grew by birr 2.03 billion compared to the same period the previous year, mainly attributed to the growth of the bank’s loans and advances as an interest income stood at ETB 4.16 billion, 72.4pc of total revenues.

Consolidated non-interest income generated was ETB 1.58 billion, which grew by 75.77pc from the last fiscal year. The bank mainly attributed to increased income of commission and service charge from Forex and IFB income.

Coopbank has joined International Cooperative Alliance

The Cooperative Bank of Oromia has joined the International Cooperative Alliance (ICA), an independent non-governmental organization representing co-operatives in the globe. The Alliance was founded in 1895, and its members are national and international co-operative organizations in all sectors of activity, including agriculture, banking, credit and saving, industry, insurance, fishing, social housing, health, public services, consumer services, and tourism. The main objective of the ICA is to promote and strengthen co-operatives all over the world. Furthermore, the alliance endeavors to encourage and defend the values and principles of the co-operative movement, stimulates mutually beneficial relations between its member
organizations and favors the economy and social progress of people.

We, Cooperative Bank of Oromia, are a bank established by the co-operative movement to play our share in delivering financial services to the unbanked and underbanked communities as well as to sustain the co-operative institutions. With about 67 percent of our shareholdings being held by co-operative societies, we have a unique operating model and value propositions for co-operatives. We are also one of the largest banks in the Ethiopian banking industry, with huge retail branch networks in rural areas. With these premises, the Bank placed a membership request to the alliance by fulfilling all the necessary evidence and conditions. Located in Brussels — Belgium, the Membership Committee of the ICA Board afterward agreed to admit our Bank as a member.

Becoming a member of the alliance will benefit the bank for global networking, for learning and adopting the latest best practices globally in cooperative movement, and for global representation and decision-making which enables us to take
part in the global decision-making process regarding the strategy of the international cooperative movement. Additionally,
the bank has also joined International Cooperative Banking Association (ICBA), an association representing cooperative financial institutions and cooperative banks, affiliated, to the ICA.