Monday, 18 September 2017 11:20

Local Money Transfer

Making use of its nation wide branch network and state of technology, CBO renders fast and reliable local money transfer service.

Among various modes of remitting funds from one spot to the other.

CBO Effecting:

  • Mail Transfer:- Telegraphic or Telephone transfers
  • Local Draft:- Cashier payment order(CPO)


Monday, 18 September 2017 11:15


Major types of domestic/local deposit product accounts are:

  1. Saving Account;
  2. Demand/Checking Account;
  3. Fixed Time Deposit Account;

I. Saving Account

  1. Ordinary Saving Account


  • It is an interest bearing deposit account
  • The minimum balance to open the account is Birr 50.00;
  • withdrawn by properly filling a withdrawal slip;
  • Operated by a passbook and an ATM-Card;
  • It can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney;
  • No restrictions on the number and amount of deposit and withdrawal unless restricted by pertinent bodies;

Advantages of Ordinary Saving Deposit

  • Encourages saving culture/habits of the society;
  • Enables the depositor to earn income through interest ;
  • Helps the depositor to make fund transfer;
  • Paying through ATM/POS cards, internet & mobile and etc.;
  • It provides immediate cash as and when required;
  • It gives record of all transactions for the customer.

       B. Sinqe Women’s Saving Account

 Features & Benefits:

  • Tailored for women aged 30 years and above;
  • opened individually;
  • Accompanied by separately branded debit cards;
  • Zero Minimum deposit requirements for opening the account;
  • Enjoy higher interest rate and other benefits attached to the product.
  • It develops saving habits of women and the general public;
  • Builds up future planning;
  • Encourages finical independency for the women

       C. Youth Savings Account

Features & Benefits:

  • It is an account for male and female youth in the age group 15-29 years;
  • Zero minimum deposit requirements;
  • It is accompanied by debit card;
  • It has no transaction fee and free account maintenance;
  • Gain higher interest rate compared to ordinary saving account.
  • Develop saving habits of self employed teen-youth;
  • It builds up future planning;
  • It gives financial independency for the youth.

       D. Gamme-Junior Account

Feature & Advantages

  • Saving Account for children aged 0-15 years in the name of the child;
  • Administered by parents/guardian until the child becomes able to do so;
  • Opened and operated by the parents jointly, or by the parent or guardian, or solely by themselves (as the case may be);
  • Birth certificate or any evidentiary document issued by pertinent organ needed;
  • If the parent/guardian becomes incapable to exercise their power of guardianship for various reasons, another guardian is appointed by the law;
  • Payment is enabled to the junior when he/she attains the age of youth.
  • No minimum amount requirement to open the account;
  • No transaction and account maintenance fees;
  • No debit card is issued on this account;
  • Gain higher interest rate and enjoy other benefits attached to the product;
  • Develop saving habits and build up future planning.

       E. Special Saving Account Features


  • Interest bearing account operated by a cheque;
  • It is account opened for prominent customers of branch;
  • Opened or operated by literate customers only;
  • The customer should not be in delinquent list;
  • No passbook is required for such accounts;

II. Demand Deposit Account

  1. Ordinary Demand Deposit Account

Basic features:

  • It is current or checking account which is a non-interest bearing;
  • It is opened or operated by literate customers only;
  • The minimum amount required by the bank to open for individual trader is birr 500.00 and for organizations/companies Birr 1,000.00 ;
  • The account opening customer should not be in the blacklist;
  • No restrictions on the number and amount of deposits & withdrawals;
  • It can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney;
  • The bank shall issue account statement to the customer on monthly basis.

Advantages Ordinary Demand Deposit Account is:

  • It facilitates/makes easy business transactions;
  • It enables to carry out transactions properly and promptly;
  • The account holders withdraw without any limit;
  • It helps make a direct payment to their creditors by issuing checks;
  • It enables the bank to collect money on behalf its customers;
  • Customer’s account statement is monthly issued by the bank;
  • Multi-location fund transfers.

       B. Special Demand Deposit

  • It is a checking account which bears interest less than the minimum interest rate of SA set by the NBE(determined by the bank);
  • All its features & advantages are the same with ordinary demand deposit account except the above mentioned one;

       C. ECX Related Accounts

  • Special Pay-in or Pay-Out account for the members of the ECX to facilitate the trading of Commodity at ECX;
  • Opening request is lodged by the ECX through an account opening facilitation letter to the bank.

III. Fixed Time Deposit

  • Received for a fixed period of time with negotiable interest rate (normally higher than the prevailing saving interest rate);
  • certificate of deposit(CD) is issued;
  • Withdrawal is not allowed prior to the maturity date;
  • withdrawn before due date forfeits the higher interest rate;
  • Can be renewed for a further period;
  • Interest is calculated only for the duration of the certificate,
  • No interest will accrue after expiry;

Advantages of fixed time deposit

  • It encourages saving habits for a longer period of time;
  • Earning higher interest rate;
  • On maturity the amount can be used for planned expenditure;

Types of foreign currency account may include:

       A. Non-Resident Transferable FCY Accounts (NRT FCY)

  • Maintained in foreign currency and
  • Can be transferred abroad without obtaining foreign exchange permit;

       B. Non-Resident Transferable Birr Account (NRT)

  • Account maintained in Birr
  • Funds can be transferred abroad in foreign currency without the obtaining foreign exchange permit
  • All sources deposits  should be   in foreign currency;

       C. Non-Resident Non-Transferable Birr Account (NRNT)

  • Account opened to meet their local expenses;
  • The account is designated as '' Non-Transferable Birr Account''
  • All sources for deposits should be in foreign currency;

       D.Foreign Exchange Retention Accounts

  • Accounts opened for exporters and recipients of inward FCY remittance   (Foreign Currency retention A & B accounts)

       E. Foreign Currency accounts/Diaspora Account

  • Foreign currency Account opened in the name of Ethiopian and foreign nationals of Ethiopian origin.
Friday, 15 September 2017 18:54


Friday, 15 September 2017 18:52

Uomer Wabe


Friday, 15 September 2017 18:51

Teshome Niguse


Friday, 15 September 2017 18:50

Teshome Argeta

The Board Secretary

Friday, 15 September 2017 18:49

Shumi Bulesa


Friday, 15 September 2017 18:48

Mulugeta Debebe (PhD)


Friday, 15 September 2017 18:47

Meskerem Debebe


Friday, 15 September 2017 18:45

Dagnachew Shiferaw

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