Diaspora Current Account

This account takes the form of current deposits where withdrawals may be made at any time upon demand by writing a check and/or a prearranged procedure adopted by the bank. Interest shall not be paid to a non-resident foreign currency current account.

Features

• Its available in local and foreign currency (GBP, USD, and EURO)
• This account has a personalized Cheque Books,
• Debit Card can also be issued on request,
• You will be provided with E-mail alerts and statements,
• There is an option of Joint Signatory (e.g. with spouse, sibling or parent in Ethiopia),
• Coopbank also provides some sort of financial advisory services,
• Facilitation of third-party payments,

Benefits

• Free withdrawals fee for foreign currency transactions,
• Free transactions across all CoopBank branches
• Enables you to access all our E-channels,
• You can get access to credit facilities,
• There will be designated Personal Banker who support you in your banking with Coopbank.

Diaspora Savings Account

This account is designed to make your money more productive back home. It is a deposit account with attractive interest rates and is available in both ETB and foreign currency (USD, GBP & EURO).

Features

• Attractive interest rates for all applicable currencies,
• Funds are non-repatriatable,
• Standing orders for transactions.

Benefits

• Safe and secure investment option,
• Designated Personal Banker,
• The deposit can serve as collateral for personal loans and advances.

Diaspora Automobile Loan

Diaspora Automobile Loan is a term loan granted to the Diaspora for the purchase/acquisition of brand new or used personal automobiles.

Features

• It is a term loan granted for financing the acquisition of a brand-new automobile,
• The bank shall grant a loan for the acquisition of used automobiles whose manufacturing year is 7 years or less,
• The loan repayment period shall be up to 10 years,
• The bank gives a grace period of six months,
• The bank may require the client to purchase the car from approved vendors if it deems it important.

Benefits

• It enables customers to use funds that would have been expended on vehicle purchases for other purposes,
• The loan amount is determined by the income of the borrower and the cost of the vehicle proposed to be purchased,
• The repayment is through monthly instalments or at other agreed instalment frequencies,
• Attractive interest rate and repayment plan,
• Fast processing and approval time.

Eligible          

• Non-resident Ethiopian nationals living and working outside Ethiopia,
• Non-resident foreign nationals of Ethiopian origin,
• Companies owned by the above-mentioned non-residents and located outside the Ethiopian territory for more than one year,
• Ethiopian nationals living and working abroad who can produce authenticated documents.

Requirements

• Loan application forms that are properly filled and signed by the applicant,
• Valid passport and/or identification card,
• For businesses, certificates of ownership entitlement for the organization and/or Articles and Memorandum of Association,
• Proforma invoice or quotation from the dealer/vendors,
• The vehicle needs to be insured throughout the terms of the loan,
• Others as required by the bank.

Apply for a Loan Here!

Diaspora Mortgage/Home Loan

Mortgage/Home Loan is a secured long-term loan provided to Ethiopian diaspora communities to purchase or construct real estate and homes in Ethiopia. The loan product is available to eligible Ethiopian Diasporas with verifiable and steady incomes.

The purpose of this loan is to help the diaspora with:

• Construction of new residential house,
• Construction of additional house within an existing compound,
• Purchase/acquisition of residential house etc.

Features

• Loan duration is up to 20 years for local and foreign currency lending,
• Equity Contribution: starting from 20% of the house to be purchased or constructed,
• Loan Interest Rate: From 8.5% per annum,
• The bank shall give a grace period of one year,
• The loan will be secured by the house or building to be purchased/constructed,
• The bank may require or accept other collaterals in addition to the house.

Eligible

• Non-resident Ethiopian nationals living and working outside Ethiopia for more than one year who can produce authenticated documents,
• Non-resident foreign nationals of Ethiopian origin,
• Companies owned by the above-mentioned non-residents and located in Ethiopia.

Benefits

• The amount of the loan is determined by the repayment capacity of the borrower as evidenced by his income and the cost of the home/building to be purchased/constructed and related collateral,
• The bank may decide on the minimum and maximum amount of the loan apart from these conditions,
• It gives attractive and competitive pricing,
• There is support from a designated personal banker,
• The inclusion of a spouse as a co-applicant may enable the primary applicant to take a higher loan amount.

Required Documents

The application letter of the customer has to include the following documents:

• Application forms that are properly filled and signed by the applicant,
• For individuals of Ethiopians or foreign nationals of Ethiopian origin, a valid passport and/or identification card,
• For businesses, certificates of ownership entitlement for the organization and/or Articles and Memorandum of Association, etc.
• Copy of sale agreement,

Other relevant.

Apply for a Loan Here!

Ethiopian Citizen or Origin Living in Foreign Land (ECOLFL) Savings Account

It is a local currency savings account opened by non-resident Ethiopians or non-resident foreign nationals of Ethiopian origin for personal emergency expenses, purchase or construction of residential or commercial houses, for business and investment in Ethiopia, or purchase of a car in which all deposits are made in foreign currency.

It is possible to open ECOLFL savings Account for the applicant(s) in person or through her/his/their agent or the Ethiopian Embassies if she/he/they fulfil the following requirements:

1. The age of the applicant(s) should be 18 years and above,
2. Couples can open Joint ECOLFL Savings Account,
3. Submission of the following documents before account opening:

• Renewed passport for non-resident Ethiopians or renewed passport and a yellow card for foreigners of Ethiopian Origin,
• Residence and/or work permit,
• One latest passport-size photograph,
• Power of attorney, copy of lD and one passport-size photograph of the agent (if any),
• Bank account statements from foreign sources (optional),
• For businesses, authenticated certificate of ownership entitlement of the business and/or article and memorandum of association.

4. ECOLFL Savings Account can be opened in all branches of the bank,
5. All deposits to the account shall be made in foreign currency (Dollar, Euro or Pound Sterling).

The applicant can credit the account without limitation per the following:

• • Foreign currency cash (evidenced by customs declaration for amounts equivalent to or greater than USD 3,000 and/or per NBE Directive No. FxD/55/2018, but this figure may change based on amendments to the Directive),
  • Direct credit to the account using the SWIFT code of the bank (CBORETAA) or via money transfer agents,
  • Transfer from Diaspora Fixed Time Deposit and/or Diaspora Current Account but not from Non-Repatriable Accounts,
  • Deposit of cheques originated by foreign.

6. Full or partial withdrawals from ECOLFL Savings Account shall be allowed only in local currency at any point in time,
7. ECOLFL Savings Account shall be closed when the applicant requests so before the loan application. However, this does not restrict the applicant from opening another ECOLFL Savings Account,
8. ECOLFL Savings Account shall bear the prevailing annual saving interest rate set by the National Bank of Ethiopia,
9. Foreign currency credits to ECOLFL Savings Account shall be converted to local currency using the bank’s particular currency buying rate on the date of transaction,
10. If the account owner dies and the legal heir of the ECOLFL savings account requests to be eligible for a Diaspora Mortgage Loan or Diaspora Car Loan or Personal Loan or Diaspora Investment Loan and/or Diaspora Working Capital Loan, the bank will assess the request as per its internal procedure,
11. An applicant working for an international organization whose salary is in FCY can open ECOLFL Savings Account without documentary requirements of resident and/or work permit. However, the applicant should submit an employment contract and an Ethiopian passport.

Benefits

• Enables an applicant(s) to open in person or through his/her/their agent at a nearby branch of Cooperative Bank of Oromia,
• This account will bear annual interest equivalent to the prevailing NBE set savings interest rate,

It enables couples to open Joint ECOLFL Savings Account.

Online Open Account Here!