Commercial Bank of Ethiopia ready to serve 1 million expected from the Ethiopian diaspora 24/7: CEO

December 11/2021 (ENA) The Commercial Bank of Ethiopia (CBE) has announced that it is ready to serve the million Ethiopians in the diaspora who are expected to come to their home countries 24/7 , and to provide various financial services.

Speaking to ENA, Commercial Bank of Ethiopia CEO Abie Sano said the visit of one million Ethiopians in the diaspora was good news for the bank and that the bank was preparing to expand. more packages and to refresh services.

“We have already formed a working group that will work on services to provide better and more efficient services than in the past,” he said.

The bank has launched a reservation system called Gate Rooms, which allows the diaspora to book hotels from wherever they are, the CEO revealed, adding that diaspora members who come to Ethiopia could easily book, pay and book online.

According to Abie, CBE has also arranged financing services for mortgages and vehicles at preferred rates.

“We have several services in the areas of mortgage and vehicle financing, if they want to settle permanently in Ethiopia. For businesses, we have put together products that would suit them very well at very privileged prices; That is, a lower interest rate for the loan, a longer loan period, a lower collateral requirement, and a lower equity requirement.

In addition, branches will be ready to serve them over-the-counter in banking services like currency translations, he said, adding that airport branches will be the primary beneficiaries of this service.

In addition to CBE branches at the airport, the diaspora can exchange foreign currencies at the bank’s 500 branches in Addis Ababa and at 1,700 branches across the country.

The CEO further stated that the bank “will accept Visa and Mastercard as well as Union Pay so that they can use debit cards to obtain local currency (Birr) for their local consumption. All of our branches are ready to serve them. In this regard, we also have about 3,000 ATMs, 4,000 ATMs in different locations and CBE branch counters.

Abie urged the diaspora to conduct their foreign exchange transactions through legal means.

“We hope that the diaspora will exchange all foreign currencies by legal means, and they will only need to exchange in legal destinations like bank branches,” said the CEO.

He said the bank is also planning to organize workshops to introduce the products and services to the diaspora during their stay in Ethiopia, in collaboration with the Ministry of Tourism and relevant associations.

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