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Cooperative Bank of Oromia

Cooperative Bank of Oromia was formed on the 24th of October, 2004 with an authorized capital of Birr 300 million, and paid-up share capital of birr 112 million on March 2005.

Services Provided by Cooperative Bank of Oromia

Cooperative Bank of Oromia Diaspora banking

Opening an account

You will need the following documents to have a Diaspora Account with Cooperative Bank of Oromia:

  • Residence and/or valid work permit.
  • Proof of Identification that is valid
  • Renewed passport for non-resident Ethiopians/renewed passport & a yellow card for foreigners of Ethiopian Origin
  • One recent passport size photograph
  • If applicable: the power of attorney
  • copy of ID, and
  • one recent passport size photograph of the agent(s)
  • Diaspora Deposit Account
  • Current account

Diaspora customers can have current accounts that have personalized checkbooks, with free transactions all across Cooperative Bank of Oromia’s branches as well as free withdrawals fee for foreign currency transactions. The account is available in local and foreign currency, with a debit card on request. Customers have the option of a joint signatory if they have a spouse, sibling, or parent in Ethiopia. There is a special personal banker who would help the customer and give him/her advisory services. CBO also provides easy access to credit facilities and manages third-party payments. Diaspora Customers of CBO have access to the bank’s various E-Channels.

Savings Account

Savings account for Diaspora with Cooperative Bank of Oromia has a better interest rate, and the deposited amount can be both in local or foreign currency. There is a special personal banker who would help the customer and give him/her advisory services. Deposits can be used as collateral if the customer decided to go with personal loans and advances with CBO.

Fixed Time Account

This is an interest-bearing account with a predefined maturity date, which a minimum of the maturity date is 3 months, and an initial deposit of USD 5,000. The minimum amount is USD 100 or what is equivalent in an eligible currency. The interest on the fixed time account for Diaspora is payable only if the minimum period is maintained with CBO. Interest income on such accounts is tax-free.

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

This is a saving account of a normal interest rate that is opened for local currency savings, and it is operated/opened by non-resident Ethiopians/non-resident foreign nationals of Ethiopian origin. You can open an account either physically or via an agent, or as a couple. Deposits must be done in foreign currency.

  • Diaspora consumer loans
  • Mortgage/home loan
  • Loan Interest Rate: – from 8.5% per annum

Diaspora customers can get a mortgage loan for the construction and purchase of a house or another house with an existing compound. Cooperative Bank of Oromia is to give a grace period of one year with a special banker who’d act as an advisor for the customer. Loans by CBO, which run an interest rate from %8.5 per annum, can be up to 20 years for both local and foriegn currencies, with an equity contribution that starts with %20 of the house constructed/purchased.

Automobile Loan

This is a term loan for Diaspora who’d like to acquire a new car/automobile. The loan repayment can be scheduled for up to 10 years, with a grace period of 6 months. On the other hand, used automobiles can be given a grant if its year is of 7 years or less.

Personal Loan

The loan period shall be up to five years. This is a term loan, of up to 5 years, provided by CBO that covers urgent financial requirements, such as:

  • Medical treatment of self/family member
  • Education fee
  • Expenses of domestic/foreign travel or
  • any kind of personal expenses.

Cooperative Bank of Oromia Diaspora Business loans

Investment Financing

Of the project submitted by Diaspora, Cooperative Bank of Oromia is to finance not more than %80, with %20 to be financed by the promoter from his/her own equity, which shall be transferred via our bank. Documents required to borrow for projects are:

  • legal documents
  • An approved construction plan
  • Project proposal
  • Investment license
  • Memorandum & article of association
  • Landholding certificate/lease agreement
  • TIN
  • Working capital loans

Diaspora who is running businesses within Ethiopia is eligible to ask for working capital loans that the Cooperative Bank of Oromia provides. There are documents that CBO requires, which are: Documents related to collateral, which CBO will offer

Tax clearance, Business license, Financial Statements/Financial Plan, TIN, Cooperative Banking, Cooperatives Financing, Mechanization, Working capital for agricultural products, Model Farmers, Beekeeping, Input Loans, Dairy Farming, Agro-processing, Working capital for exportable items, etc

Resource Mobilization from cooperatives and farmers household, Foreign currency, Remittances, Saving culture development, Capacity Building (Coops Personnel), Technical Advisory role, Training, Both Local and abroad, Awareness creation, Linkage with stakeholders, Such as NGOs, etc

Cooperative Bank of Oromia Interest-Free Banking

Customer’s Account

Wadiah Saving Account

With unlimited withdrawals numbers, the customer can deposit with Cooperative Bank of Oromia

Labbaik Saving Account

This is directed to those who want to travel to Mecca & Medina and do Hajji or Umrah. The deposited amount by the customer is to be availed at his/her request.

Wadiah Demand Deposit/Current Account

This is a type of accounts provided by Cooperative Bank of Oromia where customers do deposits and the bank safely keeps the money with no interest.

Mudharabah Unrestricted Investment Account

The deposited amount is to be set on CBO’s general pool of Shariah Law Banking services and activities, and in return, he/she gets a shared percentage or portion of the lost capital.

Mudharabah Restricted Investment Account

The deposited amount is to be invested into a project by the customer’s choice, and in return, he/she gets a shared percentage or portion of the lost capital.

Wadiah Special Accounts

Is a safekeeping account operated by cheque. customers deposit money to be safely kept within the Cooperative Bank of Oromia.


Murabaha Financing

This is a contract of promise between Cooperative Bank of Oromia and the customer to sell and purchase a commodity, machinery, vehicle, etc on a pre-agreed upon profit added to the cost

Ijaraha Financing

This is a form of financing where the Cooperative Bank of Oromia is to finance leases of properties.


The seller in this situation is to supply some goods, usually agricultural goods requested by the buyer at some time in the future in return for an advanced price that is fully paid on the spot.


Cooperative Bank of Oromia is to act as a manufacturer/constructor here to manage, as per specification: Power station, House construction, roads projects, Plant, etc


Mudharaba Investment

This is a partnership between Cooperative Bank of Oromia and the customer with shared profit and loss as agreed upon.

Musharaka Investment

Joint ownership of either property, equipment, or commercial enterprise where one partner is to profit as per the agreed-upon ratio, while losses are to be shared n equal proportion against the capital contribution of that partner.

Diminishing Musharakah

This is a co-ownership where two or more people, say COB and the customer, share the ownership of a tangible asset, in a pre-agreed upon ratio. One of the co-owners is to manage to purchase in split installments the share of the other co-owner until the title is transferred to the client/co-owner.


This is a written promise by Cooperative Bank of Oromia that they will pay a sum of money to a recipient, either local or foreign, if the obligor, its customer, fails to satisfy his/her/its obligations in alliance with the terms and conditions of the contract. There are many types of Kafala that Cooperative Bank of Oromia does:

Customs Duty Guarantee, Performance Bond, Retention Payment Guarantee, Bid Bond, Letters of Indemnity for Missing Documents, Advance Payment Guarantee, Trade Services, Wakalah Letter of Credit

This is a written document where Cooperative Bank of Oromia gives such a document at the request of a buyer under the Wakala Contract to make payments/accept bills. It is to be drawn by the seller up-to some sort amount of money within a specific timeframe.

Murabaha Import Letter of Credit

A contract between Cooperative Bank of Oromia, who buys the goods for a customer, and afterward the customer agrees to in, the long run, purchase the goods from the Bank via re-sale.

Musharaka Letter of Credit

This is a contract where the value of of the credit issued by Cooperative bank of Oromia are shared between the bank itself and the customer of the bank, based on pre-agreed upon contract.

Wakala Export Letter of Credit

Cooperative Bank of Oromia appoints the exporter as its agent for the collection of receivables on the bank’s behalf

Wakala Documentary Collection (Wakala Cash Against Document – CAD)

This is a transaction in which both the importer and exporter have a contract. The exporter delivers documents to the importer via the Cooperative Bank of Oromia. If the total price is paid and collected fully, then the buyer gets the purchased goods.

Wakala Advance Payment

This is a transaction in which the importer does payment for the goods to be imported before the shipment, and he/she shall trust the supplier that he/she will ship the goods on time and that the goods are as agreed upon.

Wakala Consignment Basis Payment (for Export)

This is a transaction method where a local exporter exports goods to a foreign importer, who is supposed to pay the exporter only if the goods are sold

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