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Dashen Bank

Dashen Bank is the first private bank established back in 1995 with ETB 14Million capital. The Bank initially started operations with eleven branches but over time Dashen Bank has grown on a tremendous scale and currently has over 400 branches, 10 Forex Bureaus, over 350 ATMs, over a thousand Point of Sale terminals, and agent banking.

Dashen Bank was named after the highest mountain in Ethiopia, “Ras Dashen” which is also the habitat of unique wild animals like Walia Ibex. These characteristics of the mountain happen to match with the founders of the Bank and cause them to adopt the name and incorporate their aspirations.

Dashen Bank as of date has an asset of ETB 28 Billion and over 1.5 million customers.  Dashen Bank has also established strong correspondent banking relationships with 462 banks in 70 countries and 170 cities worldwide. This shows the bank’s reliability and modernities.

The Bank also works in partnership with the electronic payments brands including AMEX, VISA, MasterCard & UnionPay and well-known money transfer operators such as Western Union, MoneyGram, Express Money & Dahabshiil, Ezremit, Transfast, WorldRemit, and Ria.

Services at Dashen Bank

Domestic Banking

Current Account:

Definition: This is an account opened to individual names, joint names, registered businesses, groups, or organizations. An individual or business with this account can access money through cheques or VISA card.

Benefit: Affordable minimum account opening balance

  • Easy payments through cheques
  • Free monthly account statement
  • VISA Card on application
  • Account accessible at any branch
  • Interest bearing

Dashen Bank Loan Procedures

Dashen bank grants loans and advances to different sectors of the economy on the strength of viability and assessment of concentration risk.

Major types of credit facilities by Dashen Bank

  • Overdraft (for working capital)
  • Term loans (Short and project finance)
  • Letter of credit facility
  • Advance on import bills
  • Revolving overdraft (for export bills)
  • Merchandise loan
  • Trade bills discounted
  • Export credit guarantee scheme
  • Letter of guarantee (Advance, Performance and Bid Bonds)

Major Types of Loans at Dashen Bank

Agricultural Loans: This type of loan is granted for the purchase of agricultural inputs such as fertilizers, selected seeds, agro-chemicals, rental or purchase of agricultural machinery and equipment; for crop collection, processing, and marketing of agricultural products. Projects also focused on producing exportable products like flowers, fruits, and vegetable and agro-industry developments such as dairy farming, cattle fattening are eligible for this type of loan facility.

Dashen bank private car loan is around 14.5 % interest rate.

Manufacturing Loans: These types of loans are availed to facilitate manufacturing projects of small, medium and large-scale industries are classified under this category. Dashen Bank encourages the following manufacturing sectors to provide loans

  • Business establishments producing commodities that will improve agricultural productivity
  • Expansion programs of already existing establishments.
  • Enterprises utilizing agricultural inputs (agro-based industries and other local raw materials)
  • Enterprises producing consumption goods.
  • Labor-intensive industries.
  • Industries engaged in the production of capital goods.
  • Industries geared to the export market and import substitution.
  • Industries producing goods having value-added.
  • Small-scale industries owned by individuals and cooperative ventures.

Import/Export Loans: This is one of the priority areas of the bank as foreign trade has a great significance in the development of an economy. Dashen bank has a great loan facility for businesses involved in international trade financing in the form of import and export.

Trade and Services Loan: This type of loan includes sectors such as wholesale trade, retail trade, services such as hotels, schools, hospitals, tour agencies, etc other than transportation services.

Financing trade and services help in the smooth flow of goods and services in the economy and serve as an intermediary between producers and consumers. Therefore, trade-in essential goods whether imported or locally produced is to be encouraged by Dashen Bank through working capital financing. Among others, goods traded include outputs of manufacturing industries, cottage and handicraft, mining activities, and agricultural products.

Building & Construction Loans: Dashen Bank grants loans for building contractors, investors who are engaged in road and water projects construction, civil workers, and business people who seek financial assistance to construct commercial or residential buildings. These loans are also provided to licensed contractors to pay working capital shortages to mobilize materials required to construct buildings, roads, dams, etc.

Transport Loans: Loans to be granted for the purchase of transport vehicles like trucks, tankers and public transport buses to licensed transport operators are to be classified here. In addition, loans granted to facilitate the smooth operation of trucking companies or loans to cover custom duty charges or modification costs are also included.

International Banking

Foreign Exchange Permits

The foreign exchange regulation of the country requires most import, export, and outgoing foreign payments to be processed against the approval of foreign exchange permits. Permits will be approved when in presence of documents in a set that show the consistency of data between each other, some of the data to be includes are

  • Name and full address of parties
  • Types of currency and amount
  • Agreement between the parties
  • Description of commodities or service of the transaction
  • Port of Loading and Delivery

Import and Export:

Import: Import refers to bringing in commodities, machinery, materials, etc from a foreign country and related transactions. Banking regarding import transactions deals with documents.

“Documents” in import transactions mean the following

  1. “Financial documents” means bills of exchange or promissory notes used for obtaining the payment of money.
  2. “Commercial Documents” means commercial invoices, transportation documents [like Bill of Lading (B/L), Air Waybill (AWB), Truck Waybill (TWB), Rail Waybill (RWB), Parcel Post Receipt (PPR)], Packing List, Certificate of Origin, documents of title or other similar documents, or any other documents whatsoever, not being financial document.

The three methods of payment allowed by the regulation for import activities are listed here below – based on risk level to Ethiopian importers.

  • Cash Against Document (CAD/IBC)
  • Letter of Credit
  • Advance Payment

Export: Export refers to transactions related to sale of commodities, machineries, materials, etc to foreign countries. Banking regarding import transactions deals with documents set

  1. “Financial documents” means bills of exchange or promissory notes used for obtaining the payment of money.
  2. “Commercial Documents” means commercial invoices, transportation documents [like Bill of Lading (B/L), Air Waybill (AWB), Truck Waybill (TWB), Rail Waybill (RWB), Parcel Post Receipt (PPR)], Packing List, Certificate of Origin, documents of title or other similar documents, or any other documents whatsoever, not being financial document.

The four methods of payment allowed by the regulation for this type of activity are listed here below based on risk level to Ethiopian exporters.

  • Advance Payment
  • Letter of Credit (L/C)
  • Cash Against Document (CAD/IBC)
  • Consignments

Letter of Guarantee:

Definition: Guarantee means any bond or payment undertaking given in writing by the guarantor (bank or insurance company or other body or person) at the request or on the instruction and under the liability of a principal to discharge an obligation otherwise to compensate loss or damage sustained in the form of payment to a beneficiary on presentation of a written demand and such other documents in conformity with the terms and conditions of the guarantee.

Money Transfer

Local Money / Wire Transfer

Money transfer (remittance) service is one of the major tasks operated by Dashen Bank. Remittances of money through banks between cities in the country are called Domestic Money Transfer or Remittances. There are different modes of effecting Money Transfer. However, the most common means of transferring from one place to the other within the country are:

  • Cashier Payment Order (CPO)
  • Local Drafts
  • Mail Transfers
  • Telegraphic or Telephone Transfers

International Money Transfer

Western Union: Dashen Bank is an Agent of Western Union International money transfer.

  • Features of Western Union:
    • A Secured Code to protect your money
    • No bank account needed
    • Ease of transfer in minutes
  • Simple Guide to Recieve money via Western Union:
    • Fill the “To Receive Money” form which includes senders Name, amount of money sent, sending country and Test Question answer.
    • Give form and ID to Agent
    • Agent Gives you your money and Receipt

Money Gram: Dashen Bank is also an agent for Money Gram International money transfer. In order to receive money from Mone Gram and other international money transfers at Dashen bank is the same steps as you receive money with Western Union.

Interest-Free Banking

Interest-Free Banking (IFB) service is an option similar to conventional banking systems except differing on the concepts of interest rates and exclusion of businesses engaged in gambling, sales, or production of pork and alcohol.

Dashen’s IFB service is known as Sharik. It is implemented in one-third of the Bank’s branches. Services that are provided under IFB include deposits, loans, foreign exchange, and remittance.<br/>

The services of the Bank under IFB are four:

  • Amanah– keeping money safe on trust,
  • Qerd– a current account that allows transactions with cheques,
  • Mudaraba– an investment account, and
  • Mudaraba Time Deposit Account– where the customer saves money for a fixed period and withdrawal is done on notice, not on demand.

Dashen Amole

Amole is a mobile money and digital finance where users can engage through different platforms such as USSD and a mobile app.

Amole Digital Banking payment enables merchants and the bank’s agents with mobile point-of-sale (mPOS) to provide digital products and services where customers do their day-to-day shopping. This enables consumers to conveniently pay for their purchases, utility bill payments, person-to-person (P2P) transfers, electronic mobile top-up, Cash-in, and Cash-out.

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