Financial Sector
The financial sector in Ethiopia mainly consists of banking system, insurance and micro finance institutions Banks and other financial institutions operating under the public and private sectors render financial services the country. Commercial banking activities have carried out by two state owned banks (Commercial Bank of Ethiopia and Construction and Business Bank (CBB)), eight private commercial banks and one cooperative bank which had a total of 487 branches in the whole country at the end of 2006/07 There are also about 8 banks currently (beginning of 2008) under fanatic There is also one state-owned specialized bank the Development Bank of Ethiopia (DBE) operating with branches.
Insurance services are performed by nine private and one state-owned insurance company. At the end of 2006/07, these insurance companies were operating 146 branches in the country.
Moreover, there were 28 micro-finance institutions as June 2006/07 and several other savings and co-operatives operating as financial institutions.
All commercial banks offer savings and checking accounts; extend short-term loans; handle foreign enchant transactions; provide mail and cable money trams services; participate in equity investments; provide guarantee services and perform all other commercial banking activities.
The Development Bank of Ethiopia (DBE) extends short, medium and long-term loans for viable development projects, including industrial and agricultural projects. It also provides other banking services, such checking and saving accounts to its clients (borrowers The CBB provides long-term loans for construction plants, schools, acquisition or maintenance of dwellings, and real estate development. In addition, it offers all other commercial banking services to business.
Foreign companies formally registered and operating in Ethiopia are entitled to access domestic credit borrowing on the same terms and conditions as Ethiopian companies.
Banking and Insurance
Efficient facilities for banking and insurance are available in Ethiopia.
The National Bank of Ethiopia (NBE) is the central bank.
Banks
National Bank of Ethiopia
P.O. Box 5550, Addis Ababa, Ethiopia
Telephone: +251-1-517430
Fax: +251-1-514588
Email: nbe.edpc@telecom.net.et, nbe.excd@telecom.net.et
Website: http://www.nbe.gov.et/
Awash International Bank
P.O. Box 12638, Addis Ababa, Ethiopia
Telephone: +251-1-614482 / +251-1-614485 / +251-1-612919
Fax: +251-1-614477
E-mail: awash.bank@telecom.net.et
Bank of Abyssinia
P.O. Box 12947, Addis Ababa, Ethiopia
Telephone: +251-1-514130 / +251-1-530663
Fax: +251-1-511575
E-mail: abyssinia@telecom.net.et
Website:www.bankofabyssinia.com
Commercial Bank of Ethiopia
P.O. Box 255, Addis Ababa, Ethiopia
Telephone: +251-1-515004 or +251-1-515000
Fax: +251-1-514522
E-mail: cbemrk@telecom.net.et
Web site Address: www.combanketh.com
Construction and Business Bank
P.O. Box 3480, Addis Ababa, Ethiopia
Telephone: +251-1-512300
Fax:+251-1-515103
E-mail: cbb@telecom.net.et
Dashen Bank Co.
P.O. Box 12752, Addis Ababa, Ethiopia
Telephone: +251-1-661380
Fax: +251-1-653037
E-mail:dashen.bank@telecom.net.et
Website: www.dashenbanksc.com
Development Bank of Ethiopia
P.O. Box 1900, Addis Ababa, Ethiopia
Telephone: +251-1-511188 / +251-1-151526 / +251-1-513120
Fax: +251-1-511606
E-mail:dbe@telecom.net.et
NIB International Bank
P.O. Box 12947 Addis Ababa, Ethiopia
Telephone: +251-1-503288/502909/503304
Fax: +251-1-527213/504349
E-mail: nibbank@telecom.net.et
United Bank
P.O. Box 19963, Addis Ababa, Ethiopia
Telephone: +251-1-655222 / +251-1-655244
Fax: +251-1-655243 / +251-1-655244
E-mail: hibretbank@telcom.net.et
Wegagen Bank Co.
P.O. Box 1018, Addis Ababa, Ethiopia
Telephone: +251-1-523800
Fax: +251-1-523520
E-mail: Wegagen@telecom.net.et
Insurance Companies
Africa Insurance Company
Head Office, P.O. Box 12941, Addis Ababa, Ethiopia
Telephone: +251-1-624579 / +251-1-517861 / +251-1-514617
Fax: +251-1-510376
E-mail: africainsmd@telecom.net.et
Awash Insurance Company
Head Office, P.O. Box 12637, Addis Ababa, Ethiopia
Telephone: +251-1-614420 / +251-1-614470
Fax: +251-1-614419
E-mail: aic@telecom.net.et
Ethiopian Insurance Corporation
Head Office, P.O. Box 2545, Addis Ababa, Ethiopia
Telephone: +251-1-512400 or +251-1-519077
Fax: +251-1-517499
E-mail: eic.md@telecom.net.et
Web site Address: http://www.eic.com.et/
Global Insurance Company
Head Office, P.O. Box 180112, Addis Ababa, Ethiopia
Telephone: +251-1-567400 / +251-1-201551 / +251-1-119685
Fax: +251-1-566200 / +251-1-710800 / +251-1-159352
E-mail: globalinsu@telecom.net.et
NIB Insurance Company
Head Office, P.O. Box 285, Addis Ababa, Ethiopia
Telephone: +251-1-535129 / +251-1-535130 or +251-1-528165
Fax: +251-1-528193
E-mail: nibinsgm@telecom.net.et
National Insurance Company of Ethiopia
P.O. Box 12645, Addis Ababa, Ethiopia
Telephone: +251-1-166417 / +251-1-166425
Fax: +251-1-650660
Email: -
Nile Insurance Share Company
P.O. Box 12836, Addis Ababa, Ethiopia
Telephone: +251-1-514329 / +251-1-514512
Fax: +251-1-514592
Email: -
NYALA Insurance Company
Head Office, P.O. Box 12753, Addis Ababa, Ethiopia
Telephone: +251-1-626667
Fax: +251-1-626706
E-mail: nisco@telecom.net.et
Web Site: www.nyalainsurance.com
United Insurance Company
P.O. Box 1156, Addis Ababa, Ethiopia
Telephone: +251-1-515656
Fax: +251-1-513258
Email: United.insurance@telecom.net.et
Universal Insurance Company
P.O. Box 17963, Addis Ababa, Ethiopia
Telephone: +251-1-189255 / +251-1-614237
Fax: +251-1-614238
Email: -