In Ethiopia, private banks play a significant role in the financial sector alongside the state-owned
commercial banks. These private banks contribute to the country's economic growth by offering
a wide range of financial services, including savings and current accounts, loans, foreign
exchange, and other banking products. Below is a list of some of the prominent private banks
operating in Ethiopia:
1. Awash Bank
Established: 1994
Overview: One of the first private commercial banks in Ethiopia, Awash Bank offers a
wide array of financial services. It has numerous branches across the country and is
known for its innovative approach to banking.
2. Dashen Bank
Established: 1995
Overview: Dashen Bank is another major private commercial bank. It has a wide
network of branches and provides various banking services, including corporate and retail
banking.
3. Bank of Abyssinia
Established: 1996
Overview: Bank of Abyssinia offers a variety of banking services and has been one of
the leaders in the private banking sector in Ethiopia. It serves both individual and
corporate clients.
4. Berhan International Bank
Established: 2009
Overview: A relatively newer bank in the Ethiopian banking sector, Berhan Bank
focuses on providing modern banking services to both urban and rural customers.
5. Cooperative Bank of Oromia
Established: 2008
Overview: It primarily focuses on serving the people of Oromia, providing financial
services to both individuals and businesses. It has grown significantly in the past years.
6. Commercial Bank of Ethiopia (CBE)
Although a state-owned bank, it is important to mention. Commercial Bank of
Ethiopia dominates the banking sector in the country and competes with the private banks
in terms of services, innovation, and number of branches.
7. Nib International Bank
Established: 1999
Overview: Nib International Bank offers a variety of financial services including loans,
savings, and investment banking. It is known for its customer service and presence in
major cities.
8. United Bank
Established: 1998
Overview: United Bank provides services such as savings accounts, loans, and business
banking solutions. It has an extensive branch network across the country.
9. Zemen Bank
Established: 2008
Overview: Zemen Bank is known for offering innovative banking solutions, focusing on
modern banking technologies and high-quality customer service.
10. Abay Bank
Established: 2010
Overview: Abay Bank is a mid-sized private bank offering banking products for both
individual and corporate customers. It has a good number of branches in different parts of
the country.
11. Lion International Bank
Established: 2006
Overview: Lion International Bank has a strong presence in Ethiopia’s banking industry,
offering various financial products for both retail and corporate clients.
12. Enat Bank
Established: 2010
Overview: A relatively newer bank that caters to the needs of women and other
underserved communities, Enat Bank offers a wide range of financial services including
micro-financing.
13. Bunna International Bank
Established: 2009
Overview: This private bank serves both individual and corporate clients and is known
for its customer-centric approach in providing banking services.
14. Wegagen Bank
Established: 1997
Overview: Wegagen Bank provides both retail and corporate banking services, and has
grown its presence across Ethiopia with numerous branches.
15. Hibret Bank
Established: 1998
Overview: Hibret Bank offers a wide range of financial products including loans, savings
accounts, and investment services. It is recognized for its involvement in the community
and supporting development projects.
Key Features of Private Banks in Ethiopia:
Branch Networks: Many private banks have extensive networks, especially in urban
areas, though some are expanding into rural regions.
Banking Services: They offer standard services like savings and checking accounts,
loans, mortgages, and credit cards, as well as services tailored for businesses and
corporations.
Technological Innovations: Some private banks are moving towards digital banking,
offering mobile banking and internet banking services to meet modern demands.
Competition with Public Banks: Private banks in Ethiopia face stiff competition from
state-owned banks, but they often try to differentiate themselves with customer service
and niche offerings.
These private banks are pivotal to Ethiopia’s financial landscape and its development goals,
providing a range of services that support both individuals and businesses in the growing
economy.
