On Saturday, the Cooperative Bank of Oromia marked its 20th anniversary with a solid history of financial expansion and economic influence.
The bank has grown in size and impact since its founding on March 8, 2005, and it now plays a significant part in Ethiopia’s financial industry.
With more than 15,000 workers and more than 14.5 million clients, it has established itself as a significant financial organisation spearheading digital innovation and inclusive banking.
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ETB 18.4 billion in collateral-free digital loans
Over 1.2 million account holders have benefited from the bank’s more than ETB 18.4 billion($140 million) in collateral-free digital loans made available through Michu digital loan. Small businesses have been able to grow, add jobs, and enhance service accessibility because of these loans.
In order to grow their companies from home-based operations to fully functional commercial endeavours, several entrepreneurs have obtained loans totalling more than ETB 2 million.
Through the provision of financial solutions to those who were previously underserved by traditional banking, this program has strengthened Ethiopia’s micro and small business sector.
Coopay e-Birr processed ETB 2.6 trillion transactions
The bank’s mobile wallet service, Coopay e-Birr, is the third-largest supplier of mobile financial services in Ethiopia, having handled transactions of ETB 2.6 trillion.
In terms of digital transactions, it has overtaken private banks, demonstrating the bank’s effectiveness in promoting financial inclusion via technology.
Ethiopia’s only banking innovation centre was established as a result of its digital-first strategy, and innovative solutions there are continuously enhancing financial accessibility.
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Cooperative Bank of Oromia’s social responsibility
The bank is still dedicated to social responsibility in addition to providing financial services.
Under the theme 20 for 20th Anniversary Celebration, it has started a number of nationwide efforts to commemorate its 20th anniversary, such as blood donation drives, environmental cleanup programs, visits to charitable organisations, and Ramadan events for consumers in different cities.
In an effort to promote creativity, the bank has also hosted hackathons and is still collecting client input to improve its offerings.
With the goal of becoming a centre for knowledge and innovation, Cooperative Bank has also opened an incubation centre. Utilising local resources and skills, the center’s design highlights the community’s advantages. One of its distinctive features is the Soof Omar Knowledge Cave, a relaxed, natural setting in the centre of Bole, Addis Ababa, where staff members can concentrate intently. The centre seeks to cultivate concepts that will be advantageous to generations to come.
“The center celebrates the cultural and historical richness of Ethiopia, drawing inspiration from figures like King Abba Jifar, King Kawo Tona, and King Fasiledes, and embodies the diverse cultures of Ethiopia’s people,” said Deribie Asfaw, CEO of Cooperative Bank of Oromia.
The celebration’s main highlight is the honouring of Sinqe Bank, a trailblazing project within the Cooperative Bank of Oromia.
Sinqe Bank is totally run by women and is named after Siinqee, a historic system of women’s rights that is essential to the Geda system, which is a traditional women’s rights system.
Celebration of International Women’s Day
The bank held a special event at the Sinqe branch on International Women’s Day, where female leaders celebrate and talk about women’s empowerment in the financial industry. The bank’s continued dedication to inclusive economic development and gender equality is reflected in this initiative.
The Cooperative Bank of Oromia was established to meet the financial requirements of rural communities and cooperatives. With its nationwide expansion over the last 20 years, it has brought banking services to places with inadequate infrastructure.
By giving out loans without collateral, establishing digital finance, and investing in technologically advanced solutions, the bank has established itself as a prominent player in Ethiopia’s financial industry.
As the bank commemorates this milestone, it continues to be committed to its primary goals of redefining banking accessibility, fostering economic growth, and empowering communities.