The Bank of Abyssinia (BOA) has officially launched its first fully digital, paperless, and cashless banking service centres, marking a significant step in Ethiopia’s financial modernisation efforts.
Unveiled on Saturday in Addis Ababa, the launch event was attended by BOA President Bekalu Zeleke and National Bank of Ethiopia Governor Mamo Mihretu, along with key figures from the government and business sectors.
Paperless banking
The new service model offers customers a fully digital banking experience through Interactive Teller Machines (ITMs) and self-service kiosks, doing away with the need for physical paperwork or cash handling. Without physically visiting a traditional bank branch, customers can open accounts, perform transactions, and communicate with virtual tellers via video.
“This is a great move for the financial sector,” said Mamo Mihretu at the launch. “The banking industry is becoming increasingly competitive, and innovation like this helps ensure that banks stay competent and responsive to customer needs. Bringing new technologies into the hands of the public is essential for inclusive, future-ready finance.”
Bank of Abyssinia’s plan to support Ethiopia’s Digital 2025 objectives
The introduction is a component of Bank of Abyssinia’s larger plan to support Ethiopia’s Digital 2025 objectives.
The bank hopes to increase customer satisfaction, reach unbanked populations, and reduce operating costs by reducing its reliance on paper and in-person banking.
The Bank’s President, Bekalu Zeleke, emphasised the organisation’s dedication to customer-focused innovation.
He said, “Our goal is to lead digital transformation in Ethiopian banking by creating seamless, accessible, and sustainable financial solutions. Paperless banking isn’t just a trend, it’s a necessity for modernisation, and we are proud to pioneer it.”
A few locations throughout Addis Ababa have already implemented the first wave of paperless services, such as the Chaka Buna café branch, where patrons are greeted by digital interfaces in place of conventional tellers. In the upcoming months, the bank also intends to extend its ITM network across the country.
About Bank of Abyssinia
According to the 1960 Ethiopian Commercial Code and the Licensing and Supervision of Banking Business Proclamation No. 84/1994, the current Bank of Abyssinia was founded on February 15, 1996, which was 90 years to the day after the first private bank, which is now no longer in operation, was founded in 1906 under Emperor Menelik II.
With only 131 shareholders and 32 employees, BOA began operations with an authorized and paid-up capital of Birr 50 million and Birr 17.8 million, respectively.
The total assets and paid-up capital of Bank of Abyssinia have increased significantly in the almost 30 years since its founding. Large clients from all walks of life, as well as numerous professional employees and valuable shareholders, were drawn to it.
This performance demonstrates the public’s trust in the Bank as well as their satisfaction with its dependability and services.
The Bank currently offers its valued and esteemed clients exceptional domestic, international, and special banking services by utilizing cutting-edge banking technology. Through its constantly expanding branch networks across the nation, it also aims to serve all economic and service sectors.