Hibret Bank and the International Finance Corporation (IFC) have signed a landmark agreement aimed at enhancing the bank’s operational and financial management capabilities
This collaboration represents a crucial milestone for Hibret Bank, as it lays the foundation for improving its treasury, liquidity, and risk management systems, ensuring a stronger financial future
In order to ensure a more robust financial operation in the upcoming years, the IFC will provide comprehensive support under the parameters of the Memorandum of Understanding to strengthen the bank’s treasury, liquidity management, and risk management systems.
The MoU was signed on behalf of Hibret Bank by Tsigereda Tesfaye, Senior Deputy Chief Executive Officer, who emphasised that the relationship will be essential to improving the bank’s wealth and asset management operations and strengthening its financial oversight.
The financial infrastructure of Hibret Bank would be strengthened by this deal, according to Madalo Minofu, IFC’s Country Manager for Ethiopia, Zambia, and Malawi.
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Hibret Bank launches loan program to enhance financial inclusion
On Tuesday, Hibret announced the launch of a new loan program tailored to women, young entrepreneurs, and those with disabilities who run small, medium, and microbusinesses.
In addition to Islamic financing options (IFB), the lending service provides flexible payback terms and reasonable interest rates.
In order to use the service, candidates need to: Be citizens of Ethiopia; possess a current business licence; and have a minimum of two employees.
Interested candidates can register online, fill out the provided form, or visit any of our bank’s locations outside of Addis Ababa.
About Hibret Bank
Hibret Bank is one of Ethiopia’s first private banks. Hibret was established on the fundamental tenet of appreciating diversity. Entrepreneurial Ethiopians from a variety of backgrounds were the original shareholders, pooling their resources to create the Bank.
Hibret means cooperation and synergy in Amharic. On September 1, 1998, the Bank was incorporated as a Share Company in compliance with the Licensing and Supervision of Banking Business Proclamation No. 84/1994 and the Commercial Code of Ethiopia 1960.
Hibret Bank has established a solid reputation for offering the Ethiopian banking sector cutting-edge financial solutions over the years.
Additionally, the Bank is implementing its transformational plan 2030 to create a robust financial structure and a mutually beneficial “Eco-system” for stakeholders, key partners, and consumers.
Giant national brands like Ethiopian Airlines (Hibir Sheba Miles), Ethiopian Telecom (Tele-Birr), and the Ministry of Revenues (e-tax payment) have chosen Hibret Bank as a pioneer partner due to the Bank’s technological advantage and respectable reputation.
With more than 488 branches and sub-branches (still growing), Hibret is a well-known brand in Ethiopia today.
By the end of June 2023, the Bank’s human capital had expanded by 1,183 employees annually to 8,839 (including 5,385 permanent, 18 contractual, and 3,436 outsourced) personnel.
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About International Finance Corporation (IFC)
IFC, a part of the World Bank Group, is the largest international development organisation concentrating on the private sector in emerging markets.
It operates in over 100 nations, leveraging its resources, experience, and connections to open up markets and possibilities in underdeveloped nations.
In order to leverage private sector solutions and mobilise private resources to establish a world free from poverty on a sustainable planet, the IFC committed a record $56 billion to private firms and financial institutions in developing nations in fiscal year 2024.
The influence of IFC extends to over 100 countries. It enables business owners worldwide, translating audacious concepts into catalysts for equitable development that improve lives, create millions of jobs, and transform communities.
