Banks in Ethiopia

The National Bank of Ethiopia (NBE) licenses and supervises banks under Banking Business Proclamation No. 1360/2025. It also oversees payment systems and financial consumer protection. As of June 2024, Ethiopia had 32 banks and 12,278 branches, with about 31% of branches in Addis Ababa. Private banks account for most branches, while the Commercial Bank of Ethiopia and Development Bank of Ethiopia are state-owned examples. The NBE register contains the current list of licensed banks, including newer institutions such as Siket Bank, Rammis Bank, Sidama Bank, Omo Bank, Gadaa Bank and Amhara Bank; verify a provider in that register before opening an account. Banks commonly offer current or demand accounts, savings accounts and time deposits. Savings accounts represented 59.2% of bank deposits at the end of June 2024, demand deposits 32.8% and time deposits 7.9%; total bank deposits exceeded ETB 2.5 trillion. A current account generally supports frequent transactions, a savings account is designed for holding money and earning applicable interest, and a time deposit keeps money for an agreed period under the bank's terms. Opening an account normally involves identity checks and know-your-customer (KYC) information, but required documents, minimum balances, charges and processing times differ by bank. The Ethiopian Deposit Insurance Fund (EDIF) provides deposit insurance. Public NBE information states coverage of up to ETB 100,000 for each depositor at each financial institution, including current, savings, time-deposit, joint and trust accounts. Coverage rules and limits can change, so check the current EDIF terms when comparing banks. Deposit insurance does not automatically cover money held with every mobile-money or payment provider. Banks process Birr payments through branches, automated teller machines, point-of-sale terminals, internet banking, mobile banking and bank agents. The Ethiopian Automated Transfer System (EATS) supports interbank and bulk payments through real-time gross settlement and automated clearing arrangements. EthSwitch provides national interoperability for many card, ATM and point-of-sale transactions, and the National Interoperable QR system supports digital payments. Digital payments may include person-to-person, person-to-business and business-to-person transfers. Payment Instrument Issuers (PPIs) provide electronic-money or mobile-money services alongside banks. Examples include Telebirr, Kacha, M-PESA and Yaya. ToloPay and Vitabirr were listed as pilot services in the NBE register at the relevant research date. Mobile-money accounts exceeded 128.5 million on 31 December 2024, but the number of accounts does not show how many are actively used. PPIs can support registration, cash-in, cash-out, transfers and payments through agents, but they are not banks. Payment System Operators (PSOs) and gateways such as EthSwitch, Arif Pay, Chapa, Santim Pay, Addis Pay and Yagout Pay connect payment services without becoming deposit-taking banks. Banks may issue debit, prepaid and, where permitted, internationally accepted cards. ATM and point-of-sale availability differs by region. International card use is linked to foreign-currency accounts and NBE rules; authorized banks may issue internationally accepted cards to eligible foreign-currency account holders with sufficient foreign-currency funds. Foreign-currency accounts are available to resident Ethiopians, non-resident Ethiopians, people of Ethiopian origin and certain foreign organizations through authorized banks. Foreign-exchange rules change, so use the current NBE directive and the bank's current terms. The NBE publishes an indicative daily exchange rate, while banks and authorized dealers may trade at negotiated rates. The USD 100 minimum for foreign-currency savings accounts stated in an NBE February 2026 notice was removed. Customers have rights to clear and accurate information, fair treatment, privacy and security, complaint handling and appropriate remedy. They must provide truthful and current information, meet payment obligations, protect account and payment credentials and report fraud or errors. Never share a PIN, one-time password or password, and use only banks, payment providers and payment-system companies listed by the NBE. Digital expansion also increases exposure to phishing, fraudulent agents, cyberattacks and operational outages. To resolve a problem, contact the bank or payment provider first and keep the account number, transaction reference and complaint record. If the provider does not resolve the matter or does not respond within 10 business days, the customer can contact the NBE Financial Consumer Protection and Education Directorate (FCPED). Regional differences in branches, agents, ATM access and network reliability can affect which provider works in practice, particularly outside Addis Ababa. Informal savings arrangements may serve a financial function but are not bank accounts and should not be treated as automatically licensed or insured deposits.