Commercial Bank of Ethiopia Launches Mortgages for Diaspora

8 Oct 2018

The Commercial Bank of Ethiopia (CBE) has announced the commencement of mortgage loans for Ethiopian Diaspora (non-resident Ethiopians and foreign nationals of Ethiopian origin).

During a consultative meeting on October 3, 2018, CBE President, Bacha Gina said the launching of the product was part of the bank’s vision to serve and grow together with its customers.
He added that the mortgage loan would benefit non-resident Ethiopians and foreign nationals of Ethiopian origin.

Credit Quality Assurance Director, Emebet Melese explained to the diaspora how the loan could be facilitated.

Business Development Vice President, Yishak Mengesha, on his part, briefed the diaspora about the bank’s background, where it stands now and its vision.

CBE is Ethiopia’s largest commercial bank which, as of June 2015, was estimated to be worth about 303.6 billion Birr in assets and held approximately 67% of deposits and about 53% of all bank loans in the country.

Details on CBE’s mortgage loans for Ethiopians in the diaspora

As part of Prime Minister Abiy Ahmed’s economic reforms, there has been a bold move to allow significant private involvement in a hitherto state-controlled economy.

In late August, Abiy after chairing a Macroeconomic Committee issued a number of forex regulation adjustments for a country that has long suffered a dollar crunch.

  1. The Committee raised the interest rate yield for “27% NBE bill” that requires private banks to purchase National Bank of Ethiopia (NBE) bonds from the current 3% to 5%.
  2. They also removed the current diaspora account limit of USD 50,000. Diaspora account holders can now save unlimited amount in Forex.
  3. NBE’s purchase of 30% of the forex earnings of the private banks will be at mid rate instead of the current buying rate.
  4.  Per their decision, the list of businesses that are eligible to accept payments in foreign currency has also been expanded to include airports, telecom services, chartered private airlines, guest houses, specialized clinics and hospitals serving foreign clients.

Latest News

Browse all
Ethiopia’s world-class cyclist and reigning national time-trial champion, Tsgabu Grma, has launched a new cycling tour company, Ethio Cycling Holidays, based in Ethiopia offering tours for international cycling enthusiasts, as well as introducing more cyclists to the fantastic opportunities for road cycling in Ethiopia.
17 May 2019
Tsgabu Grmay launches new cycling tour company in Ethiopia
Prime Minister Abiy Ahmed marked his first year in office on April 2. In our Editorial, we take a look at the Prime Minister's first year in office, highlighting historical events that have taken place.
14 May 2019
Wonders and challenges of Prime Minister Abiy Ahmed’s first year in office
Former Ethiopian President, H.E. Dr. Negasso Gidada, was laid to rest at St Peter and St Paul Catholic Cemetery in Addis Ababa on Sunday, 5th March, with thousands in attendance. Dr. Negasso died on Saturday, 27th April at the age of 75, while receiving medical treatment in Germany.
10 May 2019
Ethiopians bid farewell to the late former President Dr Negasso Gidada
The 26th World Press Freedom Day (WPFD) took place in Addis Ababa from 1st to 3rd May and was heralded as a reflection of the current social and political transformations in Ethiopia. During the celebrations, PM Abiy was named as laureate of the 2019 edition of the Félix Houphouët-Boigny Peace Prize.
9 May 2019
Ethiopia hosts historic World Press Freedom Day
UK Foreign Secretary, Jeremy Hunt MP, visited Ethiopia on 2nd May, where he spoke at the World Press Freedom Day celebrations announcing the £15.5 million UK aid to help Ethiopia run transparent, free and fair elections in 2020. The Foreign Secretary also met PM Abiy and the new Foreign Minister Gedu Andargachew.
8 May 2019
UK Foreign Secretary visits Ethiopia in whistle-stop Africa tour
Prime Minister Abiy Ahmed was named as laureate of the 2019 edition of the Félix Houphouët-Boigny Peace Prize for his actions in the region and, in particular, for having been the instigator of a peace agreement between the Federal Democratic Republic of Ethiopia and Eritrea.
3 May 2019
PM Abiy named laureate of the 2019 UNESCO Peace Prize
Following the hugely successful Diaspora Forum, held under the theme, "Building a Bridge for Peace and Unity, a cross-cutting Diaspora-led initiative, aimed at further engaging the Ethiopian community in the UK in the current political and social transformations taking place in Ethiopia, has been established.
30 Apr 2019
Diaspora-led Initiative for Peace and Unity Established
Enchanting tourist attractions, unique diplomatic stature, and a thriving airline have placed Ethiopia, Land of Origins, on top of the world when it comes to tourism growth. According to the World Travel & Tourism Council’s annual review, the country saw the highest tourism growth in the world (48.6%).
22 Apr 2019
Land of Origins: The Next Big Thing in Global Tourism
As part of efforts to further accelerate the root and branch reforms taking place in Ethiopia, Prime Minister Abiy Ahmed appointed new ministers in a minor reshuffle of his cabinet today (18th October).
18 Apr 2019
New Foreign and Defence Ministers Appointed