The Commercial Bank of Ethiopia (CBE) has received an award from CAMBRIDGEIFA for its outstanding performance in interest-free retail banking. CBE President Mr. Abe Sano accepted the award at a ceremony in Dubai, United Arab Emirates. This recognition highlights the bank’s commitment to financial inclusivity in Ethiopia.
Ten years ago, CBE launched its interest-free banking services. The bank aimed to reach individuals who felt excluded from traditional banking due to religious beliefs. CBE has welcomed many Ethiopians into the banking system by offering services aligned with Islamic finance principles.
CBE Noor, the bank’s interest-free service, has attracted approximately 6.8 million customers. It operates through 1,939 branches across Ethiopia. The total deposits exceed Birr 107 billion. CBE Noor holds a 52% market share in interest-free banking and 50% in finance supply.
Mr. Sano emphasized CBE’s focus on digital services. The bank aims to provide high-quality digital solutions that make banking more accessible for all Ethiopians. CBE is a leader in Ethiopia’s evolving financial landscape by combining technology with traditional banking.
Mr. Sano also noted that the bank’s impact goes beyond numbers. CBE is dedicated to improving accessibility and inclusion in banking services, aiming to ensure that underserved populations can benefit from comprehensive financial offerings.
CBE’s excellence in retail Islamic banking earned it the Retail Islamic Banking Award at the 9th International Islamic Retail Banking Award Ceremony in Jeddah, Saudi Arabia, in 2023. This award reinforces CBE’s role as a critical provider of ethical banking solutions in Ethiopia.
Looking ahead, CBE plans to expand its interest-free banking services further. The bank aims to address challenges such as customer awareness and competition from other financial institutions. CBE is developing strategies to enhance its offerings and maintain its leadership position in Ethiopia’s dynamic banking sector.
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