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OIB expands Interest –Free Banking services (IFB) to most of its operational Branches

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To serve the diverse needs of its esteemed customers especially unbanked customers,

Oromia International Bank S.C has been undertaking a number of services delivery alternatives. Among these

service-providing systems, alternative banking including Interest –Free Banking (IFB) is worth-mentioning by now.

IFB is the new banking service introduced in Ethiopia after assessing the needs of customers and then endorsed

by the National Bank of Ethiopia under the Proclamation No.592/2008 Article 22(2) and Directive No.SBB/51/2011.

To this effect, Oromia International Bank S.C is the pioneer among private Banks to be authorized to launch this service

under Directive No. SBB/51/2011.Subsequently, On December 16, 2013, OIB launched the IFB service in  24selected Branches;

16 Finfinne and 8 out laying branches.

 

President, Abie Sano, briefing the customer session in Arsi Robe

 

Pursuant to the Bank’s Management decision, the IFB service has been deployed in most of its branches. The Bank is

still exerting utmost effort to create awareness and reach as many customers through extensive campaign which is under

progress as of now. Out of the 142 OIB branches by now, 134 of them are now providing IFB service at window level to

nearly 51,000 customers since the commencement of the service, according to the Bank’s IFB Department information.

By this service, over 500 million Birr has been availed to more than 100 customers through IFB financing.

Oromia International Bank S.C is always committed to satisfy its customers’ need by employing modern, reliable and

international standard banking services on top of strives to avail alternative and convenient bank products.

Over the last two weeks, the Bank’s top Management spearheaded by the President of OIB, Obbo Abie Sano and others

conducted customer sessions and branch inauguration in Jimma, Arsi zone, Kombolcha, Tepi, Mizan Aman and Butajira

towns to create a conducive environment for customers’interaction on the products of IFB and enhance the convenience

on top of formally inaugurating newly opened branches.

 

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