Cooperative Bank of Oromia is a private commercial bank in Ethiopia. The Coopbank now has a total asset value of more than ETB 114.36 billion. The bank has more than 567 branch networks, 9 million account holders, and more than 11,500 employees.. The bank's headquarters is located in Addis Ababa, Africa Avenue Flamingo area. The bank has a broad ownership base and diversified ownership structure.[1]
The history of cooperative banks has been traced back to the financial exclusion faced by many communities in the 19th century. With the industrial revolution, the emerging financial services sector was primarily focused on wealthy individuals and large enterprises in urban areas. The rural population, particularly farmers, small businesses, and the communities they supported, were excluded from financial services. Thus, cooperative banks were originally set up to correct this market failure and to overcome the associated problems of asymmetric information in favor of borrowers.
In respect of Ethiopia, the country has a very low financial service coverage as mainstream financial institutions are heavily tilted towards the urban centers with good physical infrastructure, leaving the rural areas underserved. Traditionally, ‘Equbs’ and ‘Idirs’ are informal institutions that are deeply ingrained in the life of communities and have also been serving financial needs of the rural society to some extent. Reluctance and low capacity of the formal financial institutions in the country to serve rural community, a demand-supply gap prevailed in financial market especially in rural areas, coupled with farmers’ awareness to be organized into cooperatives and the increasing need to finance cooperatives called for establishment of a cooperative bank. Furthermore, finance appeared to be the critical bottleneck to sustain the cooperative institutions and ultimately the farmers. It was all these glitches that initiated the inception and establishment of Cooperative Bank of Oromia.
Haile Gebre Lube, regarded as the founding father (proponent) of Ethiopia’s cooperatives, brought the idea of founding the bank for he believed that the best way to fight poverty is through cooperation. Formally establishing a project office in 2002, the bank’s formation was realized with majority of shareholders being the cooperative societies. The bank then is commercially licensed in October 2004 and commenced operations in March 2005. As there is no legal provisions that allow establishment of a cooperative bank in the country, the bank was registered in accordance with article 304 of the commercial code of Ethiopia.
The Bank has broad ownership base and diversified ownership structure. It comprises Cooperatives and Non-Cooperative members. Cooperative member includes Primary Cooperatives, Cooperative Unions and Cooperatives Federation whereas, non-Cooperative members includes Organizations, Associations and individuals.
The Coopbank now has a total asset value of more than ETB 114.36 billion. The bank has 593 + branch networks, 9 million account holders, and more than 11,500 employees.
Vision
To be the leading private bank in Ethiopia by 2025.
Mission
We root our foundation in communities to provide banking solutions that create greater customer experience with emphasis to cooperatives and agro-based businesses through proper use of human resource and up-to-date technologies to maximize stakeholders’ value.
Core Values
The following set of values will serve to guide the words and actions of all our employees;
Integrity
Customer Satisfaction
Learning Organization
Teamwork
Cost Consciousness
Concern for Community
Obbo Haile Gebre Lube, the Legendary Founding Father of Coopbank[2]
References
^"Cooperative Bank of Oromia". www.coopbankoromia.com.et. Retrieved 2020-01-30.
^"Coopbank at a Glance". Cooperative Bank of Oromia. Retrieved 2021-07-29.
External links
Official website
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cooperative, bank, oromia, private, commercial, bank, ethiopia, coopbank, total, asset, value, more, than, billion, bank, more, than, branch, networks, million, account, holders, more, than, employees, bank, headquarters, located, addis, ababa, africa, avenue,. Cooperative Bank of Oromia is a private commercial bank in Ethiopia The Coopbank now has a total asset value of more than ETB 114 36 billion The bank has more than 567 branch networks 9 million account holders and more than 11 500 employees The bank s headquarters is located in Addis Ababa Africa Avenue Flamingo area The bank has a broad ownership base and diversified ownership structure 1 Cooperative Bank of OromiaTypeShare companyIndustryFinancial institutionFounded29 October 2004 18 years ago 2004 10 29 HeadquartersAddis Ababa EthiopiaKey peopleObbo Fikru Deksisa board chairperson Obbo Deribie Asfaw President Obbo Ahmed Hassen VP Corporate Banking Obbo Aman Semir VP Technologies and digital banking Obbo Desalegn Tadesse VP Retail and SMEs Banking Obbo Liko Tolasa VP Human Capital and Projects Management Obbo Tadele Tilahun VP Strategy and Marketing Obbo Gadisa Mamo VP Banking Operations Obbo Godana Kabeto VP Interest Free Banking Obbo Gutama Dibaba VP Cooperative Banking Obbo Tafese Fana Chief Internal Auditor Obbo Muluneh Aboye Chief Risk amp Compliance Management Officer ProductsFinancial servicesTotal assets114 36 Billion ETB As of June 2022 Number of employees11 500 as of June 2022 Websitewww coopbankoromia com et Contents 1 History 1 1 Vision 1 2 Mission 1 3 Core Values 2 References 3 External linksHistory EditThe history of cooperative banks has been traced back to the financial exclusion faced by many communities in the 19th century With the industrial revolution the emerging financial services sector was primarily focused on wealthy individuals and large enterprises in urban areas The rural population particularly farmers small businesses and the communities they supported were excluded from financial services Thus cooperative banks were originally set up to correct this market failure and to overcome the associated problems of asymmetric information in favor of borrowers In respect of Ethiopia the country has a very low financial service coverage as mainstream financial institutions are heavily tilted towards the urban centers with good physical infrastructure leaving the rural areas underserved Traditionally Equbs and Idirs are informal institutions that are deeply ingrained in the life of communities and have also been serving financial needs of the rural society to some extent Reluctance and low capacity of the formal financial institutions in the country to serve rural community a demand supply gap prevailed in financial market especially in rural areas coupled with farmers awareness to be organized into cooperatives and the increasing need to finance cooperatives called for establishment of a cooperative bank Furthermore finance appeared to be the critical bottleneck to sustain the cooperative institutions and ultimately the farmers It was all these glitches that initiated the inception and establishment of Cooperative Bank of Oromia Haile Gebre Lube regarded as the founding father proponent of Ethiopia s cooperatives brought the idea of founding the bank for he believed that the best way to fight poverty is through cooperation Formally establishing a project office in 2002 the bank s formation was realized with majority of shareholders being the cooperative societies The bank then is commercially licensed in October 2004 and commenced operations in March 2005 As there is no legal provisions that allow establishment of a cooperative bank in the country the bank was registered in accordance with article 304 of the commercial code of Ethiopia The Bank has broad ownership base and diversified ownership structure It comprises Cooperatives and Non Cooperative members Cooperative member includes Primary Cooperatives Cooperative Unions and Cooperatives Federation whereas non Cooperative members includes Organizations Associations and individuals The Coopbank now has a total asset value of more than ETB 114 36 billion The bank has 593 branch networks 9 million account holders and more than 11 500 employees Vision Edit To be the leading private bank in Ethiopia by 2025 Mission Edit We root our foundation in communities to provide banking solutions that create greater customer experience with emphasis to cooperatives and agro based businesses through proper use of human resource and up to date technologies to maximize stakeholders value Core Values Edit The following set of values will serve to guide the words and actions of all our employees Integrity Customer Satisfaction Learning Organization Teamwork Cost Consciousness Concern for Community Obbo Haile Gebre Lube the Legendary Founding Father of Coopbank 2 References Edit Cooperative Bank of Oromia www coopbankoromia com et Retrieved 2020 01 30 Coopbank at a Glance Cooperative Bank of Oromia Retrieved 2021 07 29 External links EditOfficial website This Ethiopia related article is a stub You can help Wikipedia by expanding it vte This African bank or banking related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Cooperative Bank of Oromia amp oldid 1113519998, wikipedia, wiki, book, books, library,
