ABAY BANICS OVERSEAS AGENT

Hailate Birhane
Address: 29 I Finchley Road
Nw3 6ND
HAMPSTEAD
LONDON
Iel: 00447468563699
Email: haibir@yahoo.co-uk
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ABAYBANK
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Abay Bank S.C. which is one of the fastest growing banks in Ethiopia has DIASPOM BANKING SERVICES
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commenced its full fledged banking operation by providing prompt The Diaspora Banking Service consists of:
banking services supported by modern Banking technology system since
November 4, 2010 by fulfilling all the necessary requirements of National l. Diaspora Credit Facility
Bank of Ethiopia. The Bank is also well known for its outstanding service
Diaspora mortgage loan
provision including multichannel e-banking services throughout its This loan is provided
networked branches all over the country and pioneer in the industry in c to purchase residSrtial house either from real estate or
providing services for extended hours till 9:00 PM. Presently, the bank has
individual sellers or associations
launched Diaspora Banking Services to serve the Ethiopian Diaspora
ato construct residential house
Communityabroad. . to purchase or construct commercial buildings
r to finish residential house or commercial buildings that are
What Does Diaspora Banking Mean? underconstruction (

Diapora banking unique banking service that is designed for Ethiopian

is a
Diaspora community living abroad to enable them to get mortgage and A Diaspora customer can be a beneficiary of this loan facility if and only if
investment loan after depositing 40olo and 30o/o of the total outlay of the he/she deposits 40o/o of the total price (Cost) needed to purchase or
residential house they want to purchase / build, or the proiect they want to construct a residential house in foreign currency by opening Diaspora
implement respectively in foreign currency by opening a foreign currency deposit account.
account.
lnvestmentloan
This loan facility is mainly designed for those Diaspora who are going to
What makes D iaspora ban ki ng d ifferent from other services?
invest in their home country. To be a beneficiary of this loan, a Diaspora
Features that make Diaspora banking services unique from the regular
customer should save at least 30olo of the total outlay of the proiect,that
bankingservices are:
he/she intends to implement, in foreign currency by opening Diaspora
. The account is opened in foreign currency and deposit to this account Deposit Account and present aviable project feasibility study.
is also made in foreign currency.
. The Diaspora saving account holders will enloy a higher interest rate
ol l0o/o. 2. Diaspora Deposit Accounts
. lt provides mortgage and investment lban forthe Diaspora. Diaspora savings account
.
o Opened & deposited in foreign currency but will be maintained &
withdrawn in Birr-
Why is Diaspora Banking required?
This banking service is introduced by the Bank considering the great
I Bears an interest at a rate of l0o/o
Diaspora Current Account
ambition of the Ethiopian Diaspora residing abroad to possess residential
o Opened, deposited, maintained and operated in foreign currencyvia
and commercial buildings and lack of reliable real estate developers and
cheque
shortage of finance in their home country. Therefore, Diaspora Banking
a Bearsnointerest
enables the Diaspora community to acquire house in their countrT
DiasporaFixedAccount
avoiding uncertainties there on in which the bankworks closelywith those
o Opened, deposited, maintained and operated in foreign currency for
reliable real estate's that it chooses. Besides, this banking service has been
a fixed period oftime at an agreed and attractive rate of interest.
introduced in order to solve the financial shortage of the Diaspora
community while they try to construct or purchase a house, and to
Mortgage Saving Account
support various investment activities that are intended to be carried out in
This account is mainly designed for those Diaspora customers and
their home country.
international organizations permanent employee who are interested to
have a mortgage loan from Abay Bank, making a deposit of 4Oo/o ol the
total outlay of the residential/commercial building that they want to
purchase or construct. This account:

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,
t
t,,
o:*
 o Opened &deposited in foreign currency butwillbe maintained &
withdrawn in Birr.
e Bears an interest at a rate of 7 o/o

Required Documents to be bene{iciary of Diaspora Banhrg Servi(s

o dully filled application form
oValid passportcopy
o Two (2) passport size photo
e Ethiopian origin ldentification card (yellow card ) copy
r Copyof addressverification document (Driving license, Workpermit,
Green card, etc) [optional]
oArticles and Memorandum of Association for businesss organizdions
o Others

Howto Open a Diaspora Accoum?

A Diaspora can open an account using one of the following ahernatives:
g{wq?n
o In person - physicallyappearing in anyAbay Bank branch 9qS a?lr h.-1. flL+fft9,tl.Laq q1/l'?qfi9+tD1 oDtt&C+ nqg.n+ q+y'+25 +7
o Through Abay Bank overseas agent 2003 9.r'. g+9A hq +anl6 ?q?n h?r\"?b+ A.s,?nTd nq+z4l t'a?E@2. m?\t
o Through Post-Fill the application form by downloading the form from the QTI| 70-.r q?Il +Anl.$q aq? h?a.?tu+ nrDnm+*' aii?c h.9.9.n hq H/Dqq
h'tA?iwT? Ax,?n4T Ag+Ln iltP.1 n,llur 0]ns ]ft?r, +c?qe;F-!. fioDtq lDz.tl
Bank's website and sending to bank's Head Of{ice together with all the
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required documents as specified above.
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Howto Deposit Money in a DiasporaAccount? rt99?(A::
The Diaspora can deposit money in to his/her account:
r Through SWIFT usingAbay Bank's Swift code 'ABAYEIi\A 9/qg4.9n7'6qttu71
o Physically appearing in anyAbay Bank branch if he/she has declared gqS .l?|l nh9)+ hq fiY'lA+', ,r.4n fln{IrT fi[t e U?C g.q.q4 ]L\.fkg?'t hS t(I}dr.Q,
foreign currency IL+ekft +mrq. ?'1-gRZ1?qgnT/,q?rL7"l +"lqAq, h,QCt h?6r.?A"t fldDnm+ AF
9'llAtt
oViaAbay Bank's overseas agent
o Via various international money transfer agents 4-9nTA q7[7't n+A/ogflr rq?n h?A"?tu+ fipT FAgrtr?
g&?nTL q?t|.?'? nzDgnq fq?n h?rr"?tui. r.?Agflr not }.?R^L'lAAff h?6\.?tr+
Loan Repayment OP7T1I+ fi[rq Y1C A"??] ]Ltfftf? UqI
o The loan provided for Diaspora will be repaid on monthly basis within . f.?4{ hE}+;Fr' g"thd ++ hq ?rL ?6Lgz1q+ft n[}q, y'lc'l'illt\. oDUtT-l
seven (f years . g]{l{fl} A+mnr TrH.{t m+r, fA I 1 0 % (IlA.s- .?.?T+.
.g?tll[}l Ao"tzg tL+ agP ..lL?Rn+dD+ h?d\IaP+ gdt{r}r\,fl,gc +mg"\"lgt"t
o The Diaspora should continuously deposit money in hiVher Diaspora 9ftI{rST&:;
account forthe loan repayment.
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account.opening and deposit purpose are USD, Pound Sterling, and
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