How to open Diaspora Account in Ethiopia?

What is diaspora banking services? It is a deposit account designed for Ethiopians and foreigners of Ethiopian origin living in abroad to open and use foreign currency account with a bank in their home country. The number of diaspora across the world is about 2 million according to some reports. Majority of the diaspora went to invest into their country in different sector that requires financial services that smooth the flow of remittance to the country, rules and regulations that govern the business environment for them. Aligning with their interest. In order to use Diaspora Banking Services the user have to see the feature of the banking services and product provided by the Ethiopia commercial banks like In Awash Bank, Commercial bank, Dashen Bank, Hibret Bank and Cooperative Bank of Oromia, Enat Bank and any other Bank.

What is diaspora banking services? It is a deposit account designed for Ethiopians and foreigners of Ethiopian origin living in abroad to open and use foreign currency account with a bank in their home country. Any individuals or Companies that operates in foreign countries can open an account in the form us dollar, Pound Sterling, Canadian Dollar, Saudi Riyal, Japanese Yen, Australian Dollar, and UAE Dirham shall be converted to any of the above state three currencies at a spot exchange rate based on the preference of the account holder.

Recently the National Bank of Ethiopia (NBE) has officially launched a transformative remittance awareness campaign called “DEBO: Together, Investing in Tomorrow,” aimed at promoting the use of legal remittance channels and fostering greater diaspora engagement in Ethiopia’s national development efforts. New platform were developed by National Bank of called Unite.et, which can be accessed on all Ethiopia banks. This platform allows Ethiopians and foreigners of Ethiopian origin to open bank accounts virtually for various purpose like for checking, savings, or foreign currency in Ethiopia.

To Augment this services National bank has allocated unprecedented 100 billion ETB for diaspora-related products and services. This aims to help diaspora members access a wide range of banking services and actively participate in Ethiopia’s economic growth.

The following individuals and/or enterprises may open a foreign currency account:

• Non-Resident Ethiopian
• Non-Resident Foreign Nationals of Ethiopian origin.
• Business entities owned by Non-resident Ethiopians and located outside the Ethiopian territory for more than one year.

• Ethiopian nationals living and working abroad or in due process of living abroad for work for more than one year and who can produce authenticated documents.

What are required for Non-Resident Ethiopian?

• Passport
• National ID
• Driving License/Local ID card

What types of Foreign Currency (FCY) accounts are available for me to open?

Current, Saving and Time Deposit

What are the step to open through unite.et

Foreign Currency Diaspora Bank Account

Foreign Currency account is an account in which the source of fund is overseas and can be maintained in hard currency or in birr. Type of foreign currency account may include: Non-Resident Transferable Foreign Currency Account (NRT FCY), Non-Resident Transferable Birr Account (NRT), Non-Resident Non-Transferable Birr Account (NRNT), Foreign Exchange Retention Accounts for Exporters, Foreign Exchange Retention Accounts for the Recipients of Inward Remittances, Foreign Currency accounts in the name of Ethiopian and foreign nationals of Ethiopian origin ( Diaspora a/c)

What is the role Diaspora in Ethiopian Economy

Capacity Building; diaspora can engage in capacity building efforts of Ethiopia that aims at improving the effectiveness of all sectors like health sector to network health institutions, notable physicians and individuals for transfer of knowledge, for bridging humanitarian assistance that will improve the quality of life for the neediest people of Ethiopian.

Support of Education sector; The diaspora can help the Ethiopian education sector by mobilizing and coordinating support from overseas organizations and individuals to equip all Ethiopian School suppliers such as books and computers as well as facilitating the establishment of “Sister” relationship programs with the various school districts around the world.

Transfer of Knowledge; The diaspora can assist the transfer of knowledge by coordination and facilitating the transfer of skill and knowledge of Expatriates and friends of Ethiopia, and to identify and introduce practical processes, procedures and international standards that will improve the Ethiopian public, business and social sectors, efficiency and effectiveness.

Technology Sector; The diaspora can help by developing a software for strengthening governance at all levels the diaspora can have immense contribution to strengthen the capacity of the communities their representative institutions and intermediary organizations to participate, in a positive and constructive manner, in the decision making process.

Diaspora can support the Ethiopian Agriculture by assisting and supporting the introduction of all technical projects that permanently eliminate poverty in Ethiopia.