Tuesday, January 18, 2022
Sinopia - Banner Ad for Capital Ethiopia
Sinopia - Banner Ad for Capital Ethiopia
previous arrow
next arrow
Shadow
HomeLocal NewsAbay Bank’s innovative way to give back

Abay Bank’s innovative way to give back

Abay Bank is introducing a new way people can save money to help others. The bank which opened its doors around a decade ago, has introduced a charitable savings account designed to serve humanitarian organizations.
This charitable saving account is a premium interest bearing saving account designed to raise funds from money deposited by people who want to donate or governmental and non-governmental organizations interested in supporting charity organizations from the interest earned in their bank accounts, according to Abay Bank’s statement.
“The donating customer can be any individual or organization including bank customers who want to donate to charitable organizations,” the bank’s statement added.

(Photo: Anteneh Aklilu)

It stated that charity organizations are a donation receiving customer and can also open the account for themselves.
According to the new scheme, the bank will give the organization a prevailing default saving interest rate in addition to one percent per year, computed based on the minimum deposit balance in the account.
A minimum deposit of 60,000 birr and 100 thousand birr is required for individual and collective organizations respectively in order to get the premium interest rate.
The bank has 4,080 shareholders and a paid up capital of 1.33 billion birr as of last June. Abay now has 162 branches, and close to half a million customers. At the same time their deposit mobilization has reached 9.6 billion birr.
In the past budget year, the bank has secured 419 million birr, and their earnings per share was 284 birr as of their last report.

RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments

ART, LAW & OPEN BORDERS! – Al Nejash Media on ART, LAW & OPEN BORDERS!
Be original – Al Nejash Media on Be original
[09.15.2018.00:15] Russian, Turkish presidents to discuss Idlib on September 17 – 含的兒子是古實、麥西、弗、迦南。 7 古實的兒子是西巴、哈腓拉、撒弗他、拉瑪、撒弗提迦。拉瑪的兒子是示巴、底但。 8 on MetEC outsources electromechanical work of GERD to Chinese firm
ART FOR HEALING – Al Nejash Media on ART FOR HEALING
BREAKING NEWS: Azeb Asnake removed from EEP – Al Nejash Media on BREAKING NEWS: Azeb Asnake removed from EEP
Big fish Getaneh Kebede signed with Saint George – Al Nejash Media on Big fish Getaneh Kebede signed with Saint George