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Diaspora Banking

Diaspora Banking

Diaspora Banking Account

Diaspora Banking Accounts allow Diasporas who resides and works outside the country to maintain and perform domestic and international transfers through their NIB Diaspora Accounts.

Download Undertaking letter on the link  below

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Download Diaspora Account Opening form on the link below

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Diaspora Deposit Account​

It is a type of bank account that will be opened for the Diaspora community in accordance with the directives of the National Bank of Ethiopia (FXD/ 69/2021) in either of US Dollar, Euro or Pound sterling currency.

Diaspora Current Account

This account takes the form of current deposits where withdrawals may be made at any time upon demand by writing a check and/or a prearranged procedure adopted by the bank. Interest shall not be paid to a non-resident foreign currency current account.

Features

  • A minimum of USD 100 or in either of Euro or Pound sterling and in other eligible convertible currencies only,
  • It is an FCY account operated by cheque book and withdrawal slip or according to any other pre-arranged procedure,
  • An individual may open current account in only one of the domestic authorized bank,
  • There is an option of Joint Signatory (e.g. with spouse, sibling or parent in Ethiopia),
  • Make local payments in birr,
  • Make foreign payments for import items listed under priority sector,
  • All current saving account holders are eligible for Diaspora loan packages.

Non-Repatriable Birr Saving Account (For Diaspora Only)

  • It is a hard currency linked account maintained in birr that may take the form of saving deposit that can be used for local payments only.
  • Enables not less than the minimum of saving deposit interest rate set by the NBE.
  • A minimum of USD 100 or equivalent in any other eligible currencies is required as an initial deposit.
  • All non-repatriable saving account holders are eligible for Diaspora loan packages.

Fixed (time) Deposit Account (For Diaspora Only)

  • It is an interest bearing foreign currency account with agreed maturity date & it enables the customer to earn significant interest income up on pre-arranged agreement.
  • A minimum of USD 5000 or equivalent in any other eligible currencies is required as an initial deposit.
  • Interest shall be payable only if they are kept for a minimum period of three months.
  • There is an option of Joint Signatory (e.g. with spouse, sibling or parent in Ethiopia),
  • An individual may open fixed time deposit account in more than one Bank.

Foreign currency saving account(For Diaspora and any resident who receive FCY via formal channel)

A type of saving account maintained in either of the following currencies.US Dollar, Euro or pound sterling.

  • It may be interest bearing or interest free.
  • The interest rate shall be calculated in foreign currency but paid in local currency.
  • Can be non-interest bearing for IFB customer
  • A minimum of USD 50 or equivalent in any other currencies is required as an initial deposit.

Documents required to open Diaspora account

  • Application forms properly filled, signed by the applicant and specimen signature with two recent photographs of the account holder.
  • Nonresident Ethiopians shall present resident permit/certification authenticated and registered by pertinent authority, to confirm the Ethiopians living and working abroad for more than one year and non-resident Ethiopians living and working in neighboring & middle east countries, authenticated valid resident permit and/or valid work permit , by Ethiopian embassies and legations residing abroad .(Please refer NBE Directive FXD/ 69/2021 Article 3)
  • For individuals, valid passport and/or identification card of foreign nationals of Ethiopian origins of the applicant.
  • For businesses certificate of entitlement of ownership of the organization and/or articles and memorandum of association authenticated and registered by pertinent authority.

Diaspora Credit facility

NIB avails housing, vehicle and investment loans to Diasporas that meet the eligibility criteria in the Bank’s procedure. Lending interest rate for Diaspora loans and types of loans are presented as follows:

Housing loan

This type of loan is a mortgage for a home buyer, with an equity (customer’s contribution) starting from 20%.The interest rate will vary depending on the customer’s contribution and loan period, while the higher contribution and lower loan period will have a lower interest rate and may last up to 25 years.

Vehicle Loan

Vehicle loan is a type of loan availed for the Diaspora to purchase a car with an equity (customer’s contribution) starting from 30%.The interest rate will vary depending on the customer’s contribution and loan period, while the higher contribution and lower loan period will have a lower interest rate.

Investment Loan

This is a type of loan that has been availed to the Diaspora for a wide range of potential investment activities that provides the customer with a minimum interest rate of and with an equity contribution starting from 20% of the project cost.

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