Bank Review: Hibret Bank—Everything you need to know
Hibret Bank is one of the first private banks in Ethiopia. It was named after the Amharic word for collaboration and synergy.
Hibret Bank, also known as United Bank S.C, is a private bank in Ethiopia with more than 400 branches and sub-branches and 4700+ employees.
Hibret Bank offers conventional and Shariah-compliant savings and credit facilities to individuals and businesses. Its headquarters, the “Hibir Tower”, is one of the tallest buildings in Ethiopia.
This article covers the products and services offered by Hibret Bank.
History of Hibret Bank
Hibret Bank is one of the first private banks in Ethiopia. It was named after the Amharic word for collaboration and synergy.
The bank was incorporated on the 10th of September 1998. Since then, the bank has developed a reputation for “providing innovative financial solutions to the Ethiopian Banking industry”, which led to the bank becoming the first Ethiopian Bank to be awarded the prestigious ISO/IEC 27001 certification.
Hibret Bank is invested in Ethiopia's social and economic growth. The bank donated over Birr 22 million ($416,000) to local charity organizations and projects like the ‘Dine for Ethiopia Project’ (initiated by the Prime Minister's office) and the Ethiopia Cancer Association.
Samrawit Getamessay is the current chairperson of the bank.
Hibret Bank’s products and services
Hibret Bank offers a wide range of conventional and Shariah-compliant bank accounts and credit facilities to individuals, businesses, and Ethiopians living abroad.
Hibret Bank’s products and services fall under the following categories:
Personal bank accounts
These are savings and current bank accounts for local Ethiopians. Some of Hibret Bank’s personal bank account products are:
Ordinary saving account
This is a regular savings account that can be opened with or without a passbook. A minimum amount of Birr 50.00 ($0.95) is required to open the account.
Minor saving account
This is an interest-bearing savings account for children. The account is opened by the child’s parents or guardians. Withdrawals are limited and can't exceed 5 times in a year.
Hiber women’s savings account
This is an interest-bearing savings account for only women. The account can also be used to apply for loans. An initial amount of Birr 50.00 ($0.95) is required to open the account.
Hiber youth savings account
This is an interest-bearing savings account for young people between 18-30 years of age. Higher education students can use the account to apply for school loans. An initial amount of Birr 50.00 ($0.95) is required to open the account.
You can learn more about Hibret Bank’s other personal bank accounts here.
To open a Hibret Bank account, simply visit any Hibret branch or Hibret agent near you.
Hibret Bank’s business solutions
These are bank accounts and credit facilities for businesses operating in Ethiopia. Some of Hibret Bank’s business solutions are:
Demand deposit /current/ account
This is a non-interest earning deposit account businesses can use to make multiple payments and transactions daily.
An initial amount of Birr 500 ($9.47) for individuals and Birr 1000 ($18.94) for businesses is required to open the account.
Credit services
These are loans offered by Hibret Bank to businesses in the following sectors:
- Agriculture sector
- Domestic Trade
- International Trade
- Manufacturing sector
- Service Sector
- Transport Sector
- Construction Sector
- Hotels & Tourism
- MSME
Hibret Bank also offers the following types of loans:
- Term loan
- Overdraft
- Letter of credit
- Merchandise loan
- Pre-shipment
- Advance on import
- Trade bill discounting
- Syndicated loan
- Letter of guarantee
- Personal/consumer loan
To apply for a loan, businesses must visit a Hibret Bank branch and meet the following criteria:
- Businesses must open an account in the branch they want to apply for the loan
- Businesses must fill out a loan application form
- Businesses must provide suitable collateral, a renewed trade license and other relevant licenses
- Businesses must provide memorandum and articles of association for businesses with legal personalities.
- Other financial statements and documents as requested by the bank
Corporate banking
These are financial solutions offered by Hibert Bank to medium and large non–export companies and businesses.
These financial solutions cover financing, cash management, and other digital banking services. Corporate customers also get access to dedicated relationship managers.
Institutional banking
These are Hibert Bank’s services offered to the following sectors operating in Ethiopia:
- Non-Governmental Organizations (NGO)
- Aid & Donor Agencies
- Development Agencies
- Embassies and Consulate Offices
- Not for profit Government Institutions
- Non-Business Cooperatives
- Public Institutions and Enterprises
- Professional or Non-Professional Associations
- Employment agencies
You can view Hibert Bank's other business solutions here
Interest-free banking
These are Shariah-compliant products and services offered by Hibert Bank to individuals and businesses. Some of Hibert Bank’s interest-free banking products are:
Wadi’ah saving account
Hibbert Bank offers two types of Wadiah saving account: current Al Wadi`ah account and savings Al Wadi`ah account.
A Wadi’ah savings account is used to save money. The account can also be used to invest in shariah-compliant businesses.
Mudarabah investment saving account
This is a Shariah-compliant investment account offered by Hibbert Bank. The bank invests the money on behalf of the customer in Shariah-compliant businesses and the profit is shared in a pre-agreed ratio.
You can view other interest-free banking products here
Diaspora banking
These are bank accounts and credit facilities offered to Ethiopians living abroad. Hibret Bank offers two types of diaspora products:
Diaspora deposit account
This is an interest-earning foreign currency deposit account. Money can be paid into the account through SWIFT or money transfer agents affiliated with Hibert Bank.
The account can also be used to apply for Hibret Bank loans. An initial amount of USD 100 or its equivalent in other currencies is required to open the account.
Diaspora loan account
These are Hibert Bank loans Ethiopians in the diaspora can apply for. Hubert's diaspora loans fall under the following categories:
- Personal loans
- Automobile loans
- Housing loans
- Direct investments (DDI) in real estate, manufacturing, movable economic asset finance, etc.
Hibret Bank alternative banking channels
These are the channels Hibret Bank customers can use to interact with their Hibbert Bank accounts without visiting a bank branch.
Hibret Bank cards
Hibret Bank offers debit, interest-free, and gift cards to its customers. Its card products are:
You can apply for a Hibret card by visiting any Hibret Bank branch near you.
Hibret online banking
Hubert Bank customers can manage and access their account through the bank’s online portal. With the Hibret online portal, you can:
- Transfer funds to other bank accounts
- Remit money local
- Make bulk payments
- Authorise people to have access to your account
- Manage your bank account
- Manage existing loans
- Pay for bills
Hibret mobile banking (*811# and the Hibret bank app)
Hibret Bank customers (individuals and corporate) can access the bank's services via its USSD(*811#) code and its bank app. With Hibret mobile banking channels, customers can
- Withdraw funds
- Transfer funds to other accounts
- Manage their Hibret Bank account
- Purchase airline
- Manage their existing loans
- View the bank's exchange rate
- Pay bills
You can register for Hibret Bank’s mobile banking services by visiting any Hibret Bank branch near you.
After registering, dial *811# or download the bank app from the Playstore or Appstore.
Frequently asked questions
What is Hibret Bank’s contact information?
Hibret Bank head office location: Ras Abebe Aregay Street, Hibir Tower, P.O.Box: 19963, Addis Ababa, Ethiopia
Hibret Bank head office phone number +251 11 465 52 22
Email address: info@hibretbank.com.et
You can find a Hibret bank branch near you here
What is Hibret Bank’s customer care number?
You can call Hibret Vank’s call centre by dialling 995 on your mobile phone.
What is Hibret Bank’s USSD code
Hibret Bank’s mobile banking USSD code is *811#
What is Hibret Bank’s SWIFT code
UNTDETAA
Where can I download the Hibret Bank app
You can download the Hibret Bank app from the Playstore and Appstore.
What is Hibret Bank’s website?
You can visit the Hibret Bank website here
You can also visit its Facebook, Twitter, LinkedIn, YouTube, and Telegram pages.
Conclusion
Hibret Bank claims to be one of Ethiopia’s leading modern banks and its intuitive website and mobile banking channels backs its claims to an extent.
You still need to visit a Hibret bank branch to get started with any of its products, but its website does a good job of explaining everything you need to get started.