Bank Review: Dashen Bank—Everything you need to know

Bank Review: Dashen Bank—Everything you need to know

Dashen Bank is one of the biggest private banks in Ethiopia.

It has a network of 450+ branches, 389 ATMs, and 1,283 plus Point-of-Sale (POS).

Dashen Bank offers conventional and interest-free banking options to locals, foreigners, and Ethiopians in the diaspora that can be easily accessed through its offline and online portals.

It also has a strong SWIFT relationship with more than 462 banks worldwide.

This article covers the conventional and interest-free products offered by Dashen Bank, how you can register for its services, and how to use Dashen Bank’s mobile banking service.

History and importance of Dashen Bank

Dashen Bank was named after the tallest peak in Ethiopia in 1995 by the eleven founders of the bank.

Today, Dashen Bank has more than 1.5 million customers and assets worth more than $545,000.  

In addition to its strong SWIFT network, Dashen Bank partners with different brands in the electronic payments industry and international money transfer operators like Western Union, VISA, MasterCard, and MoneyGram.

Dashen Bank has also contributed to Ethiopia’s economic and social growth.

It launched the Ethiopian Power Talent Series Program to reduce Ethiopia’s unemployment rate and train future entrepreneurs.

The bank also donated $194,647 during the start of the covid-19 pandemic to help contain the spread of the coronavirus in Ethiopia.

Ato Dula Mekonnen Mosissa, who is also the Deputy CEO at MIDROC Investment Group, is the current board Chairman of Dashen Bank.

Products and services offered by Dashen Bank

Dashen Bank offers banking solutions to locals, foreigners, businesses, and Ethiopians in the diaspora.

These products and services are split into 3 main groups: conventional banking, interest-free banking, and diaspora banking.

Conventional banking

These are bank products that help people and businesses save or make local payments.

Dashen Bank’s conventional bank accounts are for businesses and individuals living in Ethiopia. There are 3 main types:

Savings account/deposit

Dashen Bank Savings accounts are used to save, deposit, or make local payments.

They are best suited for individuals or small businesses and there are no withdrawal limits.

You need a minimum of Birr 25($0.49) to open a Dashen Bank savings account.

Demand deposit / Current account / Checking account

This account is suited for individuals or businesses that frequently deposit or withdraw large amounts of money.

An initial amount of 500 ETB($9.73) is required to open the account, but there isn’t a deposit and withdrawal limit.

Fixed-time deposit

Fixed-time deposit accounts enjoy a higher interest rate than other types of Dashen Banks’ conventional accounts.

Fixed-time deposit accounts must be open for at least 6 months and a minimum amount of Birr 1 million($19,398.64) is required to open the account.

You can learn more about the different types of Dashen Bank deposit accounts here.

How to open a Dashen Bank deposit account

To open a Dashen Bank savings/deposit account, please visit the nearest Dashen Bank branch with the following documents:

  • Valid ID card, passport, driving license, or other government-issued ID cards.
  • Businesses must present a TIN registration certificate, renewed trade license and commercial registration certificate.
  • Businesses must also present a letter of request and the minutes of the meeting held by the board of directors that discussed the opening and operation of the account.

You may be asked to present additional documents, but this depends on the type of deposit account you want to open.

Interest-free banking

Dashen Bank offers interest-free banking services to individuals and businesses interested in saving and investing according to the tenets of Sharia.

Some examples of Dashen Bank’s interest-free products are:

Wadi’ah savings account

This is similar to a normal savings account, but it does not earn interest.

Individuals or small businesses can use a Wadi’ah savings account to save and make local payments.

A minimum of Birr 25($0.49) is required to open the account, but there are no withdrawal or deposit limits.

Mudarabah investment account

A Mudarabah investment account is for individuals or businesses interested in investing in halal businesses.

A minimum amount of Birr 50,000($973) is required to open the account.

Mudarabah accounts also offer flexible investment periods to customers [a minimum of 6-months and a maximum of 24 months).

There are withdrawal restrictions but the customer can renew their investment if they want to.

Quard current account

A Quard current account is similar to a normal current account and it is suited for businesses and individuals that withdraw or deposit huge amounts of money.

Quard current accounts do not earn interest. A minimum amount of ETB 100($1.95) is required to open the account and there are no withdrawal or deposit limits.

Hadji wadi’ah saving, Youth Wadi’ah Saving Account, An-Nissa Wadi’ah saving Account, etc., are other examples of Dashen Bank’s interest-free banking products. You can learn more about them here.

How to open a Dashen Bank interest-free account

To open a Dashen Bank savings/deposit account, you need to visit  the nearest Dashen Bank branch with these documents and meet the following requirements:

  • Valid and renewed ID card and recent photographs
  • You must fulfill all basic KYC and due diligence requirements
  • The owner(s) should be engaged in Shari’ah-compliant business [Halal Business]
  • The owner(s) be willing to declare that their money is from Halal or Shari'ah-compliant sources
  • Businesses must present a renewed trade license, commercial registration and certificate of registration.
  • Businesses must also present a letter of request.

PS: You may be asked to present additional documents, but this depends on the type of IFB service you want to open.

Diaspora banking

These are conventional and interest-free products and services offered to Ethiopians in the diaspora and foreign businesses and individuals.

A Dashen Bank diaspora account can be used to:

  • Transfer funds between foreign and local accounts
  • Serve as collateral or guarantee for loans or bids
  • Make local payments in Birr
  • Make foreign payments, such as import and other foreign service payments
  • Serve as collateral or guarantee for loans or bids

Dashen Bank’s diaspora accounts can be grouped into 6 categories:

Diaspora non-repatriable saving account

A diaspora non-repatriable account is a high interest savings account that can be credited with foreign currency.

The account is only used to hold Ethiopia’s local currency and it can be used to make local payments. An initial amount of $100 is required to open the account.

Diaspora demand / current account

A diaspora demand account is a non-interest account for foreigners, businesses, or Ethiopians in the diaspora that need to withdraw or deposit large amounts of cash. An initial amount of $100 is required to open the account.

Diaspora fixed-time deposit

This is a high-interest earning savings account for Ethiopians in the diaspora.

After a set period of time, the amount used to open the account is returned to the customer in the currency used to open the account.

A minimum amount of $5000 is needed to open the account.

Diaspora Wadi’ah savings Account

This is an interest-free savings account for foreigners and Ethiopians in the diaspora.

Deposits can be made with a foreign currency, but it is immediately converted to Ethiopia’s local currency.

The account can also be used to make local payments. A minimum amount of $100 is required to open a Diaspora Wadi’ah savings account.

Diaspora Mudarabah fixed-time deposit

This is an account that must be opened for a minimum of 6 months before it can be closed.

The amount used to open the account is returned to the customer after a set date. A minimum amount of $5000 is needed to open the account.

Diaspora Qard current account

A diaspora Quard current account can be used to make payments to local and foreign accounts.

An initial amount of $100 is required to open the account and there are no withdrawal limits.

This type of account is best suited for businesses that make a lot of foreign payments.

How to open a Dashen Bank Diaspora account

To open a diaspora account, simply visit a Dashen Bank branch with the following documents:

  • Two recent photographs
  • Valid and renewed Ethiopian origin ID, passport or ID where nationality is explicitly defined.
  • Valid resident and/or work permit
  • For interest-free banking products, the customer should be engaged in Shari’ah-compliant business [Halal Business]
  • Businesses must present a Tin registration certificate, renewed trade license, and commercial registration certificate (For MSME)

Dashen Bank’s loans

Dashen Bank offers loans to local Ethiopians, businesses, foreigners, and Ethiopians in the Diaspora.

The interest rate of the loans depends on the type of loan and the terms of the loan.  Dashen Bank’s loans are split into 2 categories: consumer and business loans.

Consumer loans

Consumer loans are suited for individuals that want to take loans to purchase a house, car, household equipment, etc.

The requirements for consumer loans depend on the length of the loan and what it is to be used for.

You can learn more about the different types of Dashen Bank’s consumer loans and their requirements here.

Business loans

These are loans suited for businesses and corporations. Examples of the type of business loans offered by Dashen Bank are:

  • Working capital loans
  • Overdraft facility
  • Advance on Letter of Credit
  • Merchandise loan
  • Investment / Project Loan

You can learn more about the different types of Dashen Bank’s business loans and their requirements here.

Anyone can apply for a Dashen Bank loan. All you have to do is visit a Dashen Bank branch with the required documents to apply.

How to access Dashen Bank’s services

Apart from account opening and loan applications, you can use Dashen Bank’s products and services without visiting one of its branches in 2 ways: Amole and Dashen Bark cards.

Amole

Amole is a suite of online products created by Dashen Bank for its customers.

The name was inspired by the tribe that introduced Ethiopia to salt bars, which were used as currency in the 16th century.

Amole allows Dashen bank customers to access their accounts via the internet portal, mobile app, or USSD code (*996#).

All you need is a User ID and password which works on the internet portal and mobile app.

With Amole, you can:

  • Transfer funds between different accounts
  • Pay bills i.e DStv, travel tickets, etc
  • Buy airtime
  • Withdraw cash at agent locations
  • Send money in bulk to pay for orders, employee salaries, etc
  • Check your account statement

How to use Dashen Bank mobile banking (Amole)

You first need to register with Dashen Bank before you can use Amole. You can register by:

After registering, you will receive a User Id and password which can be used to access your Amole account via the mobile app, USSD, or online channel.

All conventional and interest-free banking products can use the Amole service.

Card Banking

You can use Dashen Bank’s cards at Dashen Bank ATMs, agents, and merchants to withdraw money, make local payments, pay bills, transfer funds to different accounts, and check your account balance.

Dashen Bank offers different types of cards. The main difference lies in the minimum and maximum amount they are allowed to withdraw.

Some of Dashen Bank cards are:

VISA Card

A VISA card is for Dashen Bank account holders with a savings or current account. Some of the features and benefits of the card are:

  • Daily withdrawal limit of Birr 10,000($192.76)
  • Birr 8,000($154.21) daily purchase limit of goods or services from Dashen Bank merchants.

Dashen American Express Gold Debit Card

The Dashen American Express Gold Debit Card can be used by anyone with a Dashen Bank current account.

The card has special transaction limits and you can earn refunds when you use the card to make purchases.

Some of the features and benefits of the card are:

  • ETB 100,000($1,927.59) daily transaction limits of at Dashen Bank merchant locations
  • 1.5% cashback on every purchase and enjoy special discounts when you use the card at select merchant locations
  • Withdrawal limit of ETB 50,000($963.80) at Dashen Area Banks.
  • Withdrawal limit of ETB 30,000($578.28) at Dashen ATM locations.

Dashen American Express Green Debit Card

The Dashen American Express Green Debit Card can be used by anyone with a Dashen Bank current account.

It has a lower withdrawal and cashback limit than the Dashen American express gold debit card.

Some of the features and benefits of the card are:

  • ETB 60,000($1,156.55) daily transaction limits at Dashen Bank merchant locations.
  • 1.0% cashback on every purchase made with the card at select merchant locations
  • Daily withdrawal limit of ETB 25,000($481.90) at Dashen Area Banks
  • Daily withdrawal limit of ETB 15,000($289.14) at Dashen ATM locations
  • Enjoy special offers and discounts at selected merchants locally when paying with your Dashen American Express Green Debit Card

Dashen Amex International Debit Card

A Dashen Amex International debit card is for foreigners and Ethiopians in the Diaspora with a Dashen diaspora account.

Some of the features and benefits of the card are:

  • The card can be used to make foreign exchange transactions at a rate determined by the country.
  • Customers can also withdraw cash from different ATM machines.
  • Customers can withdraw up to 10% of their foreign currency account balance.
  • The card can be used for 2 years.

Sharik Cards (IFB cards)

Sharik cards are for Dashen Bank’s interest-free savings and current account holders. Some of the features and benefits of the card are:

  • Birr 10,000($192.76) daily withdrawal limit
  • Birr 8,000($154.21) daily purchase limit of goods or services from Dashen Bank merchants.

You can apply for a Dashen Bank card by visiting a Dashen Bank branch near you.

Frequently asked questions

What is Dashen Bank’s contact information

Headquarters: In front of the National Bank of Ethiopia, Addis Ababa

Telephone number:  +251 911575827

Fax number: +251 11 557 8428

P.O.Box: 12752, Addis Ababa, Ethiopia

Email: info@dashenbanksc.com

Website: www.dashenbanksc.com

Dashen bank exchange rate

You can find the current bank exchange rate on its website here.

Where is Dashen Bank head office

In front of the National Bank of Ethiopia, Addis Ababa

What are Dashen social media pages

You can interact with Dashen Bank on Telegram, Facebook, YouTube, Linkedin, Instagram, and Twitter.

What is Dashen Bank swift code

DASHETTA

How many branches of Dashen Bank in Ethiopia

There are 450+ Dashen Bank branches and 12 Dashen Bank districts in Ethiopia (4 in Addis Ababa and 8 outside Addis Ababa).

You can find a Dashen Bank branch here.

Dashen bank mobile banking code

Simply dial *996# to access Dashen Bank’s mobile banking service.

You can also download the Amole app from the Appstore or Playstore.

What is Dashen Bank’s customer care line

Simply dial 6333 on your mobile phone. You can also call 011-518-30-91 or 0911-57-58-27.

I lost my Dashen Bank card

Please call  +251 115 18 0007, +251 115 18 0008, or +251 115 18 0009 to speak with a Dashen customer care agent and block your card.

What is Amole’s customer support line

Simply dial 6294. You can also contact 0989-16-32-18, 0905-69-83-45, or 0905-69-58-12.

Conclusion

Dashen Bank’s conventional, interest-free, and loan products make it a great banking option for anyone.

You can use the Dashen Bank website to find out more about the account that suits your needs.

You also have to visit a Dashen branch to create an account or request for a loan, but you can easily manage your Dashen accounts with its Amole and card banking services.