Cooperative Bank of Oromia

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headingvalue
Identifier3210
NameCooperative Bank of Oromia
Description

Ethiopia has a very low financial service coverage as mainstream financial institutions are heavily tilted towards the urban centers having good physical infrastructure, leaving the rural areas underserved. Traditionally, ‘Equbs’ and ‘Idirs’ are informal institutions that are deeply ingrained in the life communities and have also been serving financial needs of the society. Reluctance and low capacity of the financial institutions in the country to serve rural community, a demand-supply gap prevailed in financial market especially in rural areas, coupled with farmers awareness to be organized in to cooperatives and the increasing need to finance cooperatives’ called for establishment of a cooperative bank. Furthermore, finance appeared to be the critical bottleneck to sustain the cooperative institutions and ultimately the farmers. It was all these glitches that initiated the inception and establishment of Cooperative Bank of Oromia.

Mr. Haile Gebre Lube, regarded as the founding father (proponent) of Ethiopia’s cooperatives, brought the idea of founding the bank for he believed that the best way to fight poverty is through cooperation. Formally establishing a project once in 2002, the bank’s formation was realized with majority of shareholders being the cooperative societies. The bank then is commercially licensed in October 2004 and commenced operations in March 2005. As there is no legal provisions that allow establishment of a cooperative bank in the country, the bank was registered in accordance with article 304 of the commercial code of Ethiopia although about 73% of its share was owned by cooperatives at the time of establishment.

Currently, 65% of the share of the bank is owned by primary cooperatives, cooperative unions and cooperative federations. Their shareholder membership is also comprised of organisations, associations and individuals, all who have voting rights at their General Assembly. They also have development projects for cooperatives.

Member societies: 7,000 (primary, union and federation cooperatives) in 2015
9,000 in 2019

Organisational StructureCooperative
Primary ActivityFinancial Services
Activities
Street AddressAfrica Avenue, Flamingo Area, Get House Building
LocalityAddis Ababa
Region
Postcode16936
Country IDET
Territory IDET
Websitehttp://www.coopbankoromia.com.et
Phone
Email
Twitter
Facebook
Companies House Number
Qualifiers
Membership TypeConsumer/Users
Latitude0
Longitude0
Geo Containerhttps://www.openstreetmap.org/?mlat=9.005679&mlon=38.767204
Geo Container Latitude9.005679
Geo Container Longitude38.767204

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Machine readable data: RDF/XML format

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<dc:description>&lt;p&gt;Ethiopia has a very low financial service coverage as mainstream financial institutions are heavily tilted towards the urban centers having good physical infrastructure, leaving the rural areas underserved. Traditionally, &amp;lsquo;Equbs&amp;rsquo; and &amp;lsquo;Idirs&amp;rsquo; are informal institutions that are deeply ingrained in the life communities and have also been serving financial needs of the society. Reluctance and low capacity of the financial institutions in the country to serve rural community, a demand-supply gap prevailed in financial market especially in rural areas, coupled with farmers awareness to be organized in to cooperatives and the increasing need to finance cooperatives&amp;rsquo; called for establishment of a cooperative bank. Furthermore, finance appeared to be the critical bottleneck to sustain the cooperative institutions and ultimately the farmers. It was all these glitches that initiated the inception and establishment of Cooperative Bank of Oromia.&lt;/p&gt;

&lt;p&gt;Mr. Haile Gebre Lube, regarded as the founding father (proponent) of Ethiopia&amp;rsquo;s cooperatives, brought the idea of founding the bank for he believed that the best way to fight poverty is through cooperation. Formally establishing a project once in 2002, the bank&amp;rsquo;s formation was realized with majority of shareholders being the cooperative societies. The bank then is commercially licensed in October 2004 and commenced operations in March 2005. As there is no legal provisions that allow establishment of a cooperative bank in the country, the bank was registered in accordance with article 304 of the commercial code of Ethiopia although about 73% of its share was owned by cooperatives at the time of establishment.&lt;/p&gt;

&lt;p&gt;Currently, 65% of the share of the bank is owned by primary cooperatives, cooperative unions and cooperative federations. Their shareholder membership is also comprised of organisations, associations and individuals, all who have voting rights at their General Assembly. They also have development projects for cooperatives.&lt;/p&gt;

&lt;p&gt;Member societies: 7,000 (primary, union and federation cooperatives) in 2015&lt;br /&gt;
9,000 in 2019&lt;/p&gt;</dc:description>

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Machine readable data: RDF Turtle format

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  dc:description """<p>Ethiopia has a very low financial service coverage as mainstream financial institutions are heavily tilted towards the urban centers having good physical infrastructure, leaving the rural areas underserved. Traditionally, &lsquo;Equbs&rsquo; and &lsquo;Idirs&rsquo; are informal institutions that are deeply ingrained in the life communities and have also been serving financial needs of the society. Reluctance and low capacity of the financial institutions in the country to serve rural community, a demand-supply gap prevailed in financial market especially in rural areas, coupled with farmers awareness to be organized in to cooperatives and the increasing need to finance cooperatives&rsquo; called for establishment of a cooperative bank. Furthermore, finance appeared to be the critical bottleneck to sustain the cooperative institutions and ultimately the farmers. It was all these glitches that initiated the inception and establishment of Cooperative Bank of Oromia.</p>

<p>Mr. Haile Gebre Lube, regarded as the founding father (proponent) of Ethiopia&rsquo;s cooperatives, brought the idea of founding the bank for he believed that the best way to fight poverty is through cooperation. Formally establishing a project once in 2002, the bank&rsquo;s formation was realized with majority of shareholders being the cooperative societies. The bank then is commercially licensed in October 2004 and commenced operations in March 2005. As there is no legal provisions that allow establishment of a cooperative bank in the country, the bank was registered in accordance with article 304 of the commercial code of Ethiopia although about 73% of its share was owned by cooperatives at the time of establishment.</p>

<p>Currently, 65% of the share of the bank is owned by primary cooperatives, cooperative unions and cooperative federations. Their shareholder membership is also comprised of organisations, associations and individuals, all who have voting rights at their General Assembly. They also have development projects for cooperatives.</p>

<p>Member societies: 7,000 (primary, union and federation cooperatives) in 2015<br />
9,000 in 2019</p>
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