Dashen Bank is a leading private bank in Ethiopia, known for its commitment to innovation and customer service. It was named after "Ras Dashen," the highest mountain in Ethiopia, also home to unique wild animals like the Walia Ibex.
Ras Dashen, the highest mountain in Ethiopia, inspired the bank's name.
Founding and Early Years
Dashen Bank was the first private bank established in Ethiopia, founded in September 1995 with a capital of ETB 14 million by eleven visionary shareholders and veteran bankers. It officially came into existence on September 20, 1995, according to the commercial code of Ethiopia, 1960, and the licensing and supervision of banking business proclamation No.
The bank commenced operations in January 1996 with eleven fully-fledged branches in Addis Ababa and regional towns. Initially starting with eleven branches, the bank grew rapidly over time.
Growth and Development
Today, Dashen Bank operates through a network of more than 900 branches, nine dedicated forex bureaus, 1100+ ATMs and 2,000+ Point-of-Sale (POS) terminals spread across the length and breadth of the nation. As of date, Dashen Bank has an asset of ETB 28 Billion and over 1.5 million customers.
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Coupled with continuous development in the provision of customers’ own used modern banking services, its service excellence also enables the Bank to gain momentum in having public confidence and maintaining its preeminence in operational and financial performances among the available private banks in Ethiopia.
Key Achievements
- 2001: First Ethiopian bank to interconnect its branch offices with WAN.
- 2003: First bank to effectively implement a state-of-the-art core banking system.
- 2006: Launched Ethiopia’s first payment card service.
- 2010: Launched its first mobile banking service, Modbirr.
For the past 15 years, Dashen Banks’s overarching financial and operational performance has maintained its position as a leader among Ethiopian banks.
Dashen Bank's extensive branch network across Ethiopia.
Services Offered
Dashen Bank provides a wide array of financial services to cater to diverse customer needs.
Digital Banking and Innovation
Dashen Bank has long been at the forefront of introducing innovative digital financial products and services in Ethiopia. It was one of the first banks in the country to launch a digital wallet, which helps small business owners make frictionless transactions.
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Dashen Bank customers can transact at their convenience, easily, safely and affordably, regardless of where they are - at any-time using Dashen Mobile Plus, without necessarily being physically present at the transaction point, all done without leaving the comfort of their homes, office or moments of relaxation. Customers can access Dashen Bank’s services and make payments on the go.
The application ‘’Dashen Mobile Plus’’ can be downloaded from Google Play or the App Store.
Amole Digital Banking payment enables merchants and the bank’s agents with mobile point-of-sale (mPOS) to provide digital products and services where customers do their day-to-day shopping.
In partnership with EagleLion System Technology,Dashen Bank has launched Ethiopia’s first Buy Now Pay Later (BNPL) product, named DubeAle.
Dashen Bank also introduced an international ecommerce gateway, which is the first of its kind in Ethiopia which supports three International cards i.e.
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Interest-Free Banking (IFB)
Dashen Bank is delivering interest free Banking service to their customers through full-fledged Branches and in dedicated windows of conventional Branches. Dashen’s IFB service is known as Sharik and is implemented in one-third of the Bank’s branches.
Loans and Financing
Dashen Bank grants loans for building contractors, investors who are engaged in road and water projects construction, civil workers, and business people who seek financial assistance to construct commercial or residential buildings. Loans to be granted for the purchase of transport vehicles like trucks, tankers and public transport buses to licensed transport operators are to be classified here.
These types of loans are availed to facilitate manufacturing projects of small, medium and large-scale industries are classified under this category. This type of loan is granted for the purchase of agricultural inputs such as fertilizers, selected seeds, agro-chemicals, rental or purchase of agricultural machinery and equipment; for crop collection, processing, and marketing of agricultural products.
Trade and Services Financing
Financing trade and services help in the smooth flow of goods and services in the economy and serve as an intermediary between producers and consumers. Therefore, trade-in essential goods whether imported or locally produced is to be encouraged by Dashen Bank through working capital financing. This is one of the priority areas of the bank as foreign trade has a great significance in the development of an economy.
Money Transfer Services
Money transfer (remittance) service is one of the major tasks operated by Dashen Bank. Remittances of money through banks between cities in the country are called Domestic Money Transfer or Remittances. There are different modes of effecting Money Transfer.
Dashen Bank is also an agent for Money Gram International money transfer.
International Banking
Dashen Bank has also established strong correspondent banking relationships with 462 banks in 70 countries and 170 cities worldwide.
The foreign exchange regulation of the country requires most import, export, and outgoing foreign payments to be processed against the approval of foreign exchange permits. Import refers to bringing in commodities, machinery, materials, etc from a foreign country and related transactions. Export refers to transactions related to sale of commodities, machineries, materials, etc to foreign countries.
Support for Small and Medium Enterprises (SMEs)
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Dashen Bank has partnered with global nonprofit Accion and the Mastercard Center for Inclusive Growth to better serve small businesses with digital financial services customized to meet their financing needs.
The innovation hub is one of the strategic pillars of the Bank’s sixth strategy plan designed to enhance its capacity supporting MSMEs.
Through this partnership, we seek to address these challenges, build our operational capacity, enhance our credit offerings to meet the needs of small business owners, and develop a range of digital products and value propositions to help them access the resources they need to grow their businesses successfully.
Through strategic partnerships with those supply chains, Accion will help Dashen develop new products designed for MSMEs, using AI to crunch new types of data and develop new credit scoring models that are better suited to the realities of MSMEs, including those that are women-owned.
Dashen Bank has recently issued a tender to initiate the construction of this forward-looking facility.The innovation hub represents another bold step by the bank toward transforming Ethiopia’s banking landscape, demonstrating its unwavering commitment to harnessing the power of technology to drive progress and support economic empowerment.
Dashen Bank has joined the SME Finance Forum as the global membership network’s latest member. Through our association with the SME Finance Forum, Dashen Bank aims to boost our brand recognition in the SME finance circle, connect with a broader audience, engage with other members, and stay aware of current industry trends and best practices,” said Mr.
Awards and Recognition
Amongst its international awards, in 2005 Euromoney named Dashen Bank the ‘clear leader and best bank in Ethiopia’ and in 2010 it received the Bank of the Year award from The Banker magazine for the eighth time. Dashen Bank is the only bank to receive an award from the Addis Ababa Chamber of Commerce as an outstanding enterprise and its president won the Most Honourable Business Leader award.
Dashen Bank's awards and recognitions.
Pillars of Success
Dashen Bank’s continuous focus on its customers and proven commitment to excellence has enabled it to achieve outstanding performances in the sector and maintain its leading role among Ethiopian banks.
Its business philosophy is “First plan, then act prudently”, and it is proactive in the app1ication of modern technology and enabling it to capitalise on opportunities for growth.
- Consistent commitment to excellence in customer-oriented services.
- Application of state-of-the-art banking technology and responsiveness in new product development.
- Far-sighted leadership and business model.
- Energetic and dexterous workforce.
- Wide network of strategically located service outlets.
- Multilevel financial service delivery and range of new banking products.
- Interdependency, proactive stance and reliability.
- High-powered financial leverage and corporate identity.
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