Page 1



1.  Eligibility Criteria

  1. The following individuals and/or Enterprises may open a foreign currency account with Awash International Bank S.C. (AIB) in Ethiopia.

  1. Non-Resident Ethiopians.

  2. Non-Resident Foreign Nationals of Ethiopian origin.

  1. Non-Resident Ethiopian/foreign nationals of Ethiopian origin shall present the following documents to open an NR (Non-Resident) Foreign Currency Account.

  1. Application forms properly filled and signed by the account holder.

  2. For individuals, valid passport and/or identification card of foreign nationals of Ethiopian origin of the applicant.

  3. For business, certificate of ownership entitlement for the  organization and/or article and memorandum of association.

  1. Applicants who could not be physically present to open the NR account Ethiopia shall use the Ethiopian Embassies nearby to prove their identities.

  1. Opening Foreign Currency Account

  1. A foreign currency account may be opened for individuals and/or enterprises that fulfill the eligibility criteria set above.

  1. Persons residing abroad may contact AIB in person, by post, e-mail, fax, and/or other electronic media to open an account in his/her name.

  1. A request fro opening an account for deposit in foreign currency shall be accompanied by a letter of application and a specimen signature.

  1. An individual and/or enterprise may open all or one of the foreign currency account enumerated under section 4.1.

  1. Power of attorney holders are not allowed to open foreign currency accounts and credit the accounts on behalf of non-residents and/or foreign nationals of Ethiopian origin.

However, when it is needed for domestic investment activities, a power of attorney is allowed to withdraw money in local currency from the account provided that this is legally authorized by the account holder to use it for such purpose.

  1. The minimum amount required for an initial deposit to open a current account foreign currency account shall be USD 100.00 or its equivalent in any of the eligible currencies.

  1. The minimum amount required for an initial deposit to open a fixed deposit foreign currency account shall be USD 1,000.00 or its equivalent in any of the eligible currencies.

  1. The maximum amount to be deposited in current account shall not exceed USD 5,000.00.

  1. Two or more eligible joint depositors may together open a single account.


                                                                                    Next Page   |   Services   |   Home