Diaspora accounts are accounts offered to non-residential Ethiopian Nationals working and living outside of Ethiopia for more than one year, non-resident foreign nationals who had been Ethiopian National before and business entities owned by the above mentioned.
With this account, balances are kept in foreign currency. It is also possible to operate this account through cheques or electronic payment modes. Eligible customers can choose to setup the accounts in USD, GBP or Euros. While an initial cash deposit of $/€/₤ 100 is required, additional funds can be deposited in foreign currency if it has been declared by customs, if funds are returned from travel expense or cheques drawn from non-resident foreign currency and transferable accounts or other Diaspora Accounts.
Diaspora Account holders are also able to transfer funds abroad for payments and settlements or withdraw FX from this account without the pre-approval of Zemen Bank or NBE. In addition, funds may also be used for import purpose if the business is owned by the same individual.
This account will only earn interest if the funds are kept in a fixed time deposit or if it’s non-repatriatable. A minimum requirement of USD 5000 and three months fixed deposit is compulsory.
Why Zemen Bank
Zemen Bank’s account will give you greater control of your finances from where ever you are. Our internet banking platform will allow you to check your balance, download your statement and transfer funds to other accounts from oversees. Our Consumer loan products will make your dreams of owning a house/car in your homeland a reality. We provide mortgages with affordable loan rates and unbeatable customer care.
For more information on how to apply for a consumer loan, please talk with our Bankers.