Goh Betoch Bank S.C was founded by 11 visionary individuals, veteran bankers, investors, and academicians who have a strong devotion to their country and people. The reasons behind the inception of this, the first of its kind or pioneer private mortgage bank in Ethiopia include huge housing backlog, unaffordability of houses due to the rising cost of construction, persistent inflation, poor housing financing scheme in the country, among others.
Goh Betoch Bank offers home loan solutions for two distinct groups: Ethiopians with existing domestic savings and Ethiopians living abroad, often referred to as the diaspora.
Million Masresha, Goh Betoch’s International Banking Business Manager, explains how the recent economic reforms in Ethiopia have impacted their business. Previously, the diaspora often relied on unofficial channels to send money back home, bypassing established systems to access home loans. However, with the reforms narrowing the gap between official and unofficial exchange rates, the diaspora is now actively utilizing foreign currency accounts for loans, creating a more transparent process.
“Sending Birr through unofficial channels instead of the black market seemed like a better option because the difference in exchange rates used to be significant,” said Million, highlighting the past challenges. He further emphasizes the importance of the recent “unite.et” app launched by the National Bank of Ethiopia (NBE). This innovative platform allows Ethiopians abroad to send money electronically and open accounts remotely.
These digital solutions and banking advancements, implemented by the NBE, aim to empower millions of Ethiopians living abroad to invest their foreign currency earnings and contribute to the nation’s growth. Notably, the NBE launched “unite.et” specifically for these remittance senders, offering a convenient high-value online application.
The NBE’s reforms have positively impacted Goh Betoch’s operations and profitability. By minimizing the gap between official and unofficial exchange rates, the bank can generate more revenue from home loans provided to both residents and Ethiopians abroad. This ultimately fuels the overall development of Ethiopia’s housing market.
For More Information About the Bank service and Product
Phone Number
+251-116-687967
Website
Office Address
Africa Avenue, Zimbabwe Street, Abderuf Plaza, Addis Ababa
EMAIL
[email protected]
