Interest Free Banking FAQ

How much will I pay for the service?

There are no charges to register for Internet Banking.

What is the currency to open IFB Diaspora account?

  • Customers can open accounts using: US Dollar, Pound Sterling and/or Euro.

What document should I fulfill to borrow Diaspora Finance?

  • A Diaspora saving account
  • Copy of valid passport
  • Letter of undertaking to repay the loan in foreign currency
  • Ethiopian Original ID card (Yellow Card copy)
  • A letter that confirms monthly salary
  • The authenticated sales contract agreement,
  • Should have defined and sustainable source of income.
  • Other documents as necessary.

What conditions should be fulfilled for International/Non-Governmental organizations Consumer and Mortgage Finance?

  • Eligible Organization should open FCY account at BOA
  • Shall have depository relationship with BOA or Proven FCY earning prospect for newly recruited,
  • Shall open Salary account of its employee in the Bank,
  • Provident fund account shall be opened and operated through BOA
  • Shall sign Memorandum of understanding (MOU) with BOA, and
  • Other conditions as required

Who becomes a Personal Guarantor?

  • Any one by considering guarantor’s financial standing and integrity.
  • Other than cross-guarantee, chain guarantee, and personal guarantee among the family members.

How do I repay my financing (Local or foreign currencies)?

  • Both

What properties can be considered as collateral?

  • Buildings,
  • Motor vehicles,
  • Machinery and equipment,
  • Cash Deposits,
  • Merchandise,
  • Foreign Bank Guarantee;
  • Business Mortgage,
  • Land Lease Right and/or Coffee Plantation
  • Other forms of collateral such as; Export Credit Guarantees, Personal      Guarantee, Corporate Guarantee, Valid Import/Export Document, Letter of Comfort

What is the required document for applying for IFB Finance?

  • Application letter,
  • Renewed trade license & Principal registration certificate for the period
  • Copy of identity card/s of the applicant/s.
  • Tax identification number /TIN/
  • Tax clearance, Or Tax Exemption Certificate in the name of applicant
  • Tax clearance in the name of mortgagors, if the mortgagors is third party
  • Financial statements at least for three years
  • Forecasted financial statements
  • Business plan/Feasibility study,
  • Marriage certificate of applicant and mortgagors, if the mortgagors is third party
  • Ownership certificate/title deed/booklet for collateralized properties.
  • Resident permit (for foreign borrowers).
  • Memorandum and articles of association, for PLCs and share companies, and
  • Other documents; as required

What are the types of IFB financing products available for Business and consumer customers?

There are two types of IFB Financing products currently being availed at BOA for business and consumer customers; these are;-

  • Murabahah Financing, and
  • Bi-Salam,

How can I apply for IFB Finance?

  • Apply your Finance request where you have an account in any BOA branch, or at the IFB center found at Belay Zeleke building adjacent to Ethio-Italy cultural institute around Semen Hotel

Who is not illegible to get BOA IFB Finance?

  • Anyone who is engaged in shariah non-compliant business such as alcohol, arms weapons, and tobacco trade,
  • The interest in income o ratio of the company exceeding 5%,
  • Applicants engaged in producing, packaging, and processing of pork and its products, and
  • Financial institutions dealing with interest


Who is illegible to get IFB Finance?

  • Anyone who have IFB deposit account (Saving or Current) in any of BOA Branch, and whose account turnover is satisfactory.
  • Anyone who is engaged in lawful and credit worthy business.
  • For consumer Financing: – who have defined and sustainable source of income.
  • Anyone who is viable as per the bank’s IFB financing procedure manual.

Is cash collected from IFB physically segregated from the conventional?

Money is not treated as a commodity though it is used as a medium of exchange and store of value. And also money has no religion. The owner of the money is God. So physical segregation is not the concern of shariah instead all collections and payments to and from this service should be recorded and reported separately.

Is Interest Free Banking Service only for Muslims?

No, it can apply to the Non-Muslim religion applicants too ፡ individuals or business entities whose source of fund is  Shariah-compliant are allowed to use interest-free banking service.

Who are BOA Shari’ah advisory Board Members?

  • Sheik Nuredin Delil

Vice-chairman of board of directors at Federal supreme Islamic affair and chairman of BOA Sharia’h Board

  • Ustaz Mohammed Abate

Vice-Chairman of board of directors of Addis Ababa Islamic Affair and  BOA Sharia’h Board member

What is a Shari’ah Board?

Shari’ah board comprises Islamic scholars who are experts in Islamic jurisprudence. Shari’ah board has the task of ensuring compliance with Islamic principles in products offered by Islamic Financial Institutions (IFIs).

What are Shari’ah prohibited activities?

  • Prohibition of unfairness and unjustice
  • Prohibition of Riba (usury)
  • Prohibition of Gharar (Deception and Speculation)
  • Prohibition of Gambling
  • Prohibition of money trading (many is not a commodity rather it is a medium)
  • Prohibition of dealing in unlawful and unethical goods and services

What is Shariah ?

Shariah is a body of Islamic Law

Who is Illegible for Interest Free Banking Service?

Individuals who run Sheria permitted business and agree to disclose their source of fund to check whether it is running based on sheria principles or not are allowed to use interest free banking services.

What does Interest free banking mean?

It is a banking business in which mobilizing or advancing funds in a manner consistent with Islamic Finance principle (Shari’ah) and mode of operation that avoids receiving or paying interest.

Online Banking FAQ

How can I get the card?

After the customer receives an email that informs him that his /her card and pin is available at the branch or after the customer receives a call from the branch he can go to the branch by taking his ID/passport with him and collect his ATM Card & PIN at any working day & hour until six months since the time he got the call /message from the branch.

How do I change my Password?

You can change your password: click change personal information and select password and follow the instruction.

OTP is not coming on my phone?

Please log out and log in again but if it doesn’t send the OTP again please call 0115540888

Why is there a One-Time Password (OTP)?

The One-Time Password (OTP) is a 6-digit security code valid for one transaction. It is sent to your registered mobile number. You will need an OTP every time you use a new device. You will also be required to input an OTP to confirm and complete your transactions.


Who can I contact if I have problems with the online banking service?

You can contact your nearest branch.

Where will I get help if I need it?

There is a 24-hour helpline on 8397 +251115540888 and +251 115319071 you can also email us onlinebanking.support@bankof Abyssinia.com

What are the operating hours of this service?

Internet banking is available 24 hours a day, seven days a week, and 365 days a year.

How many attempts do I have to enter my Password?

You have eight (6) attempts. After the six attempts, your account will be blocked. Please call the contact center for assistance.

How do I access BOA internet banking?

Use the link below to access BoA internet banking.


How can I register for this service?

You can register at any BOA Branch

What are the features of internet banking?

  • Quick money transfer
  • Transfer money
  • Standing orders
  • LMTS to Beneficiaries
  • School fee payment
  • Pay BOA beneficiary
  • Customer information

Which accounts can I access through this service?

All the accounts assigned to your customer ID number.

  • Current accounts
  • Savings accounts
  • Credit card accounts
  • Loan accounts
  • Investment accounts (fixed deposits, call deposits accounts)

What equipment do I need to use internet banking?

An Internet enabled device.

What is BOA Internet banking?

BOA Internet Banking offers you banking services online.

Card Banking FAQ

What is the minimum payment for an ATM card?

Fifty (50) br is the minimum payment for ATM card.

How much cash can I withdraw?



Card Type Channel Updated
One Time



Daily Limit
GOLD ATMBirr 4,000Birr 15,000
POSBirr 100,000Birr 100,000
EthSwitchBirr 4,000Birr 15,000
CLASSIC ATMBirr 4,000Birr 10,000
POSBirr 50,000Birr 50,000
EthSwitchBirr 4,000Birr 10,000
PREPAID ATMBirr 4,000Birr 20,000
POSBirr 50,000Birr 50,000
EthSwitchBirr 4,000Birr 20,000

How do I activate my card?

Upon delivery of the card, the customer must be provided with an instruction guide on how to use the card on ATMs and should be advised on the important tips of handling the card.

How long will take to get my card?

It takes two (2) weeks to be habesha card user.

What are the documents required to apply for an ATM card?

Before you apply for a Habesha card you would have to go to one of BOA branch open an account by bringing documents that confirm your eligibility like

-ID card


-driver license

-trade license

-tax identification card

By one of all these documents, you should open an account to get a classic or gold card.

For the prepaid card you should only fill a form that is used for opening an account that is connected with your card service by depositing an amount not greater than 25000 br at one time.

What is the criteria to apply for Habesha cards?

A request for debit card or card/PIN reissue or Account Linking/Closing can only be entertained at the Branches where the account is maintained. However, customer can apply for a prepaid card at any branches of Bank of Abyssinia

Does it cost money to apply for habesha card?

There is no payment in relation to applying but after the process finished there are different amounts the bank collect from giving this service.

What makes BOA card different from other bank?

Within BOA card you can get service where ever you are if you are at the network area where every bank ATM service available. you can withdraw from your account an amount that is better than any bank in the country or which is equilibrium not less for instance you can withdraw

For debit card

Per transaction-              4000 br

Per day-             10000br

For gold card

Per transaction-             4000

Per day-                           15000

Which is better in relation to the bank industry BOA also different in identifying customer need to give an automatic answer for his customer need.

What is Habesha card?

ATM cards of Abyssinia are named Habesha Card and they are said to enable customers to withdraw money, receive bank statements, check balance, transfer and receive sent money, pay for services, and have the money returned after the unsuccessful transaction. Habesha Gold, Debit, and Prepaid Cards all allow the same minimum withdrawal, 50 Birr. However, there is a difference in the maximum withdrawal that can be made. A customer with Gold can withdraw 15,000 and one with Debit can withdraw 10,000 Birr while it is possible to withdraw 4,000 Birr with Prepaid.

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