Background
The Bank of Geda (BoG) was open for business in 2015 with enthused initiation and
determination.
The name Geda resembles bravery and character, which are the core attributes of BoG.
Motto of the
Bank is‘’ The Choice for All”.
Vision: To become the leading commercial bank in East Africa by the year 2030
Mission: Provide excellent financial services through competent, motivated employees and
digital
Technology in order to maximize value to all stakeholders.
Values:-
Customer Satisfaction
Teamwork and collaboration
Integrity
Caring for our community
Strategic plan of the bank
The bank has three strategic plan which was set for 5 years 2020-2025 which has three
main
Objectives
1. Growth
2. Operational Excellence
3. Digitalization
These three strategies are designed to obtain three results
1. Sustainable profit
2. Customer satisfaction to the fullest
3. Convenience banking service
To successfully implement these projects, the bank has instituted project Management
Office (PMO).
This PMO is responsible for the centralized and coordinated management of the IT
Projects. PM Offices pass through a number of maturity stages before attaining excellence.
PMO represents the extent to
Which it is capable of generating value for its customers and for the bank as a whole. To
this end, the road to PMO begins with establishing the capability to create value for clients
and for the whole bank; this is followed by implementing and enforcing those practices
across all branches of the bank.
Corporate Social Responsibility
As one of our core values, the Bank of Geda promotes corporate social responsibility. It
believes the well-being and improved living conditions of our community will benefit us all.
As such, BoG participates in various national projects and other social and economic
initiatives. These include the construction of the Geda Smart city and technology zone, the
establishment of the Ethiopian Cardiac Center, Ethiopia.
Rotary Club, and the establishment of Ethiopian Women Traders’ Associations.
Current status of the bank
Through its over 400 branches in the country, BoG serves over 3 million customers with
6,910 employees. BoG’s well-structured financial service system is connected through the
T-24 core banking system. This coupled with the 433 ATM machines placed in different
locations to afford customers to access their account from anywhere at any time. This also
allowed BBG to increase its capital hundred-fold from ETB50 million to ETB 5.5 billion.
Currently, employing state-of-art banking technology, the Bank provides excellence
domestic, international and special banking services to its esteemed and valuable
customers.
It also strives to serve all economic and services sectors via its ever increasing branch
networks throughout the country.
Uniqueness
Bank of Geda provides a specialized Interest-Free Banking service with a brand name of
“Ameen” with unique product features and benefits. The product and services provided by
BoG fulfill the need of our esteemed customers and fully in compliance with the Sharia
principles.
Strength/Advantage over other Banks
Starting of T-24 technology, started POS and Mobile banking
Challenges
In order to survive in the market and to take a competitive advantage over other
competitive banks implementing technological oriented products and services is
inevitable and being late adopter of electronic payment projects made the bank to learn
from the existed experience of banks who adopted these products earlier. Yet, being late
adopter made the bank to lose the potential market available at the first phase of entry
Opportunities
The first bank currently serving with Virtual banking system in Ethiopia
Plenty of available potential unbanked customers which made a reasonable opportunity
for implementing electronic payment technologies.
Reduction in paperwork and improved service quality by overcoming geographical
limitations and reduces long lines in the banking hall
Improves customers’ satisfaction considering the conveniences and ease of access
So Productivity and profitability increases
Threats
Growth of other foreign banks in future
Emergence of non-commercial banks, such as industrial banks- perform the function of
advancing loans to industrial undertakings, investment banks – dedicated to financing the
new and upcoming project.
Currently, employing the state-of-art banking technology, the Bank provides excellence
domestic, international and special banking services to its esteemed and valuable
customers. It also strives to serve all economic and services sectors via its ever increasing
branch networks throughout the country.
The following are brief statements on the Bank’s Vision, Mission and Values.
Vision
To become the leading commercial bank in East Africa by the year 2030
Mission
To provide excellent financial services through competent, motivated employees and
digital technology in order to maximize value to all stakeholders.
Core Values
Putting customers first
Committed to excellence
Being honest and accountable
Working together as a team
Caring for our community
Since its establishment, guided with clear vision, mission, and values, BoG has made great
progress in business growth and development. Consequently upon this, as of June 30,
2020, the following have been registered.
