This product is designed to be offered to Iddirs who are currently active in the country, and it will work closely with them by providing several benefits, including greater interest rates.
Account Features and Benefits
- Accounts can be opened with a minimum of birr 10,000.
- Accounts shall be opened in the name of the Iddir.
- Provide the Bahire Mezegeb (Iddir Registration Book) and membership booklet to every Iddir having a bank account. The front page of the membership leaflets contains the Hibret Bank emblem.
- Iddirs with all of their members have to open the Hibret accounts.
- Provide consumer loans to Iddir members who have a Hibret Bank account and fulfill the loan's qualifying requirements.
- Members' regular contributions shall be collected on a regular basis via standing instructions, cash deposits made directly into their Iddir accounts, or electronic means.
- Will be able for hearse or burial automobile loan (Iddirs).
- A consumer loan to Iddir members.
- Have a lottery and buy chairs and tents for the winners, provide membership booklet and a registration book.
- Upon request from members, Hibret Bank will transfer cash from individual accounts to Iddir accounts.
- Advice on business coaching and mentoring based on the situation.
Eligibility Criteria
- Any Iddir comprised of a collection of natural persons can open an Iddir savings account.
- Iddirs are required to follow the bank's saving account procedures.
- An authorization letter to open a bank account in the event of non-registration, or a certificate of registration issued by the relevant government body.
- The initial articles of association and memorandum, both signed by every Iddir member.
- Iddir minutes that designate representatives for bank account opening.
- A letter requesting account opening and operation from the chairperson.
- The person with the authority to manage the bank account must have a valid ID card and a recent digital photo.
