Table of Contents
Introduction
Eritrea is a small country situated in the Horn of Africa and is a country with an expanding economy which has a very strong banking system. This is because the banking sector here is developed on the individual, business and even government level as well as offering a number of financial services. In this article, we will uncover the top 10 banks in Eritrea, and discuss the peculiarities of each bank and their impact on the financial sector of the country.
1. The Commercial Bank of Eritrea
The Commercial Bank of Eritrea (CBE) is the biggest and the oldest bank of Eritrea established in 1991. It offers a number of products and services, which include savings and checking accounts, credit and money transfer services. CBE has a good branch and ATM network throughout the country to reach to the public. The bank has been the main player in the advancement of various sectors including agriculture, construction among others through the provision of financial support.
2. Housing and Commerce Bank of Eritrea
The Housing and Commerce Bank of Eritrea (HCB) was established in 1994 to meet the banking needs of both individuals and firms. This bank offers banking services for personal and business banking with get loans and exchange money. HCB has emerged as an important player in the real estate sector through the provision of mortgage loans for construction of houses and funding of housing projects. It has concentrated on the development of new products and services as well as the bank’s customers’ satisfaction to become one of the most reputable banks in the community.
3. The Commercial and Savings Bank of Eritrea
The Commercial and Savings Bank of Eritrea (CSBE) is one of the biggest banks in Eritrea and has a number of branches. This bank offers a number of services such as lending and trade finance. CSBE has come up with a number of measures to expand its branch network and introduce mobile banking, which has helped in the financial inclusion strategy to get many customers.
4. Cooperative Bank of Eritrea
The Cooperative Bank of Eritrea (CBE) was established in 1996 to meet the needs of cooperatives and small farmers. In order to meet the agricultural sector, CBE offers the services such as deposits and loans. The bank has shown great interest in the rural area and its existence cannot be forgotten in the rural areas especially to the farmers.
5. The Development Bank of Eritrea
As a government owned institution, the Development Bank of Eritrea (DBE) has an important function of financing the development. It offers long-term loans and financial assistance to many areas including agriculture and infrastructure. From sustainable development and project funding, DBE has emerged as the go to institution for local as well as international investors in Eritrea while at the same time creating employment.
6. Eritrean Investment and Development Bank
The Eritrean Investment and Development Bank (EIDB) was established with the aim of promoting investment and development of the economy. In this light, EIDB has come in with financial assistance, consultancy services and investment promotion to residents as well as foreign investors. It has established itself as the leader in the market through its vast network of branches and strong appraisal of projects that are to be offered for investment. It is therefore a one stop center for anyone who wants to invest in Eritrea.
7. The Eritrean Microfinance Bank
The Eritrean Microfinance Bank (EMFB) is a MSME bank to address the problems of the micro, small, and medium enterprises. It provides different products such as micro loans and savings accounts to the entrepreneurs and also offers business counseling services. EMFB has been instrumental in financial inclusion and therefore an important resource to the small business owners who want to grow and develop their businesses.
8. Eritrean Investment and Development Bank
In continuation of its services, the Eritrean Investment and Development Bank (EIDB) continues to be a promoter of investments and economic development. It offers financial support and advisory services that are critical to investors who are interested in doing business in Eritrea. The bank is particularly active in the attraction of foreign direct investment which is a key driver of economic development.
9. Eritrean Microfinance Bank
The Eritrean Microfinance Bank (EMFB) once again comes up as the voice for the MSMEs and the provider of important financial services for the entrepreneurs. It has micro loans and savings accounts to enhance small business development. The bank is also involved in job creation and the fight against poverty through the support of local businesses.
10. Eritrean Investment and Development Bank
EIDB also maintains its position as an exponent of investment and economic development in Eritrea. EIDB plays a central role in the economy by providing financial support and advisory services to a wide range of investors.
