Nowadays, many religious institutions undertake various operational and project activities besides their spiritual engagement. Although most Religious institutions generate significant amount of resources from various sources such as members’ contribution, donation and grants and other income generating activities, they obviously need external funds (bank loans) to finance their projects activities. On the other hand, at times, religious institutions may have larger inflows of cash and get over liquid. In such cases, religious institutions need tailored deposit accounts (special saving and current accounts) to deposit for the excess funds at hand.
2. Financial Products and Services for Religious Institutions
- Cash Collection Point (CCP) or Pick up Services
- Payment Collection Services
- Payroll Administration Solution for Religious Institutions
- Provident Fund (PF) Solution Account Services
- Loans and Advances to Religious Institutions for
- construction of buildings for schools, colleges, real estates and complex business buildings for rentals,
- Construction, renovation or expansion of church building
- construction of other income generating projects
- Other acceptable purposes.
- Saving Products for Religious Institutions – “Religious Premium Saving Account (RPSA) having the following features
- The RPSA Account lets clients enjoy the benefits of Savings, Current and Fixed Deposit Accounts all at once.
- RPSA is interest bearing account operated by checks,
- The account offers unlimited number of withdrawal privileges per month
- The minimum Initial Account opening balance is Birr 10,000.00
- Loan to Employees of Religious Institutions for:
- Housing Loan– term loans to purchase, construction or renovation of residential building (Mortgage Loan),
- Car/Auto Loan – term loans to purchase a car for personal use (Vehicle loans),
- Consumer/Personal Loans
- purchase of durable consumer goods such as furniture,
- Loans for urgent personal and emergency needs.
- Loans for education and tuition fees
- medical expense coverage
- Other Services for Religious Institutions like Advisory Services
3. Benefits to Institutions
- Access to tailor made deposit and loan products that addresses their requirements
- better fund management
- Collection of remittances, checks, CPOs and cash easily and safely with delivery services to door-step, that lowers the cost of keeping funds at the premises, cost of transportation to the bank, check processing, etc.
- Access to loans and various services (PF, salary solutions, etc) for employees of Religious institutions
- Many more…