Addis Microfinance Collects 2.6b Br in Savings

May 15 , 2021

Addis Credit & Saving Institution collected 2.6 billion Br in savings over the past nine months. The microfinance institution collected 1.4 billion Br in loan payments while providing the same amount of credit to 18,140 individuals, showing a 28pc increase compared to the same period last year. After reaching an agreement with the Addis Abeba City Urban Agriculture Development Commission, it has availed a revolving fund of 38.2 million Br to 165 cooperative agencies. Owned by six shareholders, including the City Administration, Addis is one of the top five microfinance institutions in Ethiopia, along with Amhara, Oromia, Omo, and Dedebit microfinance institutions. By the end of the last fiscal year, there were 41 microfinance institutions in Ethiopia, with an outstanding credit of 64.9 billion Br.