A microfinance institution (MFI) has made its official debut in the industry with 21 million Br paid-up capital. AKUFADA Microfinance Institution joined last week 45 of its peers, aspiring to expand its branches to 50. AKUFADA is a name derived from a traditional leather lunch box used by 'Kolo Temari' - students that travel far from home, for studies in church scholarship. The micro-finance institution aims to provide credit services to students who need financial support. Headquartered in Debre Birhan, 130 km from the capital, the Institution opened its doors for service on October 22 with the motto 'Success in Action.' Incorporated seven months ago with six shareholders, AKUFADA mobilized 33 million Br in subscribed capital from 1,886 shareholders. Kasahun Degefu, who served as a second man on the founding committee, has been appointed to run the Institution.
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