Microfinance Hatches with 21m Br Capital

Oct 22 , 2022

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.


Addis Chamber Embarks on Leadership Forum

A leadership forum where prominent executives will share their experiences in the business environment is organised by the Addis Abeba Chamber of Commerce & Sectoral Association (Addis Chamber) and SAK Training & Consultancy Firm. Headlining Arega Yirdaw (PhD), president of Unity University, who is expected to address the fortunes and adversities of the leadership ecosystem and share insights into his cascade of experiences, the first round is expected to set off at the Inter-luxury H...


Wegagen Bank Launches its Mobile App

Embracing the digital realm, Wegagen Bank officially launched its mobile banking application last week. The App was inaugurated in Dire Dewa City, with Yehwalashet Zewdu, vice president of the Bank Enterprise Services, showcasing its service that provides secure and seamless financial services. According to Yehwalashet, Wegagen Mobile meets the evolving needs of its clientele in Amharic, English, Afan Oromo, Tigrigna and Somali languages. Incorporated in 1997, Wegagen Bank has grown to become...


Zemen Bank Joins IFC's Trade Finance Program with $30m Boost

Zemen Bank has secured a 30 million dollar trade finance guarantee from the International Finance Corporation (IFC) to boost the trade finance operations. A member of the World Bank Group, IFC has welcomed Zemen as the newest member of its Global Trade Finance Program aimed at supporting exports and imports. Signed by Dereje Zenebe, president of Zemen Bank and Madalo Minofu, country manager of IFC, the trade financing is part of the one-billion-dollar Africa Trade & Supply Chain Finance P...