Omo Microfinance is edging closer in its bid to transform into a bank. It is the third microfinance institution to make such a move, after Amhara and Oromia saving & credit institutions. The shareholders of the microfinance voted last week to change its name to Omo. Established 25 years ago with an initial capital of half a million Birr and four branch offices, the institution has total assets of 10.7 billion Br and a paid-up capital of 1.9 billion Br. Omo was one of the five largest microfinance institutions in Ethiopia, along with Amhara, Oromia, Addis, and Dedebit. These institutions account for 82.6pc of the total capital, 90pc of the savings, and 85.9pc of the credit provided in the microfinance market. Omo mobilised over seven billion Birr in deposits last year, bringing its aggregate to 36 billion Br.
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