Omo Microfinance to Upgrade into Bank

October 2 , 2021


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.


Radar

Recyclable Cash

These types of scenes can be seen around the city. People collect different types of plastic materials to sell them in return for recyclers. Water bottles make up the majority of the recyclable plastics, while many homeless people engage in the collection of the materials. ...


Radar

Young Care

Sahlemariam Abebe (right), national director for SOS Children's Villages in Ethiopia, spoke at the launching project for a new program by the aid agency on September 20, 2022, at the Ethiopian Skylight Hotel. The programme targets young people that have graduated from care such as foster homes and small group homes but are at risk of facing discrimination...


Radar

Feeding on Road

In the middle of a recently constructed highway in Qera, on Alexander Pushkin Street, a donkey is grazing on grass on the road separator. It shares the infrastructure with pedestrians and vehicles as the transportation of goods has not fully matured in Ethiopia, not even in the capital...