Nov 27 , 2023
The Association of Ethiopian Microfinance Institutions (AEMFI) celebrates its silver jubilee, marked by the establishment of a shared core banking system, which 30 of its members share. Board Chairman of AEMFI, Mekonnen Yelemwossen, heralded the expansion of financial inclusion coverage over the past few years with plans to pass the 50pc threshold in the coming few years. Over five million people receive financial access through microfinance institutions in the country, which particularly caters to rural areas and low-income individuals. "We are more accessible than the banks," said Teshome Kebede, CEO of AEMFI The National Bank of Ethiopia had raised the minimum capital requirement to establish microfinance institutions to 75 million Br in the year. There are 43 MFI in the country with close to 60 billion Br in assets according to data from the NBE, which also reveals that Oromia Credit and Savings Institution, Amhara Credit and Savings Institution and Somali Microfinance Institution S.C were transformed into banks last year.
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