One of the leading microfinance institutions in Ethiopia, Addis Credit & Saving, collects a deposit of 7.3 billion birr in the last 10 months. It is more than twice the figure registered the same period last year.
The bulge in saving helped the microfinance achieve 212.4 percent of its target set to be achieved in the reporting period. It is an achievement made at a time when financial institutions struggle to mobilze deposit due to ever-rising inflationary pressure.
Industry insiders say this is an outcome of the growing public interest for loan from microfinance institutions, which usually demand borrowers to save upto 50 percent if the credit they are seeking for.
Addis Microfinance borrowed almost three billion birr in fresh loans to its customers, meeting 103.4 percent of the target for the reporting period.
